A Professional Member of the
Association of Mortgage Brokers

A Professional Member of the
Association of Mortgage Bankers

 

 
 

Finest Capital Ltd

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   Frequently Asked Questions

Want easy fast answers direct from an experienced loan professional?  Call us at 516-933-1800 - we'll answer all your questions and deliver the best, customized loan tailored specifically for you!  You'll be glad you did!


    
These FAQs relate to Residential and Commercial Institutional (Bank) loans.

Choose a category for instant access to the complete list of questions.

Before You Apply
After You Apply
Interest Rates
Home Equity
Closing
Mortgage Insurance
Commercial Loan Information

Company Information

Before You Apply

I have not yet applied.  Who do I contact for general information and questions regarding your services?

If you have not been assigned a personal loan officer or underwriter, you can speak with one of our qualified loan consultants by calling 516-933-1800. Our business hours are Monday through Friday, 9 am to 5 pm EST.

Can I apply for a loan if I have filed for bankruptcy?
Yes. In most cases, we can provide you with a loan if your bankruptcy discharge is at least 1 year old.  If your bankruptcy was discharged less than 12 months ago or if your credit problems have continued, we may be able to still to approve your loan.

I live outside the United States.  Can I still get a loan?
We offer commercial loans internationally.  For Residential loans, if you are a United States citizen or green cardholder and are purchasing a property within the United States, you are eligible for our loan programs - even if you currently live outside the United States.  We also can provide loans for US properties to foreign nationals.  We will consider residential loans for properties located outside the United States.

Can I finance 100% of my loan?
Yes. We have several loan programs that offer 100% financing on purchases.

Do you require a minimum loan amount?
Yes. Currently we do not accept residential (1-4 family) applications for loans less than $50,000 however we can help guide you to lenders that provide these loans. You must enter a loan amount of at least $50,000 to be considered for our programs and interest rates.  Some exceptions may apply so speak with a loan consultant at 516-933-1800 for details.

Is there any cost to apply?
No.  We do not require an initial up-front fee to submit an application and for us to conduct a preliminary credit analysis which begins the loan process. You will be required to submit an application fee once we determine that we can place your loan and you decide to proceed.

How do I determine how much I can afford to borrow?
Our calculators are easy-to-use tools for estimating your buying power. Enter the required information and see what you can afford.  For more accurate answers you may prefer to speak directly with one of our qualified loan specialists at 516-933-1800.

I do not have a lot of money for a down payment.  Can I still get a loan?
Yes. We have a variety of loan programs that offer a loan with a minimal down payment. Your personal loan officer can explain these options to you and help you find the best program for your needs.

Do I have to apply online or can I phone, fax or mail my application?
Although getting started online is the fastest and easiest option, we can also fax or express mail our application package to you. We'll do whatever it takes to make you comfortable.  Call us at 516-933-1800, and we'll make arrangements to complete the application over the phone, via fax or mail.

I live near one of your offices. Can I come in to complete an application?
Yes.  Our offices are set up for client visits however we can take application over the telephone, via mail or we'd love to meet with you at your home or work to assist you in person. Please call us at 516-933-1800 and we'll get you started right away.

What documents will I need to provide with my application?
Our streamlined loan process minimizes the number of documents that you are required to provide; however, the actual documents that you need to send us will vary based on your situation. For more information, please contact a loan consultant at 516-933-1800.

What criteria do you use to evaluate my loan application?
In addition to the information you submit in the online Fast Quote, we review your personal finances, including your credit history, employment and income, collateral, liabilities and assets.

What if I don't have an email address?
You do not need an email address to complete our online Fast Quote form, just provide us your telephone number and we'll call.  If you need one, don't worry, there are many websites that offer free email accounts. Hotmail (http://www.hotmail.com), Yahoo (http://www.yahoo.com), and MSN (http://www.msn.com) are some of the most popular providers, and all three allow you to set up your email account in a matter of minutes, free of charge. Remember, you can always contact one of our loan officers at 516-933-1800, and have them take your information over the phone, via fax or mail.

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After You Apply

What should I expect once I complete the online application?
After completing one of our online forms, a loan officer will contact you to answer any questions you may have, discuss your loan program options and complete the application process.

How long will it take for my loan to be approved?
Upon receipt and verification of all required supporting information and documentation, we can approve your loan within 1 business day if your loan qualifies for one of our automated underwriting systems. Even if you do not qualify for desktop underwriting, your loan can be approved within 5 business days, provided we have obtained sufficient up-front information from you.

Who do I contact once my loan is in process?
Once we have received your completed application and supporting documentation, an underwriter will be assigned to your file. Your underwriter will be responsible for collecting any remaining documentation, preparing your application for approval, and clearing your file for closing.

What should I do if I entered my information incorrectly and need to correct it? How can I update my information?
For security purposes, we do not allow borrowers to update their profiles on the website. If you have already completed an application and need to correct or update your information, you may call us at 516-933-1800 or email us and a loan officer will make the changes you request.

How can I check the status of my application or loan?
During application, your loan officer is available to answer your questions and offer advice. Once your loan is in process, your underwriter can provide you with status updates and any additional information you may require.

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Interest Rates

What are the differences between fixed and adjustable rate mortgages?
Adjustable rate mortgages (ARMs) offer a lower initial interest rate than most fixed rates loans; however, the interest rate can change periodically (usually in relation to an index) and your monthly mortgage payment will go up or down accordingly. With a fixed rate mortgage, your interest rate and monthly mortgage payments will stay the same for the life of your loan, regardless of market conditions. When weighing the advantages and disadvantages of both, it is important to consider how much risk you are willing to assume. For many people, an ARM is the right mortgage choice, particularly if your income is likely to increase in the future or if you only plan on being in the home for 3 to 5 years. On the other hand, if you are looking to put the kids through college or buy a new car in the future, then a fixed rate mortgage is a safer choice.

How do I know if it's best to lock my rate or let it float?
Mortgage interest rate movements are as hard to predict as the stock market, and no one can really know for certain whether they'll go up or down.

If you have a hunch that rates are on an upward trend, then you'll want to consider locking the rate as soon as you are able. Before you decide to lock, make sure that your loan can close within the lock in period. It won't do you any good to lock your rate if you can't close during the rate lock period. If you think rates might drop while your loan is being processed, take a risk and let your rate "float" instead of locking. You can watch rates and lock in depending on the loan program.  It's a good idea to discuss your options with your loan officer - he or she is an excellent resource for rate information.

When can I lock my rate?
You can lock your rate as soon as you find a property and complete our application. After submitting your completed online application, your personal loan officer will contact you. At that time, you may decide to lock your rate. Please note that you must specify a property address in order to lock.

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Home Equity

What is a Home Equity Loan?
A Home Equity Loan, also known as a second mortgage, allows you to borrow a one-time disbursement of funds*, using the equity in your current home or property as collateral. Your interest rate is usually fixed and the loan is amortized over a fixed term. Like a traditional mortgage, you borrow a set amount, you receive the set amount of funds in one disbursement and then you pay that loan back with interest over a set amount of time.

* You may borrow up to 100% of the equity in your home. Because you have the option to rescind or cancel your loan for up to 3-days following the closing, your money will not be distributed until the end of this 3-day rescission period.

What is a Home Equity Line of Credit?
A Home Equity Line of Credit allows you to periodically access an account of funds* via various means, using the equity in your current home or property as collateral. This loan is similar to a credit card account in that you are only charged interest on the outstanding balance, and there is usually a credit limit or maximum that you can draw against. For instance, you may have a credit limit of $100,000, but if you only withdraw $5,000 of that, you will only pay interest on that $5,000. The interest rate is usually tied to the Prime Rate with a margin, and may even be below Prime.

* You may borrow up to 100% of the equity in your home. Because you have the option to rescind or cancel your loan for up to 3-days following the closing, your money will not be accessible until the end of this 3-day rescission period.

What is the difference between a fixed rate and a variable rate?
With a fixed rate loan/line, the interest rate will not change during the term of the loan. With a variable rate, the interest rate will move up or down, according to a pre-selected index, over the term of the loan. Home Equity loans offer a fixed interest rate, and Home Equity Lines of Credit feature a variable rate. Interest rates are based on the amount you borrow and the loan term.

What can I use Home Equity money for?
Home Equity Loans and Lines of Credit can be used for almost anything. The most common uses include debt consolidation, home improvement, purchase/payoff of auto, boat or other high-ticket items, purchase of investment property, college tuition and future ready reserve.

Is the interest tax deductible?
In most cases the interest on home equity loans and lines of credit can be tax deductible. Consult your tax advisor about your specific situation.

Will my first mortgage be affected by a home equity loan?
No. Your first mortgage balance is used to determine your borrowing options, but your home equity loan/line is totally separate and has no effect on your first mortgage.

How much can I borrow?
Your loan/line amount is determined by taking a percentage (up to 100%) of your home's fair market value and subtracting the balance of any outstanding mortgages on the property. Please refer to the Home Equity Loan Calculators to help you determine how much you can borrow.

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Closing

Where will the closing take place?
Closings may be held in our corporate headquarters in Hicksville, at an attorneys office or the borrower's home or office.

When will I know the exact amount of money I will need at closing?

Just to make sure there are no surprises at closing, your underwriter will contact you a few days before the closing date to review your final costs and loan terms. If you're purchasing a new home, the numbers that the underwriter provides are related to your new mortgage only. Additional costs or even credits may need to be applied based on your agreement with the seller. The closing agent will calculate the exact amount that you'll need to bring to closing and contact you at least 24 hours prior to closing with the final figures. The funds you bring to closing must be in a certified form, such as a bank check or money order.  You should consult your attorney about these items.

What happens at the loan closing?
The closing will take place at the office.  If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you, but in some states these two events actually happen separately. During the closing, you will be reviewing and signing several loan papers, including the Settlement Statement, the Truth-in-Lending Statement, the Note and the Mortgage or Deed of Trust. Just to make sure that there are no surprises at closing, your underwriter will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.

What's included in closing costs?
Closing costs are expenses over and above the price of the property. Closing costs include points fees, attorney's fees, taxes, prepaid insurance, points, escrow, title insurance and survey fees. Closing costs usually amount to between 2 and 6 percent of your mortgage. A complete list of your closing costs can be found on the HUD 1 Settlement Statement, and your underwriter will go over your closing cost items with you as well.

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Mortgage Insurance

What is Private Mortgage Insurance or PMI?
PMI is a type of insurance provided by a private mortgage insurance company that protects us, the lender, in the event that you default on the loan. Mortgage insurance is usually required on a conventional loan when your down payment is less than 20%.

How do I pay for mortgage insurance?
Mortgage Insurance premiums can be paid annually from an escrow account, paid up-front as a closing cost or financed in your loan amount and paid monthly as part of your mortgage payment.

How can I avoid mortgage insurance?
The easiest way to avoid PMI is to make a down payment of at least 20% of the purchase price of the property. However, if you do not have the funds, you may consider a second mortgage loan, sometimes called a piggyback loan. The most common type of second mortgage is an 80/10/10, where a down payment of 10% is made, 80% is financed as usual, and the remaining 10% is financed in a second mortgage at a higher interest rate.  The "blended rate" of the 80/20 may result in lower payments than an 80% + mortgage with PMI.

When can I cancel my mortgage insurance?
Typically, PMI will no longer be required once your loan balance falls below 80% of the home value. You can reach this 80% level by 1) paying off enough of your loan over time to reduce the principal balance, 2) your home appreciating (increasing in value) enough that your loan balance is less than 80%, or 3) a combination of the two.

You should verify that your loan agreement allows for PMI to be cancelled once you reach the 80% loan-to-value ratio. Sometimes, your PMI will be cancelled automatically once you have paid enough; however, we will not know if your house increases in value. You will need to provide us with a certified appraisal of your house in order to verify the current market value.

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Commercial Loan Information

Do you finance land loans?
Yes, we provide commercial loans for land. 
Call to speak with one of our loan consultants at 516-933-1800.

Do you finance mixed-use property loans?
Yes, we provide commercial loans for mixed-use properties. 
Call to speak with one of our loan consultants at 516-933-1800.

Do you finance commercial property loans?
Yes, we provide commercial loans for commercial properties. 
Call to speak with one of our loan consultants at 516-933-1800.

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Company Information

Finest Capital Ltd is a Registered Mortgage Broker, New York State Banking Department arranging 1 - 4 family residential and commercial mortgages through excellent 3rd party providers.  Finest Capital Ltd shops hundreds of loan programs and rates offered by the nation's leading wholesale lenders to find the best program and terms for your residential and commercial institutional needs.  You deal directly with us - and only us - from application to closing. This ensures a faster, more efficient loan process and expert service from start to finish.

Finest Capital Ltd's commercial loan division has many commercial institutional (bank) lenders ready to meet your commercial and business financing needs and we have affiliate direct lenders providing private bridge (hard money) loans.

Residential Loan Disclaimer: Finest Capital Ltd was a registered Mortgage Broker subsequently on Inactive Status New York State Banking Department and has since voluntarily surrendered the NYS Banking Department Residential Mortgage Broker License, closing our direct, residential mortgage brokerage company operations, obviously subject to market conditions.  Residential loans now are made directly by Licensed Lenders/Brokers & Registered Mortgage Loan Officers.

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