What types of loans are available?

There are many different loan types, including: 1st and 2nd mortgages, fixed-rate loans with terms of up to 50 years, interest-only programs, Adjustable Rate Mortgages and Option ARMs, to name a few. You don’t need to be an expert in the different types of loans – we are, and we work with you to choose a loan that best fits your needs. Just contact us and we’ll help you!

What’s the process for getting a loan?

The process varies slightly between a purchase and a refinance, but basically we ask you a few simple questions: Name, date of birth, Social Security number, and so on. We then get you pre-approved. At this point you sign the loan package and provide us with a few pieces of documentation. The file is sent to the underwriter and, once final approval is given, we can close your loan. We try to make the process as simple as possible for you.

How long does the process take?

The length of the process varies depending on what type of loan you’re getting. Refinances are typically completed in two to three weeks. Purchases take a little longer, based on your purchase agreement. Purchase agreements usually give you four weeks to close your loan, which allows you extra time to inspect your new home before you purchase it. We work with you to help make sure your loan is ready in the time frame you need it to be done.

What’s the rate?

There are many factors that decide interest rate: whether it’s fixed or adjustable, amount of down payment, credit history, and so on. And since interest rates change daily, it’s best to contact us so we can give you the most current information tailored to fit your needs. Here’s something important to remember: At CFS, we work with 50 different wholesale banks, which means we can get you the best rate and save you money on your mortgage.

How much can I afford?

How much you can afford and what the monthly payment will be is determined through the your prequalification process (see the second question on the list). We’ll qualify you on different programs – such as: fixed, adjustable, and interest only – so we can find the one that meets your goals.

How much will it cost?

There are several different options on loan costs and no closing cost loans are available. The most important thing to remember is that we have no upfront fees, which means there are no out-of-pocket expenses to get pre-approved.

Please contact us with any questions you many have!