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Q
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Do I have to have an Escrow Account for Taxes and Insurance? |
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A
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You may have the option to waive the escrow account if you plan on putting 20% or more down. Be sure to ask if there are additional charges for waiving the escrow account. |
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Q
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What is PMI and why do I have to pay it? |
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PMI is Private Mortgage Insurance and is insurance provided by non-government insurers to protect lenders and investors from a loss if a borrower defaults on a loan. Most investors generally require PMI for loans with less than 20% down payment. |
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Q
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What is PITI? |
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PITI stands for principal, interest, taxes and insurance - the components of a monthly mortgage payment. |
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Q
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What are Prepaids? |
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Prepaids are fees collected at closing to cover items such as setting up an escrow account for property taxes, homeowner's insurance, and mortgage insurance premiums. |
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Q
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What is the Texas Veterans Housing Assistance Program? |
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The Texas Veterans Housing Assistance Program is a special program available to eligible Texas Veterans. The program could allow for below market interest rates for mortgage loans up to $200,000. The program may be used for Conventional or VA financing. Contact Criterion Mortgage for more information or see the ResourcesTab of this Web Site. |
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What is a Single Close Construction Loan? |
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A Single Close Construction Loan is used when you wish to build a home on your own lot. The loan is both the interim construction loan and permanent loan all rolled into one. This loan can be a time and money saver for the borrower since you only have to make one loan application and go to closing one time. |
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Q
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What does it cost to submit a loan application? |
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It will cost you NOTHING to sumit your application to Criterion Mortgage. You can submit your application and be credit approved for a loan without incurring any charges. After you locate a property, the lender may collect upfront for the appraisal fee and you will pay all other closing costs at the time of settlement. |
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