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Mortgage Investment Services Corporation |
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FAQs
How do I start the loan application process? When can I lock in an interest rate? I'm a first time home buyer what special loan programs are available for me? We plan on purchasing a home what amount of down payment is required? What is a credit score and how important is it? How do I get my free credit report? This MAY NOT be used for lending purposes. How do I dispute information on my free credit report? We would like to consolidate our debt how much can we borrow against the value of our home? I am interested in purchasing a manufactured home can we obtain financing? We are interested in purchasing a home on acreage, what is the maximum number of acres allowed? Why do I need Private Mortgage Insurance (PMI)?
How do I start the loan application process? Please click on 'Apply for A Loan' and take the time to fill out the Online Mortgage Loan Application. Completing and submitting the form should take approximately 20 minutes. Please have available all the necessary information about you and your co-borrower before you begin this process: Employment and income information for 2 years; Bank account information including balances; Credit card balances; Auto loan information and payment amount; Rental property information; Mortgage loan information including name, account number, and monthly payment. Once you complete the application your confidential information will be captured at a secured Web site, encrypted, and then automatically transmitted to us via electronic mail. One of our Mortgage Professionals will get back to you within one business day to discuss your various options. Be aware that by completing and submitting an application you are authorizing us to pull your credit. When can I lock in an interest rate? Once you have determined the property you wish to purchase, or refinance, and which loan program works best for, you can lock in your interest rate. Depending on where you are in the loan process will help determine how long of a lock period you may need, whether it be as little as 10 days or as long as 55 days. Your loan will need to close and fund by the expiration date of the lock to guarantee the interest rate. You must have an interest rate locked in to close your loan. There are several options available to you. MISC offers No Income Verification, No Ratio and No Income \ No Asset \ No Employment loan programs. Contact us to determine which program would work best for you. I'm a first time home buyer what special loan programs are available for me? First time home buyers are eligible to participate in state mortgage revenue bond programs. These are 30 year loans that provide cash assistance for closing to buyers. Call us for details and eligibility guidelines for these products. We plan on purchasing a home what amount of down payment is required? On a standard conventional loan a 20% down payment is required to avoid private mortgage insurance. However, we have numerous loan products available that require little or no money for down payment. What is a credit score and how important is it? Credit scores range from a high of 850 to a low of 300. Credit scores are figured through a mathematical formula that calculates various elements of your credit history and effectively compares them with others' histories. The formula takes into account how timely you have been with your payments, the amount of money you owe, how much of a credit history you have amassed, if you've applied for any sort of new credit recently and what sorts of credit are currently in use. The formula then arrives at a number that summarizes your credit risk -- the higher the number, the more appealing you are to anyone whom you may approach for credit. The Web site myFico.com lists the top 10 reasons that consumers' scores are knocked down. They are:
Mortgages: By Freddie Mac standards, borrowers with credit above 660 are likely to have an "acceptable" credit reputation and their loan files need only a basic review. The credit risk is "uncertain" for those with scores between 620 and 660, with a thorough review of the borrower's entire credit history. A score below 620 indicates "high risk" with an unacceptable credit reputation that could make traditional financing difficult to obtain. How do I dispute information on my free credit report? After you have obtained your free annual report you can call the bureau directly and find out what to do. You may not contact the repository without a reference number that is given on the free report issued. You may not dispute items from a merged report directly, you need the individual report received directly from the repository to dispute with that repository. Therefore you will need to obtain your free report from www.annualcreditreport.com first. We would like to consolidate our debt how much can we borrow against the value of our home? Currently we have financing options available that may allow you to borrow up to 90% of your home's appraised value. I am interested in purchasing a manufactured home can we obtain financing? Yes, we currently offer mortgage loan products that accept manufactured housing in Kansas. Call us for details. We are interested in purchasing a home on acreage, what is the maximum number of acres allowed? Standard guidelines are based upon comparable properties in the area you wish to purchase. Therefore, if there are an adequate number of similar properties in the area you wish to purchase, and the value of the land is not more than 30% of the total value of the property it should be eligible for financing. Contact us directly about your particular property and it's eligibility. Why do I need Private Mortgage Insurance (PMI)? If your down payment is less than 20 percent of the home's price, you almost certainly will have to pay mortgage insurance. The policy protects the lender in case you default -- a likelier possibility if you made a small down payment. One alternative to paying for mortgage insurance is to keep renting and saving money for years, until you've accumulated enough to make a 20 percent down payment on a home. Or you could put up a small down payment, pay mortgage insurance, and contentedly live in your own home before you're old PMI charges vary depending on the size of the loan and of the down payment. The charges typically amount to 0.5 percent to 1 percent of the loan annually. You pay mortgage insurance premiums until your equity passes the 20 percent threshold. FHA and VA loans require a similar insurance. |
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Mortgage Investment Services Corporation A Kansas Licensed Mortgage Company #2000-4085 25055 W. Valley Parkway, Ste 108 Olathe, KS 66061 (913) 390-1010 Fax (913) 390-1515
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