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FAQ Are there any upfront fees? No, we do not charge any fees upfront. Why should I use Premier Financial? When you use Premier Financial to purchase your new home or to refinance your current property, you will receive the best service with the best interest rates available for your loan situation. We are a mortgage broker, we work with many lenders to insure that you are able to obtain the best loan for your needs. Our loan officers have many years of experience to help you to determine which loan is best for you and to help you the whole way through the loan process. Do I need to find a home to purchase before applying for a loan? No. It is actually better if you get your loan pre-approved before looking at homes to purchase. Once you have been pre-approved, we will give you a pre-approval letter. When you make an offer on a property, you can give the pre-approval letter to the seller to let them know that you already have your loan secured. In a multiple offer situation, this can make the difference on getting the offer accepted. How long does it take to close a loan? It usually takes a minimum of 3 -4 weeks to process and close a loan. In certain situations this can be expedited. What is the minimum down payment I will need to purchase a home? Many home buyers think that they need at least a 20% down payment to purchase a new home, but that is not true. There are many programs available that do not require any down payment. If you do not qualify for those loans, we also have other programs that only require a 3% - 5% down payment. What is PMI? PMI stands for Private Mortgage Insurance. PMI is usually required on a loan if there is less than 20% equity. This provides the lender with insurance in case the borrower is unable to make their mortgage payment. On most loans, if the borrower has kept their loan for 5 years and there is more than 20% equity in the home, than at that time the borrower can usually ask the lender to remove the PMI from the loan payment. I have had some credit problems in the past. Can I still get a loan to purchase a home? Depending on the extent of the credit problems will determine your eligibility to get a mortgage loan. Even with all the changes in the mortgage industry lately, there are still loans available for people with lower credit scores. Please click here to see the basic guidelines for borrowers with lower credit scores. I am refinancing my home. Should I order the appraisal before starting the loan process? No, we will order the appraisal during the loan process. We want to make sure that we use an appraiser that is acceptable to the lender that we are placing the loan with. Can you explain the different closing costs associated with a loan? Yes, please see our Understanding Closing Costs page on our website.
Your Mortgage Lender! Licensed under the CA Department of Real Estate License #01407378
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