FAQ

  • What is a HomeOwnership Planner?

    A HomeOwnership Panner is an real-estate financing professional who specializes in the origination of residential mortgage loans and can work with (on average) as many as 40 lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, your HomeOwnership Planner provides the most efficient way to obtain financing tailored to your specific financial goals
  • What are Biweekly Payments?

    A plan to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment required if the loan were a standard 30-year fixed-rate mortgage. The result for the borrower is a substantial savings in interest.
  • What is Loan-to-Value (LTV) Percentage?

    The relationship between the principal balance of the mortgage and the appraised value (or sales price if it is lower) of the property. For example, a $100,000 home with an $80,000 mortgage has an LTV of 80 percent.
  • What is Pre-Paid Interest?

    When your loan closes in the middle of the month, your new bank will make you pay up-front (as opposed to in arrears) daily interest for the remaining days of the month. If you close on the 20th, you'll pay 10 more days of interest payments. That's OK, it means you won't owe the money on the back end of the loan.
  • Is there truly a “NO CLOSING COST LOAN”?

    No. Professionals do not work for free. What is really going on is that fees are being rolled into the loan and credits for choosing a certain rate are either covering a portion or all of the costs. In some cases the rate chosen can pay for a principal reduction reducing the amount of money currently owed.