ELB Mortgage Brokers, Inc.

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FAQ

1.	What does it cost to submit a loan application? Answer
2.	When will I incur charges? Answer
3.	Do I need to pick the property I want to buy before I fill out the application? Answer
4.	What happens after I submit my application? Answer
5.	I don't think my credit history is perfect. Can I still qualify for a mortgage? Answer
6.	Will there be any "surprise" costs, such as "Points" or "Origination Fees"? Answer

Q :	What does it cost to submit a loan application?
A :	Nothing. You can submit your application and become pre-approved for a loan without incurring any charges..

Q :	When will I incur charges?
A :	At the time the appraisal of the property is ordered.

Q :	Do I need to pick the property I want to buy before I fill out the application?
A :	No. You may fill out the application first and submit it for pre-approval. We can supply you with a letter of pre-approval to present with a contract to purchase, thereby assuring yourself and the seller that you are a qualified buyer.

Q :	What happens after I submit my application?
A :	Once your application has been received and processed in our office, one of our loan consultants will contact you to go over your approval and tell you what documentation is required to complete your application.

Q :	I don't think my credit history is perfect. Can I still qualify for a mortgage?
A :	Yes. We have a varied selection of lenders who specialize in all types of loan programs. We can match your criteria with the best rates and terms available.

Q :	Will there be any "surprise" costs, such as "Points" or "Origination Fees"?
A :	No. Our conventional interest rates are quoted with no points or origination fees. Your Loan Officer will make you aware of any and all points and fees that may be charged for certain loan programs and then it will be your decision whether or not to apply for programs that have additional points or fees. FHA and VA loans have an origination fee of 1% to cover the added costs of government loans. There will be no surprises. A complete and accurate "Good Faith Estimate" of closing costs will be provided to you at application.