Top of
pageSoutheast Mortage Group FAQ - Helping you make the right decisions!
Do I have to visit your office to get a Home Loan processed?
What is APR?
What is a fixed rate loan and an adjustable rate loan?
What is a conforming loan?
What are FHA loans?
Why should I consolidate my debt by refinancing my mortgage?
What is a home equity line of credit and a home equity loan?
Can I get cash out of my home by refinancing?
Is the interest on my home equity loan tax deductible?
What can I use a home equity loan or line of credit for?
I'm considering Debt Consolidation. Any advice?
How much does it cost to get a loan here?
How fast will I get proposals?
What are your rates? What are your closing costs?
Do you have lenders that work with customers who have less-than-perfect
credit?
Can I cancel my loan request?
Do I have to visit your office
to get a Home Loan processed?
You will not have to visit our office. When the Home Loan goes through, we will
send a representative to your home or office. But if you prefer you may set
up an appointment to meet at our office.
What is APR?
The APR (Annual Percentage Rate) is the rate of interest paid on a mortgage
after all prepaid finance charges and post settlement interest over the life
of the loan are accounted for.
What is a fixed rate loan and an adjustable rate loan?
When the interest rate remains constant throughout the entire term, this is
a fixed rate loan. When you start off at a lower rate, but in time the rate
adjusts at fixed periods throughout the life of the loan, this is an adjustable
rate loan.
What is a conforming loan?
A conforming loan is less than the amounts established by the Federal Home Loan
Mortgage Corporation and/or Federal National Mortgage Association through certain
specifications.
What are FHA loans?
FHA loans that are established by the Federal Housing Administration, require
a seller to pay for many of the fees associated with selling a property, making
them more attractive to borrowers who qualify.
Why should I consolidate my debt by refinancing my mortgage?
o You save money by lower monthly payments.
o You can increase your tax deductions.
o You can have one monthly mortgage payment and therefore eliminate monthly bill payments.
What is a home equity line of credit and a home equity loan?
Home Equity Line of Credit - you are qualified for a maximum credit line that
you can borrow from on a revolving basis, like a credit card.
Home Equity Loan - is a fixed interest rate over the life of the loan.
Can I get cash out of my home by refinancing?
Yes, you can get cash for consolidation of bills, for major purchases or even
for education purposes.
Is the interest on my home
equity loan tax deductible?
In 9 out of 10 cases the interest on your home equity loan is tax deductible.
What can I use a home equity loan or line of credit for?
Absolutely anything.
I'm considering Debt Consolidation. Any advice?
Here are three steps you should consider:
1. List your income from all sources.
2. List your "fixed" expenses for each month.
3. List your "varying" expenses that change on a monthly basis.
4. List total outstanding debt you wish to consolidate.
How much does it cost to
get a loan here?
The approval fee is $275 for most loans. The application fee is $60.
How fast will I get proposals?
Within 1-2 business days.
What are your rates? What
are your closing costs?
It varies depending on the loan type and amount.
Do you have lenders that work with customers who have less-than-perfect
credit?
We certainly do.
Can I cancel my loan request?
If you have not submitted your online application, don't complete it. We do
not process incomplete applications. If you have already submitted your online
application, you will need to contact us to cancel your loan.