:: Premier Funding Mortgage :: How Can We Help You

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I’ve accepted an offer, how do I close my loan?
Once you have accepted an offer, a PF Mortgage Loan Officer will contact you regarding the materials necessary to process the loan (e.g., income and asset documentation).

What are the interest rates charged for your loans?
Loan rates are determined by several factors such as loan product, borrower’s credit history, loan amount, loan-to-value ratio of the property, and borrower’s income. Every loan is as unique as its borrower. We recommend you take advantage of our free application process to get some individually tailored rate quotes. There is no cost or obligation.

What causes an adjustable rate mortgage to adjust?
The interest rate of an adjustable rate mortgage (ARM) is linked to a particular index of economic conditions. PF Mortgage uses as its index the six-month London Interbank Offering Rate (LIBOR), which is the rate several European banks pay for US dollars lent to one another overnight. As the LIBOR fluctuates up or down, so will the ARM rate.

What is negative amortization and how does it occur?
Negative amortization occurs when scheduled monthly mortgage payments do not cover the principal and interest of a loan and the outstanding balance of the loan grows larger with each payment. PF Mortgage offers several negative amortization loans.

Can I get loan rates over the phone? Absolutely! Just call us 949-858-2900 and we’ll be happy to give you any information you’d like. We can even walk you through the loan application by phone

Who do I contact once my loan is in process?
Once your loan is in process, a PF Mortgage Loan Officer will be your contact for any questions you have about your loan. At any time you can ask questions.

Who do I contact for general information and questions on using PF Mortgage’s services?
If you have questions at any time regarding PF Mortgage’s loan products or processes, you can call 949-858-2900, e-mail us, or use the Live Help function on our Web site.

After I apply for a loan, what should I expect?
After you complete the application process and authorize PF Mortgage to request your credit report, we will evaluate your application and credit and present you with a loan proposal containing a variety of loan options. We will suggest which option we feel will best accomplish your objectives and will work with you if you would like guidance in making a loan selection.

Employment and Income Data

W-2 tax forms for the past two years

1099s (if applicable)

Pay stub showing current year-to-date earnings for the two most recent months

Your employment history and any explanation of a job change within the last two years

If self-employed (defined as owning 25% or more of a business)

	Business and personal federal tax returns (including all schedules) for the past two years
	Current year-to-date profit or loss statement
	K-1 for all partnerships

Residence addresses for the past two years

Properties owned

Assets
	Bank account statements for the past two months
	Investment account statements
	Retirement account statements
	Signed gift letter and transfer of funds verification

Liabilities
	Credit cards, including account numbers and balances
	Auto loans and leases, including account numbers and value of the car
	Explanation and paperwork for any derogatory credit in the past seven years
	Explanation letter of any derogatory credit, such as bankruptcy, collection, foreclosure, or default
	Student and personal loans, including account numbers, monthly payments, and balances
	Landlord addresses for the past two years and rental amounts

Property and Real Estate Agent Information
	Name and contact information of your Real Estate Agent
	Homeowner’s insurance information
	Rental or lease agreements

How am I approved?
You are approved through an evaluation of the five “Cs” : Capacity to repay (e.g., your income), Creditworthiness for the money we will be lending (e.g., past history of credit repayment), Character (e.g., your desire to repay the loan), Capital (e.g., other financial reserves), and Collateral value (e.g., value of your subject property).

How quickly will my loan be approved?
Your loan will be approved just as quickly as possible. When you have accepted a loan offer, we begin the complete approval process. You will need to submit documentation to us (see list in question below), and the sooner the set of documentation is complete, the sooner we can do a final approval and fund your loan. Typically, it takes 7-15 working days for you (or your escrow or title company) to have a check in hand.

What kind of documentation will I need to provide to the lender for verification? Every loan is as different as every borrower, so there is no single list of required documents that will apply to all borrowers. However, the following is a general list of documents you should be prepared to provide to your lender (remember, you should provide copies of these documents, not originals).

How is PF Mortgage different from other lenders and brokers? PF Mortgage is a Mortgage Broker that works directly with wholesale lenders. We also offer you three easy, personal, and convenient ways to apply for a loan: online, by phone, or in person.

Do I have to document my income? We offer two income documentation programs: full and stated (where not prohibited by law). Full documentation programs require that you substantiate your income with tax returns, bank statements, and/or pay stubs. If you choose not to document your income, you can take advantage of our stated income program, which requires no income verification.

Can I apply for a purchase loan before I’ve found my property? Yes, you can apply and prequalify for a maximum loan amount and a loan program. Once your loan has been approved and you have found a specific property, the specifics of the loan can be changed to suit your purchase. Please note that a rate can’t be locked in until there is a specific property address.

What is the cost to submit a loan application? There is no cost to submit a loan application or to be prequalified for a loan. You will only incur a cost when you have accepted a loan offer and an appraisal is ordered for your property.

Do I have to have an impound account?
The requirement of an impound account varies by state and by loan amount. They are required by lenders in many states, especially when the amount you are borrowing is a large percentage of the property’s market value. This requirement can sometimes be waived for a fee, however, if your loan requires mortgage insurance, those payments will need to be paid into an impound account. Once you submit a loan application, we will help you determine if you need or wish to have an impound account.

How do I know what my loan rate is and when do I get it?
You will be quoted an interest rate and APR when we present you with a loan offer. All rates quoted in our loan proposal are good for 30 days.

What is the difference between the interest rate and the APR?
The Annual Percentage Rate (APR) takes into account the total cost of a loan, including interest and other finance changes (e.g., closing fees and points). The interest rate is the cost for borrowing a lender’s money.

Can I make changes to my application?
Yes, you can make changes to your application at any time before the final approval. Any changes after the final approval may affect the time it takes to close your loan, the cost of closing the loan, and the interest rate.

What is hazard insurance?
Hazard insurance is a type of homeowner’s insurance that protects against damages caused to property by fire, wind, or other common hazards. Lenders require that you get a hazard insurance policy before you buy or refinance a home.

How can I check on the status of my application?
You can check on the status of your application by selecting our Live Help option on the Web site or calling 949-858-2900

How soon will I receive my loan package?
Your loan package, loan offer, or loan proposal should be presented to you within 24 hours.

What if I have bad credit or a bankruptcy?
We offer loans to people with all sorts of credit. Whether you have good credit, no credit, a past bankruptcy, or the need to re-establish credit, we encourage you to apply.

What is “loan-to-value” ratio?
Loan-to-value ratio is a measure used by lenders to assess the relationship between the value of the property and the amount of the loan. The loan-to-value ratio is determined by dividing the loan amount by the fair market value of the property.

What loan is right for me?
Many factors and personal preferences affect a borrower’s choice of “the best loan,” including the purpose of the loan (e.g., new purchase, home equity line of credit, debt consolidation, etc.), the length of both the loan and the ownership of the property, and the type of loan a borrower requires (e.g., a small amount of down-payment, a large amount, or no money down). We encourage you to go through the loan application to determine what kinds of loans you qualify for depending on your specific needs. You are also welcome to use our Live Help option or call us at any time, at 949-858-2900, with any questions you have.

What costs are involved in the loan process? PF Mortgage charges fees for document preparation, loan underwriting and processing. This fee will change based upon your individual circumstances. In addition, there will be third-party fees such as title, escrow, appraisal fees, and there may be additional fees for tax services and flood reports. The appraisal fee will be collected by PF Mortgage when you accept a loan offer; the fee will be passed directly to the appraisal company.