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Q. What is the Freedom Plan?
A. The Freedom Plan is a program developed by The Mortgage Outlet
to help our customers who want to pay off bills, lower their overall
interest rate and save money every month, all by taking advantage
of the equity in their home. Because of our loan volume, we have
access to loan products to suit almost anyone's situation -- even
those with less than perfect credit.
Q. What is the difference between fixed rate
and variable rate mortgages?
A. A fixed rate loan is a loan where the principal and interest
rate never change during the life of the loan. A variable rate mortgage
is a loan where the interest rate can change periodically. Changes
in the interest rate are tied into the market rates that exist during
the time the rate is subject to change. They usually offer lower
rates than fixed rate mortgages, but can adjust upward if interest
rates go up. There is a predefined cap that limits how high the
rate can be adjusted.
Q. What are your interest rates?
A. There is no one answer to this question - interest rates can
and do vary according to the type of loan, the term of the loan
and the credit of the borrower. What we can tell you is that due
to our volume of business, we have access to rates as low or lower
than those offered by your local bank, and we can most often beat
their rates for customers with less than perfect credit.
Q. How long does all this take?
A. It takes only a few minutes to apply online, and we can usually
give you an answer within 24 hours. The entire loan process can
be completed in as little as three weeks, and after the federally-mandated
three day waiting period, you'll get your money!
Q. What can I do to speed up the process?
A. There are several things you can do to help us get you your money
faster.
1. Let your loan officer shop around for an appraiser who can come
to your home within 24 hours. One of the first roadblocks many homeowners
face is an appraiser who is late getting started - this slows more
loans down than any other step in the process. No matter what may
be holding up your appraisal, just let us know - we'll find a way
to work with you!
2. Gather the few Inc.ome and insurance documents
that are needed right away, and fax or overnight them from the post
office to us. Missing or Inc.omplete paperwork is the second most
common cause of delay in loan processing. If you have problems getting
your paperwork together, call us right away - we can usually find
alternatives that will speed up the process and put you back on
track. For example, if you can't lay your hands on your insurance
policy, just call and give us your agent's name and phone number
- we'll do the rest. Even if you can't verify your Inc.ome on paper,
please let us know right away - we may still have an alternative
for you!
3. When the appraiser comes, be sure your home
looks its best. The better your home looks, the more it appraises
for - the more it appraises for, the more money available to you.
It's that simple! If you have any concerns about how your home may
appraise, give us a call. We can help you make sure your home puts
its best foot forward!
4. Stay in touch with your loan officer throughout
the process. Keeping in touch helps your loan officer pull together
the final details and stop any delays before they get started. We
know you want to get your money quickly, and we're always working
to make that happen!
Q. Do you lend on mobile homes?
A. We do, but only if they are doublewide homes, and only if they
are no longer "mobile" - that is, they have been permanently
installed on land that you own, and the tongue and wheels have been
removed.
Q. How do I apply over the internet?
A. It's easy - you can just click here, or anywhere else on this
site where you see the phrase "click here to apply". Then,
just fill out the information requested, and submit it to us online.
That's it - we'll be in touch with you within 24 hours with your
approval status.
Q. How can I get more information without applying?
A. If you have further questions, you can e-mail us by clicking
here, or you can call us at 1-800-365-9017.
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