| Q: Who issues a license for a Mortgage Broker ? |
| A: All of the Loan Officers at Foothill Mortgage are
licensed by the California Department of Real Estate as either or "salesperson" or
"broker".
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Q: What kinds of loan programs do you offer ?
| A: For a complete listing of our loan programs select the "Loan
Programs" link displayed to the left.
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Q: What is A.P.R. ?
| A: A.P.R. stands for "Annual Percentage Rate". It is
calculated by taking some of the fees associated with the loan and converting
them into a corresponding interest rate. In other words, it is the cost of
borrowing money in interest rate terms. It is a method for comparing loans
and for making a quick analysis of a loan proposal.
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Q: What is a Mortgage ?
| A: A mortgage is a loan you acquire in order to purchase
property or cash out equity (as in a refinance / second mortgage / or equity
loan). In return for the loan, you pledge real property (land / building) as
security.
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Q: Do you have loans for Manufactured Homes ?
| A: Yes. The home must be on a permanent foundation and be
newer than June 1976. Lending rules have changed drastically in the past few
years where manufactured homes are concerned.
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Q: Can I get a mortgage if I've filed bankruptcy ?
| A: Yes! Of course, a borrower with no credit blemishes
receives a better interest rate. However, the longer the length of time since
the discharge, the better the rate and terms you will receive.
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Q: Should I get a "fixed rate" or "A.R.M." ?
A: That depends...each borrower's circumstance is unique.
However, the following are some questions you should take into consideration
when deciding:
- Are fixed rates increasing ? (An A.R.M. may be more desirable)
- How long are you planning on owning the home ?
- Do you need a lower rate to qualify for a larger loan ? (An A.R.M. may
help)
- Will you experience "payment shock" with a payment larger than you're
accustomed to ? (An A.R.M. may help)
- Would a fixed rate payment be easier to budget ?
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Q: Should I pay points ?
| A: Points (technically known as "discount points") are loan
fees. One point is equal to 1% of your loan amount. Paying points will discount
(reduce) the interest rate on loans. Some borrowers use discount points as part
of their overall tax strategy. Discount points are often deductible in the year
they are paid. Always consult your tax advisor for detailed information.
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| Please let us know your specific questions by emailing us at: |
| info@foothillhomemortgage.com.
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