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Why choose Sandi at Northwest Mortgage Group? Working with Sandi, you will see the genuine consideration to insure your goals, needs and deadlines are met. It is more than just a mortgage you will receive.
What is the difference between getting Pre-Qualified and Pre-Approved: Pre-Qualification is a general determination of credit worthiness based on a conversation. A Pre Approval is a Credit commitment to lend. We have run a credit report and reviewed your financial documents.
What are Points, and when is it a good idea to pay them? Points are the cash you pay up front at closing to obtain (buy) a lower interest rate. If you don't plan to keep the mortgage for at least 5-years, you probably should not pay points.
What does "locking in a rate" mean? When you ask for your Interest Rate to be locked in, you are asking for that rate to be guaranteed for a period of time such as 30-days in order to close on the loan. If rates rise, you do not pay more.
Why is my credit score important? Higher scores can result in qualifying for more loan programs
What is the "combo loan" (80-10-10) It is actually two loans. The first loan is 80% of the value and the second is usually a credit line for 10%. It is a way to eliminate paying PMI.
What is settlement (escrow)? Escrow is the neutral third party who meets with the seller and the buyer to sign the closing papers, exchange the money and record the new deed. Some areas use Attorney. In Oregon, we normally use escrow companies.
How Do you Apply for a Loan? There are 4 ways to make your loan application
You can meet with me in person
We can exchange information over the telephone,
You can mail in your application (I can e-mail the forms to you or use the post office)
You may use our corporate website at www.nwmortgagegroup.com
What is the 1 hour approval? Many loan programs offer automated credit approval. We are happy to provide you with your approval at the earliest opportunity upon making your application.
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