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Frequently Asked Questions

What Is The Difference Between Pre-Approval And Pre-Qualification? Back to Top
The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.

When Does It Make Sense To Refinance? Back to Top

Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation:

  • Calculate the total cost of the refinance
  • Calculate the monthly savings
  • Divide the total cost of the refinance (#1) by the monthly savings (#2). This is the "break even" time. If you own the house longer than this, you will save money by refinancing.

Since refinancing is a complex topic, consult a mortgage professional.

What Is A Rate Lock? Back to Top
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.

What's The Difference Between A Mortgage Broker And A Lender? Back to Top
A mortgage broker counsels you on the loans available from different wholesalers, takes your application, and usually processes the loan which involves putting together the complete file of information about your transaction including the credit report, appraisal, verification of your employment and assets, and so on. When the file is complete, but sometimes sooner, the lender "underwrites" the loan which means deciding whether or not you are an acceptable risk.

Will I Save Money Going Directly To A Mortgage Lender? Back to Top
Not necessarily. In fact, if you are a reasonably astute shopper, you will probably do better dealing with a mortgage broker. Mortgage brokers do not add any net cost to the lending process, because they perform functions that would otherwise have to be done by employees of the lender. Furthermore, because mortgage brokers deal with multiple lenders -- in a typical case, 25 to 30, sometimes more -- they can shop for the best terms available on any given day. In addition, they can find the lenders who specialize in various market niches that many other lenders avoid, such as loans to applicants with poor credit ratings, loans to borrowers who do not intend to occupy the property, loans with minimal or no down payment, and so on.

What Is A Full Documented Loan? Back to Top
Both income and assets are disclosed and verified, and income is used in determining the applicant's ability to repay the mortgage. Formal verification requires the borrower's employer to verify employment and the borrower's bank to verify deposits. Alternative documentation, designed to save time, accepts copies of the borrower's original bank statements, W-2s and paycheck stubs.

What Are The Other Types Of Loans? Back to Top

Stated income/verified assets: Income is disclosed and the source of the income is verified, but the amount is not verified. Assets are verified, and must meet an adequacy standard such as, for example, 6 months of stated income and 2 months of expected monthly housing expense.

Stated income/stated assets: Both income and assets are disclosed but not verified. However, the source of the borrower's income is verified.

No ratio: Income is disclosed and verified but not used in qualifying the borrower. The standard rule that the borrower's housing expense cannot exceed some specified percent of income, is ignored. Assets are disclosed and verified.

No income: Income is not disclosed, but assets are disclosed and verified, and must meet an adequacy standard.

Stated Assets or No asset verification: Assets are disclosed but not verified, income is disclosed, verified and used to qualify the applicant.

No asset: Assets are not disclosed, but income is disclosed, verified and used to qualify the applicant.
No income/no assets: Neither income nor assets are disclosed.

What Is A Good Faith Estimate? Back to Top
It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.

What Is A Conforming Loan? Back to Top
A loan that does not exceed the maximum loan amount allowed for the most common mortgage investors. Loans that exceed this amount are referred to as "jumbo mortgages". The cost of obtaining a jumbo mortgage is generally higher than the cost of obtaining a conforming mortgage.

What Is A Jumbo Mortgage? Back to Top
A loan that exceeds the maximum loan amount allowed by the most common mortgage investors. The cost of obtaining a jumbo mortgage is generally higher than the cost of obtaining a conforming mortgage. Also known as a non-conforming loan.

What Are Points? Back to Top
It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge equal to 2% of the loan balance.

What Is A Pre-Qualification? Back to Top
This is the process of determining whether a customer has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant. A pre-qualification is short of approval because it does not take account of the credit history of the borrower.

How Do I Get A Laptop Computer? Back to Top
It can be earned by completing and submitting a legitimate online Quick Loan Application at (our website). Your laptop will be mailed out to you within 2 – 4 weeks upon the closing of your loan. This means that you would have to apply, get pre-approved, qualify for the loan, sign the loan documents, close on the loan, surpass the 3 day rescission period and keep your loan which was submitted with one of the affiliated companies that introduced you to. You cannot trade it in for cash. (Click here for more details)

How Does The Refer-A-Friend Program Work? Back to Top
will be sent for each referral that is provided via It must be a homeowner or someone that is capable and possibly interested in purchasing a property. A legitimate referral consists of completing the referral form or completing the Quick Loan Application for yourself. A maximum of 5 gas cards will be allowed per household each month. Gas cards will be selected at random and mailed out within 2 - 4 weeks. Up to $5,000 in gas cards will be given out each month. (Click here for more details)

Who Exactly Is Back to Top is a marketing company owned by Marc L. Harris. Since 1998, Marc has formed alliances with multiple mortgage and financial specialists. Negotiated rates have been created to pass through a ton of savings to the consumer. And to top it off…who else gives you a laptop for refinancing your home or applying for a home loan? Contact us to get all the details.

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