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||The Loan Process
Getting a mortgage can seem like
one of the more daunting experiences a consumer faces;
it is easy to get lost and not know where you are
in the process, and be unsure about what is left to
be done. Below is an outline that will help you work
with your mortgage broker and/or lender, and get through
the process quickly and easily.
If you are ready to get started with your
loan after the initial conversations with your loan
officer, you will receive a Loan Application Package
which contains standard mortgage forms, disclosures
you need to complete, and a checklist of additional
personal documents. Complete and sign where indicated
and return with all additionally requested documents,
along with the check for the application fee and
estimated appraisal cost.
Document Review / Appraisal
Once your mortgage broker/lender receives
your loan package, it is submitted to their processing
department for review; any incomplete or unsigned
documentation is re-requested from the borrower.
A loan will remain in document review until all
outstanding information is received, but will typically
only last approximately Three (3) days. When all
documents are in place, an appraisal is ordered
- it typically takes Two (2) days for the appraiser
to contact you to schedule a suitable time to perform
the inspection, and an additional Three (3) days
to complete the appraisal document.
Loan Underwriting /
Upon receipt of the appraisal by
your mortgage broker/lender, your loan package is
submitted into the lender's underwriting department
for review and approval. This process requires anywhere
from Seven to Ten (7-10) days, if there are no stipulations
brought out by the underwriters examining your loan.
Any stipulations must be cleared immediately by
you or your mortgage broker in order avoid delaying
your mortgage. Once the loan approval has been received,
the loan moves into the closing department and for
final appraisal review.
In the closing department, your loan is reviewed
by a mortgage processor who ensures that all documents
are finalized, and coordinates all issues accompanying
the closing, such as completed title work, final
payoff amounts, and insurance information. Your
final loan package is then forwarded to the title
company where you are contacted to sign all necessary
paperwork in conjunction with the mortgage.
Under the best circumstances, most loans take approximately
Thirty (30) days from start to finish, excluding
the Three (3) day rescind period on refinances.
And remember, If you have any questions concerning
the loan process at anytime, never hesitate to contact
your loan officer.
Looking for an easier way to get
a mortgage? The Best Mortgage Quotes.com
is here to help solve the problems all consumers
face today when trying to obtain home financing:
misleading, rates, inexperienced mortgage personnel,
confusing explanations and a lengthy mortgage process.
Don't be mislead and
avoid frustration. Call us TODAY for a hassle free
quote and let us guide you through the process.
Navigate our site and feel free to contact us by
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Equal Housing Lender
30 Year Fixed Rate: This loan has
a Thirty(30) year amortization period with a fixed
rate for the life of the loan.
A mortgage payment that will remain stable
for the life of the loan.
• Best suited for borrowers looking
to own the property for more than Eight
|• Long term fixed rates
are not as competitive as adjustable rates.
• If you plan on owning the property for
a period of One to Seven (1-7) years,
an adjustable mortgage saves you more money
over the life of the loan.
15 Year Fixed Rate:
Similar to the 30 Year Fixed Rate program; this
loan instead carries an amortization of Fifteen
Aggressive program that allows you to pay
down your principle balance at a faster rate
than a standard Thirty (30) year program.
|• With a smaller amortization
schedule payments are larger than a 30year note.
• Decreases the amount of cash flow one
may have on a monthly basis with the larger
5 Year ARM: Your
interest rate is fixed for the first Five (5) years
with amortization schedule of Thirty (30) years.
|• This program allows you
to take advantage of a lower rate compared to
conventional longer term fixed rate programs.
• The lower rate translates into a lower
monthly payment, increasing personal cash flow
• Provides security of
an interest rate fixed for a set number of years.
• Becomes an adjustable
rate mortgage after initial fixed term, which
can lead to a higher payment after Five (5)
years if major indices increase.
5 Year Interest Only Option ARM:
Similar to the standard 5 Year ARM program, except
the payment due is the interest that accrues on
the loan every month, excluding the principle balance.
|• An excellent way to increase
monthly cash flow, due to very low monthly payments.
• Most interest only programs allow a
pay down of principle without penalty.
A great program for individuals whose income
fluctuates on a monthly basis (such as self
only interest payments does not reduce the
amount of the principle balance on the loan.
7 Year Balloon: This
product has a Thirty (30) year amortization with
a fixed rate for the first Seven (7) years, after
which the borrower has the conversion option to
a fixed rate at the end of Seven (7) years.
|• Allows the borrower the
option to take advantage of a lower interest
rate for the first Seven (7) years of the loan.
• At the time of maturity,
rates may be significantly higher than the
• In deciding not to convert to a fixed
rate, the loan balloons and your remaining
principle balance is due in full.