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Q.
I'm building a new home, when is the best time to make application?
A.
Your builder will very likely want a loan commitment in order to proceed with
construction, so you will want to begin the application process as soon as
possible.
Q.
Are there any prepayment penalties?
A.
Typically, no. On some loans a prepayment penalty may exist if allowed by
state. These penalties are typically for higher risk loans. This will be
disclosed to you if applicable.
Q.
When should I lock?
A.
This depends on when you have found a property and what your risk acceptance
level is. We encourage protecting the rate from increasing by committing to a
rate lock as soon as you have a property. Some mortgage products allow for a
lock and shop, talk with your loan counselor for further information.
Q.
What is a point, and how does it affect my interest rate?
A.
One point is equal to one percent of your loan amount. For example, for a
$150,000 loan, one point would cost $1500. Typically, on a fixed rate mortgage,
one point will lower your interest rate by .250%. No matter how many points you
pay, it will take approximately 5 years to recoup the cost of each point in
relation to your lower payment each month. Points are tax deductible and are
paid in full at closing.
Q.
What is the minimum credit score for conventional lending?
A.
620 is a guideline many lenders use.
Q.
When will I have my final figures?
A.
Typically the title company or attorney will have a completed HUD1 settlement
statement 1 day before closing. We may provide you with an estimate earlier if
you desire, your loan closer at SIRVA Mortgage can assist you here.
Q.
Can I write a check for my Closing?
A.
Funds must be either wired or a certified/cashier's check made out to the title
company/attorney's office or yourself. Please ask your Closer.
Q.
Are you getting my Insurance for me?
A.
No. You must obtain Homeowners Hazard) Insurance, 12 months paid in advance,
from an agent of your choice in the amount of your loan amount or have
"guaranteed replacement" coverage on your policy.
We will need a faxed copy of your Declaration page or Binder including the
pertinent information: coverage amount, deductible, yearly premium and paid
receipt/billing information. Ask your Agent to fax us the Declaration
page/binder. Our fax number is: 440-646-1835.
You can pay the 1-year premium directly to your Agent or pay the premium at
Closing. The Agent will ask for the "Mortgagee Clause". It is SIRVA Mortgage,
It's successor and/or assigns, 6070 Parkland Blvd. Mayfield Heights, OH 44124.
Q.
How do I get my equity?
A.
Your equity availability depends on your relocation policy. Check with your
relocation counselor for more information.
Q.
I received something from SIRVA Mortgage to send my first payment to you and
also got a coupon from another servicer. Who Do I send the payment to?
A.
Your first payment should be sent to SIRVA Mortgage to ensure proper posting.
Our address is 6200 Oak Tree Blvd., Suite 300, Independence, OH 44131.
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