Mortgage Services by Morfacts

Mortgage Services FAQ

Questions and Answer Session with Morfacts

What is an annual percentage rate?

The Annual Percentage Rate on a mortgage is Simply the amount of interest that you pay on an annualized basis on the balance of your current mortgage. There is something called an APR, which is an Adjusted Percentage Rate and you see this on truth in lending statements. The APR takes into consideration closing costs on top of the interest rate you’re paying. It just means that there are additional costs (way too much background noise here, I can’t make out anything he’s saying in APR description.)

What are points or origination fees on a loan from Morfacts?

Origination fees are fees that would be paid directly to the lender. Points, and what they specifically mean is to buy your interest rate down lower. When we typically do a loan at Morfacts, it is typically zero points unless somebody wants to get the interest rate lower, because they’re going to hold the loan long term, so they’ll pay points to get the rate lower.

Can you lock in an interest rate?

Absolutely. You can lock in an interest rate for up to 70 days.

What is a good faith estimate on my closing costs?

A good faith estimate is an estimate of all the costs you’re going to incur when closing a loan or closing a purchase. So it should be a number close to what you’re really going to be paying when you’re closing a loan.

With Morfacts, how long will it take to process my mortgage application?

Typically, it’s 30 days but we’ve been known to do it in as little as two weeks when necessary.

What type of documents do I need to provide to Morfacts?

It depends on the loan program, but full documents would be: W2s, pay stubs and bank statements, all of these the most recent, along with a completed application. We do a lot of loans that don’t require verification of income or assets, in which case you wouldn’t need to supply those documents.

Are there qualifying guidelines for particular loans?

Absolutely. And every loan is different. There are a myriad of loan programs that require different documentation types. Full documentation down to no documentation – just an application with your name, social security number and date of birth, and that’s it. That’s a no doc loan.

How many lenders does Morfacts work with?

We’re a direct banker. We are actually a banking branch for two banks. We draw docs in-house and fund the loan in-house. We are the banker, we do the underwriting. We’re a broker for probably actively fifteen different companies. We’re approved with close to sixty different lenders.

Tell me about a minimum down payment on a loan.

Well the minimum down payment is actually zero these days. You can actually buy a house with zero down. We’ve done a number of those over the past several years. But you do get a better interest rate with the more money you put down because there is less risk to the lender.

What can cause a delay in the approval of my loan with Morfacts?

Things that can cause a delay are, number one, getting documentation from you, the borrower, number two, there can be issues on title – you’ve got problems where the title wasn’t transferred properly earlier, and number three is information we get from the borrower just isn’t accurate, and we have to change the loan program.

How long has Morfacts been helping people with their home financing?

Morfacts has been in business for over seventeen years

Where can I reach Morfacts?

www.morfacts.com
760-633-4144

Are there any current programs with seniors available?

We do reverse mortgages for seniors, we do home equity lines for seniors and we do conventional mortgages. We offer the full gamut. We don’t sell any one particular product, we look at the individual borrower’s situation and then determine what is the most cost effective approach for accomplishing the goals of each individual senior.

I understand that you have a sister company which has a focus strictly on helping seniors.

Correct. We have Senior Equity Access group, and the focus of that group is strictly with helping seniors get reverse mortgages.

Do you have their website address?

www.srequityaccessgroup.com

Answers by Morfacts Mortgage Broker

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