Frequently Asked Questions
Q Can Smart-Loan.com find me the best interest rate?
A Yes. Smart-Loan.com has every program that any bank can offer. If it is out there, we have it. If we can't do it, nobody can.
Q I've been late on my mortgage payments. Can I get a loan?
A Even if you have had many late payments on your present mortgage, we can secure the financing you need. We have closed numerous loans for clients with bad credit and can help you overcome your financial difficulties.
What is an APR
(Annual Percentage Rate)?
for annual percentage rate and reflects the interest rate charge on the
loan plus other finance charges including, for example, mortgage insurance
premiums, points and other financing costs you pay when obtaining the
My credt score is below 500, can I get financed?
you can, but our maximum loan to value would be 70%. That means on a purchase
you need to put down 30%, have a seller carry back, an equity gift, or
any combination of the 3 for the remaining 30%
What is your minimum fico score to 100%?
If you do not have
any open collections or defaults within the past 12 months, it is possible
to get 100% financing with a 620 fico score. This usually requires some
type of liquid reserves in the form of cash in the bank, stocks, bonds,
401k, or any other retirement account that has 2 months worth of principle,
interest, taxes, and insurance payments.
What is an FHA or VA mortgage?
A Federal Housing Administration (FHA) or Veteran's Administration (VA) mortgages are loans insured by governmental agencies. FHA programs enable lenders to arrange financing for the borrower with a minimal down payment.
Q What is a conventional loan or a conforming loan?
conventional loan is one which
may be purchased from local lenders by national organizations such as
Fannie Mae and Freddie Mac. The conventional loan limits for owner-occupied