Mortgage FAQs

Here is a collection of frequently asked questions that have been put together to help you in buying or selling a home. If you have any other questions, not listed here, feel free to call or send an e-mail.
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Mortgage FAQs

What is a lock in?
What is underwriting?
What is PITI and what does it stand for?
What is a gift letter?
What does Prepaid Interest mean?
What does the origination fee cover?
Why is the Annual Percentage Rate (APR) on the Truth in Lending Disclosure higher than the rate shown on my note, which is the rate I thought I chose?
Should discount points be paid to lower (buy down) an interest rate?
How long does the loan process take?
What is an escrow account?
Are lenders limited in the amount of escrow funds they can collect from borrowers?
Can I pay my own taxes and insurance?
What do I do if I receive a tax statement?
Why did my mortgage payment amount change?
What is an ARM loan?
What benefits do I receive from private mortgage insurance?
How is interest calculated on a mortgage loan?
Why does the title have to be cleared before I can get a mortgage?
How much time will it take to close my loan (sign the loan documents)?
What are the benefits of doing a first and second lien conbination?
What is preapproval or prequalification?
How can I avoid private mortgage insurance?
What is my credit score and how is it calculated?
Is there a minimum credit score?
Must I use the mortgage company that my builder directs me to?
Robert J.Barouski - Mortgage Loan Originator - NMLS# 204947
American Fidelity Mortgage Services Inc
Ph: 630 885-1314Fax:630 681-1476
4200 COMMERCE CT STE 200
LISLE, IL 60532 US
License # 031:0010289
www.lowererates.com
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Copyright © 2013 American Fidelity Mortgage Services Inc
Illinois Mortgage Licensee License # MB 0000303
NMLS# 179785
In the State of Illinois Mortgage Bankers are governed by:
IL Department of Financial & Professional Regulation Division of Banking
122 South Michigan Ave., Suite 1900 Chicago, IL 60603
Phone: (312) 793-3000
Fax: (312) 793-7097
Web: http://www.idfpr.com/default.asp
Toll Free Consumer Hot Line: (877)-793-3470

 

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Copyright © 2016
Illinois Residential Mortgage Licensee # MB.0000303
NMLS# 179785
Indiana Department of Financial Institutions (DFI) License ID Number 11229
State of Wisconsin - Department of Financial Institutions License #159BA
In the State of Illinois Mortgage Bankers are governed by:
IL Department of Financial & Professional Regulation Division of Banking
100 W. Randolph Street, 9th Floor, Chicago, IL 60601
Phone: (312) 793-3000
Fax: (312) 793-7097
Web: http://www.idfpr.com/default.asp
Toll Free Consumer Hot Line: (877)-793-3470