How do I apply for a mortgage?
You can apply online now! Simply complete the online application
and submit to obtain fast approval! Click here
to apply online.
What happens after I complete the application?
We will review your credit application and we will give you a conditional
approval based on the information you have provided us with and
your credit report. Usually a loan specialist will contact you within
the same business day. How
long before I know if I have qualified for loan?
Lenders usually take 2-4 weeks to issue a conditional loan approval.
Provided our clients work with us on our pace we can get approval
in as little as 24 hours of submission.
When
will an appraisal be done on my house?
A MOCA Representative will usually order an appraisal after the
first call as to expedite your loan. The appraisal department will
run a comparable report in your area to determine an estimated value
in your neighborhood. This method along with the property profile
you provide us, indicates an estimate of the value we should anticipate
receiving. Upon value and based on the information you have provided
to us, we will grant an approval and process the appraisal. Payment
is directly rendered to the appraiser for their services.
How
does MOCA determine what mortgage amount I will qualify for?
Based on your income, your current debts and estimated down payment
or equity, we can help you determine what amount you qualify for.
What are credit scores?
Your credit score is an indication of your payment habits. There
can be mistakes on your credit report. You should make an effort
to correct these mistakes. You can review your credit record by
ordering a copy of your credit report. Our loan specialists will
always review your credit report with you so that we may ensure
the accuracy of what has been reported to the credit bureaus.
What
is a Fixed Rate loan?
A Fixed Rate loan is set for the life of the loan, ie; the interest
rate on a 30 year fixed would not fluctuate through out the course
of 30 years.
What
is an Adjustable Rate Loan?
The interest rate of an Adjustable Rate loan fluctuates with the
market according to the parameters set within the loan. Ask your
MOCA loan representative which program is best suited for you.
How
will I know which loan is best suited for me?
Once you have discussed your circumstances and goals with your MOCA
representative, you will be presented with a couple of options.
Your options will be explained thus allowing you to make an informed
decision.
What
are Points?
Points are used for charging fees One point is equivalent to 1%
of the loan amount. For example, 2 points on $100,000 equal $2,000.
Are
loan fees tax deductible?
Usually fees incurred in the loan transactions are tax deductible.
MOCA Lending Group advises that you contact the IRS to obtain a
qualified opinion.
Can
I pay for a lower interest rate?
Yes, you may pay additional points to lower your interest rate.
Discussing this decision with your MOCA loan representative, to
ensure that you will be benefit from this option, is highly advised.
What's
the difference between the Annual Percentage Rate (APR) and the
interest rate?
Annual Percentage Rate (APR) indicates the cost of the credit as
a yearly rate. This rate is usually higher than your interest rate
because it is calculated with fees.
What
is the minimum down payment for purchase loans?
There are loan programs that require no down payments.
When is the best time to apply for a home purchase loan?
It is usually best to get qualified for a loan right before the
shopping process begins. This will better assist you as to the parameters
of what kind of down payment you should have, and what payments
are affordable based on the purchase price of your new home. MOCA
Lending Group is known to turn loans around quickly. If you have
neglected the prequalification process, we will do our best to get
you qualified and funded by your projected close date.
How fast can MOCA Lending Group fund my loan?
Our policy at MOCA Lending Group is “if it can be done today…it
will be done today”. This pace of your loan is usually in
your own hands. If you can work with us on our pace, and all key
details are disclosed, we can have you funded within as little as
little as one week of submission.
Will my MOCA Loan Agent be in contact with my real estate
agent?
Absolutely. When we work as a team with your real estate agent,
MOCA Lending Group can expedite the loan rapidly.
Are my closing costs included in my loan?
On purchases, closing cost will be rendered to the escrow company.
On most refinance transactions closing costs are included in the
loan, which means no out of pocket expenses.
Do lenders only loan to people who have good credit?
Lending on a mortgage is based on more variables than” good”
credit. We always suggest that our prospective customer fill out
a loan application, that way a MOCA Representative can better answer
these questions.
Why
are so many of my friends refinancing?
The reasons are endless, but typically these are the most common
reasons.
• You may reduce your monthly out goings by a substantial
amount in dollars.
• You may also reduce the total amount of interest you pay
on credit cards and other debts
• Change loan programs
• Receive cash out for various reasons, rather than taking
out another line of credit which will potentially accrue more interest
• Home improvements
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