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 | MORTGAGES
MADE
SIMPLE |
Licensed by the Pennsylvania
Department of Banking |
Frequently Asked Questions
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Q. If I fill out a mortgage application or provide any information, am I under any obligation to accept a mortgage?
A. No. You are never under any obligation until closing on a purchase or three days after closing on a refinance.
Q.Can you provide information by e-mail?
A. Yes. No one will call you unless you request a call. If you do apply for a mortgage then phone calls will be necessary.
Q. Can I get pre-qualified and is there a cost?
A. Yes, you can get pre-qualified by providing income information and permitting a credit check. Our loan officers can check your credit and let you know the amount of
mortgage for which you can qualify. There is no cost for this service.
Q. Can I get a mortgage even if I have had a bankruptcy?
A. Yes. There are lenders who will provide a mortgage even if you have had a recent bankruptcy. Your probability will depend on your credit since the bankruptcy.
Q. I have good credit but I have very little money saved. Can I possibly qualify for a mortgage?
A. Yes. There are mortgages that require no down payment and allow the seller to contribute toward the closing costs. If your credit is good enough, you may qualify for such a mortgage.
Q. I need to get all of the equity from my home in order to pay off other high interest rate debt. My bank will only let me take 80% of the value of my home. Are their mortgages for 100% of the value of my
home?
A. Yes. If your credit score is high enough, there are 100% mortgages for refinancing.
Q. I want to add a room onto my house and make some other improvements. Unfortunately, there is not enough equity in my home to refinance and use the equity to pay for the improvements. Are there home improvement loans for more than the value of my home?
A. Yes. There are home improvement mortgages up to 125% of the current value of your home.
Q. I want to buy a duplex and live in one unit and rent the other. I have good credit. Can I get the same interest rate as if I were buying a single family home?
A. Yes. For owner-occupied properties for borrowers with good credit, the rates are the same. If you have had past credit problems, rates may be higher.
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Priority Financial Services,
300 Penn Center Blvd.,
Suite 608
Pittsburgh, PA 15235
Phone: 412-824-8551 - E-mail
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