How does MainStream offer true zero closing cost mortgages? MainStream is able to rebate to you revenue paid to MainStream by the lender by increasing your rate slightly, offsetting your costs and providing an immediate cash and tax benefit through deductible interest vs. non-deductible closing costs. And, your monthly mortgage amount or loan balance is not raised.
If you don't charge any fees, how are you compensated? We are paid by the lender, not the loan customer, because we bring business to them that they would otherwise have to invest in getting themselves.
How can you offer competitive rates? Unlike a bank or mortgage company that can only offer their own products, we can shop the entire market for the best rates. Since rates and loan programs constantly change, "shopping" is a continual process. And, we have access to wholesale prices and less overhead so we can pass the savings on to you.
I don't have much money for a down payment. Can I still get a loan? Yes. MainStream offers loan products with no down payment. Please contact us for specifics.
What is the difference between the interest rate and the APR? The interest rate is the cost to borrow the lender's money. The APR represents the total cost of the mortgage expressed as a yearly percentage rate, including interest and loan fees.
Do you provide good-faith estimates? Yes. We can usually provide them to you in less than an hour at no cost to you.
Will you pre-qualify me? Yes. We can usually pre-qualify you in less than an hour at no cost to you. It's a good idea to get pre-qualified because it helps you know how much you can borrow and what price range you can afford.
Can I get pre-approved? Yes. You'll need to provide us of written evidence of income, expenses, assets, liabilities and credit. The benefit to you is that we'll provide a pre-approval certificate for you to show the seller. This pre-approval will give you the best chance for getting your offer accepted, especially in a competitive situation. Also, having been pre- approved, you'll be able to close quickly.
What is a rate lock? A rate lock is a commitment by the lender for a determined period of time to give you a mortgage at a set rate, regardless of whether rates go up or down before you close.
Can you get me a mortgage if my credit is questionable While it's always easiest to get financing if you have good credit, we can certainly work with you to find you quality finance options.
How fast is the process from application to closing? It varies, but generally takes about two weeks.
How can I avoid delays in the mortgage process? Provide all documents to us in a timely manner. Those documents we request are required to get your loan approved. Also review our helpful tips on keys to a smoother loan application.
Click here to receive your free eBook, The Mortgage Handbook, to use as a guide as you begin and work through your mortgage application process, including checklists, worksheets and tips on how to speed up your approval.
Email us or call us at (877) 355-2152 for rates, free qualifications, general information, or to apply!
