Frequently Asked Questions
What are closing costs?
Closing costs are paid by both the buyer and the seller at the time of close. These costs typically include:
- Title search and insurance, escrow fees
- Sales commissions (Realtor)
- Origination fee
- Discount points
- Recording fees
- Courier charges
- Processing and document preparation fees
What is a reverse mortgage?
A reverse mortgage is a home loan that lets homeowners that are at least 62 years of age convert their home equity into cash payments. The loan is not due as long as the borrower(s) continues to reside in the home as their principal residence. Payments from the mortgage can be used for whatever expenses the borrower would like.
What is a jumbo loan?
A jumbo loan is larger than the conventional/conforming limits, typically more than $424,000.
How is Choice Mortgage different from other mortgage brokers or banks?
Choice Mortgage is a licensed mortgage wholesale lender in Boca Raton, FL. When you work with us, there is no middleman. We manage and oversee the entire process, working with your real estate agent, the title company, and the appraiser to streamline the loan process. As a direct lender, we can offer many outlets for your loan and can often approve loans that other banks cannot.
We also offer a preliminary approval system, Approvals Express™, that grants pre-approval in minutes. Our system uses basic information to determine the strength of your loan and whether or not it will be approved. Once you are approved, we will continue to build a personal relationship with you so that we can understand, foresee, and respond to your mortgage loan needs.
Unlike typical banks, we work long hours and on weekends so that we are available to work with you whenever you need.
Why should I work with Choice Mortgage?
At Choice Mortgage, our Loan Originators work personally with clients. Emmanuel St. Germain is a licensed mortgage Loan Originator with years of experience and a family history of mortgage banking. Specializing in residential loans allows him to match your personal situation to the best available loan program, which ensures financial savings and a quick closing.
How do I know what type of mortgage is best?
When it comes to buying a home, every purchase is unique. There is no “one-size-fits-all” mortgage loan. Luckily, our Mortgage Specialist, Emmanuel St. Germain, has the experience and the know-how to help determine what type of loan best fits your situation.
It is important to consider your current financial picture and how long you intend to keep the property you are buying.
How long does the loan process take?
Pre-approval can happen same-day. After you apply, we will verify all the information you provide. This typically takes at least a week. It is especially important that any information or paperwork we ask for be returned in a timely manner to help expedite the process. The process of getting all the information we need to approve the final loan, lock in rates, and determine all factors typically takes 3-4 weeks.
What is the difference between an FHA and a Conventional loan?
The most basic difference between an FHA loan and a Conventional loan is that an FHA loan is insured by the government and a conventional loan is not.
Federal Housing Administration (FHA) loans generally have lower down payment options and less strict requirements for credit scores but do require mortgage insurance. Though they are generally easier to qualify for, in order to qualify, the property you are purchasing, and your lender must be FHA-Approved. These loans can only be used for primary residences.
Conventional loans can be approved for almost any type of property and by most lenders. Because they are not government insured, they require good credit and strong financial status. Often a higher down payment is encouraged.