Can I save my application and finish it at a later time?
What is a FICO score?
What is the difference between fixed rate and variable rate mortgages?
Do I have to include my spouse on the loan application and on the title to the house?
What happens if I don't qualify at loan application for the loan program chosen?
What are escrow accounts and how much do I need in my escrow account?
What is a Pay Option Arm?
| Can I save my application and finish it at a later time?
Yes, you can. At the bottom of each page you have the option to Save Application. After clicking on this button you may enter your e-mail address and choose a password. When you are ready to complete your application, go to the Hammersmith home page, choose On-line Applications then click on the sentence stating click here to apply with us now or find your saved application. This will pop up a window where you can choose to find your application and enter your e-mail and password so you may pick up where you left off. Information from a saved application is NOT sent to Hammersmith until you have completed the entire application and chosen to REVIEW and SUBMIT your application.
En español:
Sí, usted puede. En el fondo de cada página usted tiene la opción para Salvar la Aplicación. Después que hacer clic en este botón usted puede entrar su dirección de correo electrónico y escoger una contraseña. Cuándo usted está listo para completar su aplicación, vaya a la página principal de Hammersmith, escoge las Aplicaciones Conectadas entonces hacen clic en la oración que indica el clic para aquí aplicar con nosotros ahora o encontrar su aplicación salvada. Esto pinchará arriba una ventana donde usted puede escoger para encontrar su aplicación y entrar su correo electrónico y la contraseña tan usted puede recoger donde usted dejó lejos. La información de una aplicación salvada no es mandada a Hammersmith hasta que usted habido completado la aplicación entera y escogido REVISAR y SOMETERse su aplicación.
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What is a FICO score?
A FICO score is a number which is calculated using a mathematical formula, based on your credit history, that evaluates all of the information on your credit report. For a very thorough explanation of FICO scores, how a lender uses FICO scores and an opportunity to access your own FICO score, go to www.myfico.com.
En español:
Una cuenta de FICO es un número que se calcula utilizando una fórmula matemática, basado en su historia del crédito, eso evalúa toda la información en su informe del crédito. Para una explicación muy completa de cuentas de FICO, cómo un prestamista utiliza las cuentas de FICO y una oportunidad de conseguir acceso a su propia cuenta de FICO, vaya a www.myfico.com.
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What is the difference between fixed rate and variable rate mortgages?
A fixed rate mortgage is a loan where the principle and interest payment never change during the life of the loan.
A variable rate mortgage is a loan where the interest rate can change periodically. The changes in the interest rate are tied into the market rates that exist at the time the rate is subject to change. They usually offer lower interest rates than fixed rate mortgages, but can adjust upward if interest rates go up. There is a predefined cap which defines how high the interest rate can adjust.
Fixed rate mortgages are beneficial to those who are on a fixed income, (adverse to interest rate change) and those who prefer fixed payment schedules.
Adjustable rate mortgages are advantageous for those who do not plan to stay in their home for a long time, for those borrowers who do not qualify at higher fixed interest rates, and those who can financially handle fluctuating payments.
En español:
Una hipoteca fija de la tasa es un préstamo donde el pago de principio e interés nunca cambio durante la vida del préstamo.
Una hipoteca variable de la tasa es un préstamo donde el tipo de interés puede cambiar periódicamente. Los cambios en el tipo de interés se atan en los precios del mercado que existen en el tiempo que la tasa es susceptibles cambiar. Ellos ofrecen generalmente los tipos de interés más bajos que la tasa fija hipoteca, pero puede ajustar hacia arriba si los tipos de interés suben. Hay una tapa predefinida que define cuán alto el tipo de interés puede ajustar.
Las hipotecas fijas de la tasa son beneficiosas a los que están en una rentas fijas, (adverso al cambio del tipo de interés) y los que prefieren los horarios fijos del pago.
Las hipotecas ajustables de la tasa son ventajosas para los que no planean permanecer en su hogar durante mucho tiempo, para esos prestatarios que no califican en tipos de interés fijos más altos, y los que pueden manejar financieramente los pagos que fluctúan.
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Do I have to include my spouse on the loan application and on the title to the house?
In community property states, such as Texas, it is necessary for both names to appear on the title (Deed of Trust) if the home is being purchased as your primary residence. Certain loan programs, such as FHA and VA, require that a credit report be included as part of your loan application and the spouse's debt is included in your qualifying ratios.
En la propiedad de la comunidad indica, tal como Tejas, es necesario para ambos denomina para aparecer en el título (Deed of Trust) si el hogar se compra como su residencia primaria. Ciertos programas del préstamo, tal como FHA y VA, requieren que un informe del crédito sea incluido como parte de su aplicación del préstamo y la deuda de esposo se incluye en sus proporciones calificativas.
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What happens if I don't qualify at loan application for the loan program chosen?
Your loan counselor will look at all available alternatives to determine which is the best loan for you and make suggestions to you on how and when you may obtain loan approval.
En español:
Su consejero del préstamo mirará todas alternativas disponibles para determinar que es el mejor préstamo para usted y para las sugerencias de la marca a usted en cómo y cuando usted puede obtener la aprobación del préstamo.
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What are escrow accounts and how much do I need in my escrow account?
Escrows are payments made by you to the servicer of your loan for the purpose of paying your real estate taxes, insurance, and other payments associated with your loan. The servicer is responsible for the timely disbursement of escrow funds to pay these bills as they come due.
Usually, a mortgage company collects funds for placement into your escrow account with your monthly principal and interest payment. An escrow account must have sufficient funds to pay all bills when they come due.
En español:
En caución son los pagos hechos por usted al servicer de su préstamo para el propósito de pagar sus impuestos sobre bienes raíces, el seguro, y otros pagos se asociaron con su préstamo. El servicer es responsable del desembolso oportuno de en caución fondos para pagar estas cuentas como ellos vienen debido.
Generalmente, una sociedad hipotecaria reúne los fondos para la colocación en su cuenta de garantía bloqueada con su pago mensual del principal y los intereses. Una cuenta de garantía bloqueada debe tener los fondos suficientes para pagar todo factura cuando ellos vienen debido.
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What is a Pay Option ARM?
It is an ARM on which the interest rate adjusts monthly and the payment adjusts annually, with borrowers offered four options on how large a payment they will make each month. The options include paying interest only, or a minimum payment based on the introductory rate, or principal and interest amortized over 30 or 15 years. Choosing the minimum payment option results in a growing loan balance termed negative amortization.
The main benefit of a Pay Option ARM is the low minimum payment in the first year which can be based on an introductory interest rate as low as 1.5% and rises by only 7.5% a year for a pre-determined number of years.
Every 5 or 10 years, the payment will be recast to become a fully-amortizing loan. The new payments are based on the then current interest rate and outstanding loan balance. However, if the outstanding loan balance ever increases to 115% of the original loan amount, the loan would be immediately recast prior to the pre-determined initial term
This program may be selected by borrowers who plan to occupy their home for a shorter time period and want to maximize their home-buying capacity or borrowers who expect their income to increase substantially in the future.
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