OMC Faq

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border="0"></a></td> </tr> </table>   <p>  </p> </td> <td width="498" valign="top" align="left"> <div align="center"> <div align="center"> <div align="center"> <div align="center"> <dl> <dd> <div align="center"> <h2><font color="#000000" face="Verdana, Arial, Helvetica, sans-serif, Arial Black, Chicago, Courier, Geneva, Monaco, New York, Times, Times New Roman, TimesTen Bold, TimesTen BoldItalic, TimesTen Italic, TimesTen Roman"><b>Faq</b></font></h2> </div> </dd> <dd> <div align="left"> <ul> <font face="Times New Roman, Times, serif"><a name="questions"></a> </font> <li><font face="Times New Roman, Times, serif"><a href="#why_broker">Why use a mortgage broker?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#why_OMC">Why should I use Overlake Mortgage Company?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#when_refi">When is a good time to refinance?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#how_refi">How does a "No Cost Refinance" work?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#why_int">Why do interest rates change all the time?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#what_info">What information must I provide to apply for a loan?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#how_long">How long does the application process take?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#what_diff">What's the difference between a Fixed and Adjustable Rate Mortgage?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#what_mort">What's the best type of mortgage loan to have?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#how_much">How much of a down payment is required?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#what_lock">What are Rate Locks, and should I lock-in my interest rate?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#what_turndown">What if my loan request is turned down by the lender?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#what_insur">What is Mortgage Insurance, and do I need it?</a></font></li> <li><font face="Times New Roman, Times, serif"><a href="#if_train">If a train left Chicago traveling 75 miles an hour..?</a></font></li> </ul> </div> </dd> </dl> </div> </div> <div align="center"> <div align="center"> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="why_broker"></a> <br> Why use a mortgage broker? </font> </h4> </div> </div> <div align="left"><font face="Times New Roman, Times, serif">When obtaining a mortgage loan, you can either use the services of a bank, savings & loan, or credit union, or you can use a mortgage broker. Typically a bank, savings & loan, or credit union can only quote rates for loans they offer. A mortgage broker, on the other hand, can shop among dozens of national and local lenders for an aggressively priced, tailor made loan program. At Overlake Mortgage, we are home loan specialists, we only do mortgages and our rates are extremely competitive. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="why_OMC"></a> <br> Why should I use Overlake Mortgage Company? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">Many mortgage brokers take a cookie-cutter approach, but Overlake Mortgage is unique in its success. </font> <ul> <li> <font face="Times New Roman, Times, serif"> We are the only mortgage broker in the country to require all our loan officers to become Certified Financial Planners. Today's mortgages are constantly changing financial vehicles - you need financial expertise to maximize your opportunity. After all , your mortgage is likely your largest debt, your home your largest asset.</font></li> <li> <font face="Times New Roman, Times, serif"> The rates we quote are guaranteed for 45 days. Most rates you are quoted and those you see on the Internet are guaranteed for only 15 days. Considering the average loan takes at least 30 days to close, a 15 day quote, while enticing, is useless.</font></li> <li> <font face="Times New Roman, Times, serif"> Our #1 goal is to get you the mortgage you want, and to make the process the fastest and easiest you have ever experienced.</font></li> <li> <font face="Times New Roman, Times, serif"> We are members of the state and national Mortgage Brokers Associations in every one of our office locations.</font></li> <li> <font face="Times New Roman, Times, serif"> We are the fastest growing privately held mortgage broker in America. This comes from being different and delivering on our promises.</font></li> </ul> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> | <a href="/LINKS/omc/aboutomcis.shtml" target="_parent">About OMC</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="when_refi"></a> <br> When is it a good time to refinance? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">It depends, of course, on individual circumstances but for the most part there are 5 situations where it makes sense for someone to refinance. In one form or another they are all related to saving money...minimizing your expenses over the life of the loan or to minimize your monthly payment in the near future. </font> <ol> <li> <font face="Times New Roman, Times, serif"> You have a fixed rate loan and can replace it with a lower fixed rate loan at little or no cost. If you choose to pay points and/or closing costs, you need to take into account the payback period, how long you plan to remain in the house, and how long you plan to keep the mortgage. With a No Cost Refinance, where your existing loan balance is transferred to a new lender with no points, fees, or closing costs, the payback is immediate and almost always makes sense.</font></li> <li> <font face="Times New Roman, Times, serif"> You have an adjustable rate mortgage and you have too high a rate relative to current "teaser" rates. This typically occurs if you have had an ARM for at least a year or two and your rate has "fully indexed". As is the case with fixed rate mortgages, if you choose to pay points and/or closing costs, you need to take into account the payback period and how long you plan to remain in the house or keep the mortgage. With a No Cost Refinance, where your existing loan balance is transferred to a new lender with no points, fees, or closing costs, the payback is immediate and almost always makes sense.</font></li> <li> <font face="Times New Roman, Times, serif"> You want to access some of the equity you have built up in your home, turn it into cash. This may be to remodel your home, consolidate other debts, or for virtually any other reason. Your options for accessing equity include adding a second mortgage for just the amount you need, or refinancing your entire present first mortgage with a new one.</font></li> <li> <font face="Times New Roman, Times, serif"> Regardless of the type of your current mortgage, you may want to immediately reduce your monthly mortgage expenses by switching to an adjustable rate mortgage with a low start rate.</font></li> <li> <font face="Times New Roman, Times, serif"> Your existing loan has a "balloon payment" coming due and you need to replace it with a new mortgage.</font></li> </ol> <font face="Times New Roman, Times, serif">Send us a <a href="/LINKS/omc/xrinquiry.shtml" target="_parent">Refinance Inquiry</a> and we'll help you decide whether or not it makes sense for you to refinance by giving you a specific response tailor made to your situation. No hassle, just the facts. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="how_refi"></a> <br> How does a "No Cost Refinance" Work? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">Simply stated, a "No Cost Refinance" allows you to transfer your existing mortgage balance to a new lender without having to pay any points, fees, or closing costs. You immediately take advantage of a lower interest rate and lower your monthly payment. When rates drop, with our Streamline Process you can again transfer the balance to another lender for more savings. Since it's all being done "No Cost", you never have to wait for the typical 2 year payback period. </font> <font face="Times New Roman, Times, serif"> The most common response to learning about No Cost Refinances is, "This is too good to be true". Well, it is true. The fact is the new lender wants your loan balance enough to pay these costs for you. They also pay us for providing the service. </font> <font face="Times New Roman, Times, serif">Send us a <a href="/LINKS/omc/xrinquiry.shtml" target="_parent">Refinance</a> or <a href="/LINKS/omc/xpurquiry.shtml" target="_parent">Purchase</a> inquiry to find out more. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="why_int"></a> <br> Why do interest rates change all the time? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">The money used to fund your mortgage comes from investors, both individual and institutional. The rates of interest they earn must be attractive relative to inflation, so the rate of interest charged on mortgages fluctuates as the rate of inflation changes. What causes inflation to go up and down? Inflation is a function of many contributing factors, but basically sustained strength in our economy translates into higher inflation and weakness in our economy translates into lower inflation. Oddly enough, bad economic news is good for interest rates. </font> <font face="Times New Roman, Times, serif">Check out <a href="http://www.mortgagecommentary.com/commentary.cfm?id=619981202" target="_blank">Market Commentary</a> for a running dialog of daily interest rate trends, or sign up for <a href="http://www.mortgagecommentary.com/commentary.cfm?id=619981202" target="_blank">Market Watch</a> to join our free e-mail newsletter that keeps you up to date on the latest economic news and ot her factors that affect mortgage interest rates. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="what_info"></a> <br> What information must I provide to apply for a loan? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">First and foremost, we always try to get your loan approved with the minimum amount of documentation necessary. Typically, we need things like copies of recent paystubs, bank statements, investment statements, information about the property to be financed , etc. When you apply for your loan, based on your specific situation one of our Loan Officers will tell you exactly what documents we will need. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="how_long"></a> <br> How long does the application process take? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">Whether the application is taken over the telephone or in person, expect the application process to take just 30 to 45 minutes. After the application has been completed, all requirements can be completed and lender approval obtained anywhere between 2 and 4 weeks later depending on the complexity of your situation. The entire process from application to closing typically takes anywhere between 4 to 6 weeks. </font> <font face="Times New Roman, Times, serif">See <a href="/LINKS/omc/xloanp101.shtml" target="_parent">Loan Process 101</a> for a closer look at the application and underwriting process. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="what_diff"></a> <br> What's the difference between a Fixed and Adjustable Rate Mortgage? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">On a Fixed Rate Mortgage, the interest rate and your payment will remain the same throughout the term of the mortgage for the original borrower. On an Adjustable Rate Mortgage, the interest rate is adjusted periodically based on a preselected index. Typically when the interest rate adjusts, the monthly payment also changes. </font> <font face="Times New Roman, Times, serif">See <a href="/LINKS/omc/xloanprog.shtml" target="_parent">Loan Programs</a> for a detailed description of the different types of mortgage loans. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="what_mort"></a> <br> What's the best type of mortgage loan to have? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">This depends entirely on your situation, taking into account factors such as how long you expect to remain in your home, how large a down payment you can make or how much equity you have built up, what your financial goals and priorities are, etc. While conventional wisdom suggests a 30 year fixed rate loan to be the best, this is not always the case. The best way to find out which type is best for you, send us either a <a href="/LINKS/omc/xpurquiry.shtml" target="_parent">Purchase</a> or <a href="/LINKS/omc/xrinquiry.shtml" target="_parent">Refinance</a> inquiry and we'll give you a specific response tailor made to your situation. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="how_much"></a> <br> How much of a down payment is required? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">If you are refinancing your home, down payments do not apply except in very limited circumstances. If you are purchasing your home, however, you can get a home with as little as a 3% down payment. If your down payment is less than 20% of the purchase price, or for refinances if your loan balance exceeds 80% of the appraised value many lenders require <a href="/LINKS/omc/xdict.shtml" target="_parent">Private Mortgage Insurance</a>. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="what_lock"></a> <br> What are Rate Locks, and should I lock-in my interest rate? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">At the time you apply for a new mortgage, you will be given the option of either locking in your interest rate or "floating" the rate until closing. If you choose to float, you are betting that rates will be lower at closing than at application. If you choose to lock your rate at application, you are eliminating the risk that rates will go up. Conversely, if rates go down you typically cannot take advantage of the lower rate. </font> <font face="Times New Roman, Times, serif">When you lock in your rate, you do so for a specified period of time. This means to guarantee your rate your loan must close within the lock period, or else your rate will be whatever they are at the time of closing. When comparing rates, be sure to verify the lock period because a low rate with a short lock period (15 days or less) typically does you no good. At Overlake Mortgage all rates we quote are for a minimum 45 day lock period, and of course, longer lock periods are available if you desire. </font> <font face="Times New Roman, Times, serif">Should you "lock" or "float"? That depends on your willingness to tolerate risk, and the current interest rate environment. In periods of declining interest rates it usually makes sense to float, and in periods of rising interest rates locking at application is typically recommended. Upon application our Loan Officers clearly spell out the risks and benefits of locking versus floating. </font> <font face="Times New Roman, Times, serif">See <a href="http://www.mortgagecommentary.com/commentary.cfm?id=619981202" target="_blank">Market Commentary</a> for a daily summary of interest rate trends and join <a href="http://www.mortgagecommentary.com/commentary.cfm?id=619981202" target="_blank">Market Watch</a>, our free e-mail newsletter that keeps you up to date on the latest economic news and other factors that affect interest rates. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="what_turndown"></a> <br> What if my loan request is turned down by the lender? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">We do everything we can to prevent this from happening, but unfortunately sometimes it does. In the unlikely event it occurs, this points out one of the key advantages to dealing with Overlake Mortgage. If we are unsuccessful in getting your loan approved with a given lender, we simply take your application and supporting documentation and submit it to another lender. Nothing else is required from you, we do all the work for you. If this happened with a bank, savings and loan, or credit union, you would have to go to another lender and start the process all over again at additional costs. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="what_insur"></a> <br> What is Mortgage Insurance, and do I need it? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">One of great mysteries of the mortgage business! What is often misunderstood is that Mortgage Insurance does not protect you, it protects the lender in case the borrower defaults on the mortgage. If a borrower defaulted on their mortgage the lender does not want to hold the property, it wants to sell the property immediately and knows it will have to sell for less than full market value. Where the loan to value ratio (loan amount divided by property value) is above a stated level, the lender knows in case of default it will likely have to sell the property for less than the outstanding loan balance. If that were to happen, Mortgage Insurance would pay the lender the difference between the loan amount and the sales price. </font> <font face="Times New Roman, Times, serif">Mortgage Insurance is typically required by lenders in those cases where the loan to value ratio is greater than 80%. The premiums for mortgage insurance vary depending on loan type (fixed or adjustable), loan amount, and the loan to value ratio. </font> <font face="Times New Roman, Times, serif"><a href="#questions">Back to questions</a> </font> </div> <h4 align="left"><font face="Times New Roman, Times, serif"><a name="if_train"></a> <br> If a train left Chicago traveling 75 miles an hour.....? </font></h4> <div align="left"><font face="Times New Roman, Times, serif">Made ya look! </font><br> </div> <blockquote> <div align="center"> <div align="center"> <form name="myForm"> <script language="JavaScript">  </script> <center> <p center="<center></center>">  <select name="directory" size="1"> <option selected>S H O R T cuts. . .</option> <option value="xsearch.shtml">Search</option> <option value="xrefinance.shtml">REFINANCES</option> <option value="xrinquiry.shtml">___Inquiry</option> <option value="xrates.shtml">___Rates</option> <option value="xreqinfo.shtml">___Info</option> <option value="xpurchases.shtml">PURCHASES</option> <option value="xpurquiry.shtml">___Inquiry</option> <option value="xrates.shtml">___Rates</option> <option value="xreqinfo.shtml">___Info</option> <option value="xrates.shtml">RATES</option> <option value="xfixedrate.shtml">___Fixed Rates</option> <option value="xcurrentadjrate.shtml">___Adjustable Rates</option> <option value="xadjrateindices.shtml">___Adjustable Rates Indices</option> <option value="xoffices.shtml">OFFICES</option> <option value="xariz.shtml">___Arizona</option> <option value="xdenver.shtml">___Colorado</option> <option value="xchicago.shtml">___Illinois</option> <option value="xportland.shtml">___Oregon</option> <option value="xseattle.shtml">___Washington</option> <option value="xflorida.shtml">___Florida</option> <option value="xpenn.shtml">___Pennsylvania</option> <option value="xlibrary.shtml">LIBRARY</option> <option value="xdict.shtml">___Dictionary</option> <option value="xfaq.shtml">___Faq</option> <option value="xloanprog.shtml">___Loans</option> <option value="xloanprog.shtml">____Loan Programs</option> <option value="xloanp101.shtml">____Loan Process 101</option> <option value="xloanpdet.shtml">____Loan Process, Detailed</option> <option value="xarmexpl.shtml">___ARM's</option> <option value="xarmexpl.shtml">____ARMs Explained</option> <option value="xadjrateindices.shtml">____Current ARM Indices</option> <option value="xarmhist.shtml">____History of Arm Indices</option> <option value="xtoolchest.shtml">TOOL Chest</option> <option value="xmpaymnt.shtml">___Calculate Monthly Payment</option> <option value="xloanamt.shtml">___Calculate Loan Amount</option> <option value="xflexloan.shtml">___Calculate Option ARM</option> <option value="http://www.genesis2000.com/OL1003/175180/175180.html">APPLY NOW</option> <option value="xabout.shtml">ABOUT OMC</option> <option value="xcomments.shtml">FEEDBACK</option> <option value="http://www.mortgagecommentary.com/commentary.cfm?id=619981202">COMMENTARY</option> <option value="index1.shtml">Home</option> </select> <input type="button" value="Go" onClick="loadPage(this.form.elements[0])" name="button"> <font size="2"><br> </font></p> </center> </form> <hr width="400" size="5" align="center"> <div align="center"><font size="-1">copyright</font> <font color="#FF3333"><b>�</b></font><font size="-1"> 1997-99<br> </font><font color="#330066" face="Verdana, Arial, Helvetica, sans-serif, Arial Black, Chicago, Courier, Geneva, Monaco, New York, Times, Times New Roman, TimesTen Bold, TimesTen BoldItalic, TimesTen Italic, TimesTen Roman"><b>Overlake Mortgage Company</b></font><font size="-1"><br> All rights reserved.<br> Any other trademarks and copyrights used are the property<br> of their respective owners</font> </div> </div> </div> </blockquote> </div> <blockquote> <p align="center"><font size="-1">[an error occurred while processing this directive]</font></p> </blockquote> </div> </table> </table>