When looking for the best mortgage to fit your specific
needs and situation, it is important to ask the right questions to make sure
you fully understand all the aspects of your loan.
Whatever kind of mortgage you or your client need,
Superior Mortgage Co., Inc. is the company to trust. We offer a wide range of
mortgage products to fit your specific needs. Our VA loans offer 100% financing
with all closing costs paid. We have jumbo loans up to 2.5 million,
conventional loans with only 3% down, land loans, construction loans and many
other loan programs. We are a mortgage company that
specializes in all financial products and services related to mortgages. We are
comfortable showing laymen how to navigate a variety of mortgage products and
opportunities from initial contact through application and closing. We are
familiar with VA, FHA, FNMA and FHLMC guidelines and regulations and
residential and commercial mortgage lending practices.
Before deciding upon the best mortgage for you, there are
questions to ask your prospective lender to make sure you are making the best
decision. These are:
- What type of loans do you offer and
what are the qualifying guidelines for each?
is the interest rate and annual percentage rate (APR)? The federal Truth in
Lending Act requires lenders to give you a “good faith” estimate of
the closing costs including appraisal fees, title insurance, application costs
and loan-origination fees before you show up to close. The lenders you talk to
must combine the fees and interest to produce an Annual Percentage Rate,
showing the yearly cost of the mortgage. This will make it easier for you
compare the costs of different mortgage offers.
- What is the monthly payment going to
- How large of a deposit do I need?
- Is there a prepayment penalty?
Can you estimate and explain what
fees and costs I will have to pay? Never assume that a mortgage offer is a
take-it-or-leave-it deal. If you find the rate too high or the closing costs
excessive, ask your lender if they can be lowered. Depending on the market and
how good a credit risk you are, the lender may be willing to waive some of the
closing costs. If not, you are free to secure estimates from as many lenders as
- Do you offer loan rate locks and if so,
how much do you charge for them?
- How long does it typically take for a
mortgage to go through?
- Can you guarantee you will close on
- Are you going to hold this loan or sell
If there is anything
you don’t understand or need more information about such as the size of a
balloon payment at the end of the mortgage or what “points” are, ask
for an explanation. If your lender is worth doing business with, they will tell
you whatever you need to know. At Superior Mortgage Company, Inc., we
specialize in residential and commercial loans and provide the best products
and services available. Whether you want to purchase, refinance or take
advantage of a home equity loan, we can help. Contact us at 845-883-8200.