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Mortgage Planning FAQ
Here are some of the most commonly asked questions about Mortgage Planning. If you have further questions please contact us and we'll be happy to assist you.
Do you do home purchases? Yes. Mortgage Planning services both home purchases and refinances.
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How is a Mortgage Planner different from a Mortgage Banker? A Mortgage Banker makes loan approval decisions and provides the money for the loan. As a result, mortgage bankers provide you with only the mortgage products offered by their institutions. In contrast, the Mead/Taylor Financial Group will assist you with the entire process, including determining the mortgage product that is best for you in order to meet your short and long-term financial goals. We will also provide you with regular Rate-watch statements and Equity Reviews. Most importantly, we will be available as a lifetime advisor and resource to ensure that the mortgage plan is successfully achieving your goals.
How is a Mortgage Planner different from Mortgage Broker? Mortgage Brokers shop around to find multiple mortgage offers on behalf of their customers. We also do this, but with a special emphasis on our customer's long-term financial goals. Additionally, our we are bound by a strict code of ethics and are not biased to specific lenders who offer higher commissions or incentives. After securing a customer's mortgage, we also provide regular Rate-watch statements and Equity Reviews for our clients. Finally, we serve as lifetime advisors to ensure that the mortgage plan is successfully achieving the client's goals.
What does my credit score have to be? There are no set parameters. The Mead/Taylor Financial Group takes your credit score into account, along with many other factors, in order to determine the best mortgage product for you and your situation. In fact, our service is designed to improve your credit score, which will qualify you for better rates and terms in the future.
What is a Rate-watch statement? As new products become available and as interest rates change, we will keep track of your mortgage and ensure that you always have the information you need to make positive adjustments to your debt strategy. This will give you the comfort of knowing you always have the best mortgage possible.
What is an Equity Review? Regular Equity Reviews, which are provided to you free of charge, is an analysis of your assets, liabilities and tax benefits. The Equity Review ensures that you are on track to achieve your goals and that you continue on a path that is consistent with your initial strategy.
How do I know I am getting the best deal? With the experience, industry knowledge and vast array of state-of-the-art technology at our fingertips, we are on top of all the news that affects interest rates. This information keeps us on the cutting edge of what will be happening with rates in the near future and will enable us to offer you informed advise. You can be rest assured that no one is better equipped to lock in the best rate than the Mead/Taylor Financial Group.
Will I be able to review the loan before signing? Absolutely. We understand that you must be totally comfortable with a loan before you sign it. If you any have questions, concerns or reservations, we will be there to inform and advise you.
If the Mortgage Planning you do for me is free, how do you make your money? Just like any other mortgage broker or banker, our revenue comes from various sources, including the standard points and fees associated with all loan products. However, once you discover the benefits of using the Mead/Taylor Financial Group, and the thousands of dollars you can save over the lifetime of the loan, you will appreciate the added value that our service provides.
Do you have offices everywhere? The Mead/Taylor Financial Group is a part of Golf Savings Bank, an FDIC insured bank, licensed mortgage broker, originator and licensee in every US state. For more information, please click here to jump to Golf Savings Bank's website.
Why don't you have rate info on your site? We believe strongly in providing only the most accurate information to our customers. Interest rates vary, depending on criteria such as credit score, loan type, loan term, loan-to-value ratio, etc. As such, every loan applicant is different and generic interest rate data does not reflect that. Some applicants will be offered better rates than the national average, and some won't. To see what rates are available for you, we encourage you to call us to get credit-approved.
Where does my application go when I submit it? Your initial application is sent directly to the Mead/Taylor Financial Group. We will immediately contact you to begin the process toward securing your mortgage and your financial future.
How difficult is the application process? With the Mead/Taylor Financial Group, our goal is to make the process as easy and stress-free as possible for you. That is why initially we do not require a great deal of detailed, personal information. We prefer to discover your specific needs, desires and financial goals, so that together, you can begin to formulate a financial strategy. Once the strategy has been mapped out we will ask some more specific questions about your current and past employment, income and current debts.
Do you sell or disburse my information? No. Your privacy and security are our top priority. We will only release your information when appropriate – such as to your financial planner – and with your full, written approval to do so.
What's the difference between a debt consolidation and a personal loan? A debt consolidation mortgage is backed by collateral (your home). The idea behind a debt consolidation loan is to consolidate all of your high interest debts – such as credit cards – by paying them off with a loan that will give you one lower payment a month (and usually a higher tax deduction). A personal loan (or line of credit) is not secured by collateral and therefore may carry a much higher interest rate.
What is a credit score? A credit score is a number that lenders use to determine what sort of credit risk you may be in regard to paying an obligation on a loan. Simply put, the higher your credit score, the better your chances of getting a lower interest rate on a loan. A lower credit score may result in a higher rate on the same loan.
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