Why should I choose Applied Wholesale Mortgage for my Home Loan?

Applied Wholesale Mortgage offers you the advantage of direct lender services, superior service and guaranteed lowest rates.

As a direct lender, we eliminate the costs associated with middlemen and in turn, pass these savings on to you.  While our size gives us the financial strength to help homeowners across the nation, our primary commitment is to provide the lowest possible rates with top quality service. 

The latest technology helps us streamline the loan application process, provide fast and efficient service and still save you money with our guaranteed lowest rates.  

How do I know which mortgage loan is right for me?

Each Loan Specialist at Applied Wholesale Mortgage is here to help you make the best loan choice for your specific needs. Our Loan Specialists are experienced, knowledgeable professionals who take the time to consider your specific goals in order to select the loan program best suited to your financial goals and dreams.

What is equity?

Equity is a home's market value over any amount owed on the mortgage. This difference represents the homeowner's financial interest in the property. and gives the homeowner financial leverage to use for virtually any purpose - from debt consolidation to major purchases to home improvements as well as offering the advantage of tax deductibility!  

What's the difference between Fixed rate and Adjustable rate mortgages?

A Fixed Rate mortgage is typically repaid through a 15 year or 30 year payment schedule, also known as amortization. Because the monthly principle and interest rate is fixed for the entire life of the loan, these programs provide the most security. 

Adjustable Rate Mortgages (ARMs), are interest rates that adjust periodically based on a predetermined schedule.  ARMs typically have an initial fixed rate period much lower than the current fixed rate, however, following this initial period, usually three years, rates usually increase annually. A periodic rate cap limits how much your interest rate can adjust in a single adjustment and also over the life of your loan.  A lifetime rate cap limits the cumulative amount of any adjustments made over the life of the loan. 

Your Applied Wholesale Mortgage Loan Specialist can discuss the advantages of both types of mortgages to help you decide which may be best for you.

Does it make sense to refinance again even though I recently obtained a mortgage loan?

It may very well make perfect sense!  Consolidating your existing first and second mortgages, outstanding credit card balances and other debt into a single low interest mortgage payment can save you a considerable amount of money each month and will also save you time since you'll have only one monthly payment to deal with. Your Applied Wholesale Mortgage Loan Specialist can help you determine if this option will work for you.

How much can I afford in mortgage payments?

It depends entirely on your specific personal financial situation. Your Applied Wholesale Mortgage Loan Specialist can help you find out exactly what that amount may be. For a quick estimate, use the Loan Calculator conveniently in the Choose a Loan section.  A Pre-qualification with one of our Loan Specialists over the phone takes only  15 minutes or less.

What is an APR ?

The Annual Percentage Rate, or APR, is the total annual cost in interest as a percentage of the loan amount. This figure includes such items as the base interest rate, primary mortgage insurance and the loan origination fee, also known as points.

How much help can I expect from an Applied Wholesale Mortgage Loan Specialist?

Expect all the help you need - after all, that's what our Loan Specialists are here for! Our commitment is to provide top quality service and we have the very latest technology to greatly expedite the loan process. We will listen to your needs, making sure we understand you completely, then discuss your options to make sure you understand us completely as well. From application through to funding, we make the loan process as simple and convenient as possible...for you!

How quickly will Applied Wholesale Mortgage fund my loan?

With our streamlined operations, advanced technology, and emphasis on personal service, funds can be available in as few as three (3) days from the time we receive your signed and completed loan documents!

How do I get started?

It couldn't be easier. Just give us a call, or submit the form shown in the Apply Now! section of our website.

What about security?

Security is our number one priority. For more information please read about our security.

What about my privacy?

Please see our Privacy Statement.

What if I have other questions?

Please e-mail info@awnow.com with all of your questions.

What is a mortgage broker? What are the pros and cons of using a mortgage broker?

A mortgage broker is a company that markets other lenders products, an independent contractor if you will, similar to an independent insurance or travel agent.

Mortgage brokers can offer rates lower than banks because they can utilize the lender offering the best prices that particular day. A broker also has the option to operate on lower margins than other banks or lenders.

Additionally, a broker has access to many different programs, enabling them to pick and choose a loan program that will work best for your individual situation. Applied Wholesale Mortgage is a full service mortgage broker which means we handle all of the processing and customer service for your loan from application all the way through closing. 

While many internet mortgage providers simply pass your name on to another lender in exchange for broker fees or marketing fees, Applied Wholesale Mortgage provides one-stop shopping - a single source for you to work with, giving us full control of the service you receive, assuring your satisfaction. 

Is there any reason not to use Applied Wholesale Mortgage as my mortgage originator?

There are very few situations where it would make sense that you use another lender: if you have poor credit, your loan amount is less than $50,000, you are buying a property in a state where Applied Wholesale Mortgage is not currently offering services or you require a niche loan program. These are the only circumstances where Applied Wholesale Mortgage is not the best possible source for your mortgage. If the above criteria can be met and you are looking for the lowest loan rates AND outstanding customer service combined with quick accurate information and closings, then Applied Wholesale Mortgage is definitely for you.

How does an interest rate lock work?

An interest rate lock provides an opportunity for you to arrange and complete your mortgage and real estate transaction without having to worry about rates increasing before closing your loan. Without locking, should interest rates increase before you close on your home, you may not be able to afford or qualify for that very same loan. 

Applied Wholesale Mortgage guarantees your interest rate for 30 days. However, if interest rates drop, we cannot re-lock with the lender at the lower rate.  

Does Applied Wholesale Mortgage provide loans services for properties in all U.S. states?

No…not yet! Applied Wholesale Mortgage is constantly expanding to every state in the United States. Our website is being constantly updated as new states become available for us to originate mortgage loans. Every state has very different regulatory requirements as defined by the local governments. We are working to offer our service to everyone in the U.S. in the near future. The states that we are offering our services today include: Hawaii, Ohio,  Alabama, Utah, Colorado, Texas, Montana, Alaska, South Carolina, Connecticut, Wyoming and Indiana. 

Why do I need (private) mortgage insurance, MI or (PMI), if my down payment is less than 20%?

Mortgage insurance was created to allow consumers to purchase a home without a large down payment. Many homebuyers do not have savings or reserves equal to 20% of the value of the home they wish to purchase. Lenders do not like to lend money at low interest rates for more than 80% of the home value because of their need to be protected in the event of default or foreclosure. They want protection against decreases in the home's values and to be able to sell the property quickly, recouping their loan amount. In addition, borrowers who have at least 20% equity in their homes default less often than borrowers with less equity. Mortgage insurance assumes the lender’s risk on a loan amount above 80% of the home value. Mortgage insurance has provided more people the ability to purchase homes at low interest rates by decreasing the risk to lenders.

Can I ever get rid of mortgage insurance once I have it?

Yes, you can cancel mortgage insurance and save the amount equal to your monthly premium without refinancing. Typically, after you have paid down your mortgage (or your property has appreciated) to the point that you have 20% equity in your home, home prices are not falling in your area and you haven't missed a payment in the past 12 months, you can get your mortgage insurance requirement removed from the lender. Here is what you should do to assure that you don't pay for mortgage insurance after it is necessary:

Contact the company that you send your monthly payment ("servicer") and request a letter from them explaining your lender's policies and procedures regarding the cancellation of mortgage insurance. This letter should explain when they no longer will require this insurance and what specific steps you must take to cancel the insurance.

Once you have met the lender’s requirements to eliminate your mortgage insurance, send a letter to them explaining your desire to have it canceled. Most lenders will require a new appraisal to be done so that you can establish the current value of your property. If your loan amount is 80% or less of this appraised value, you have met a major criterion for elimination of this requirement. Appraisals are approximately $250 to $350 depending on your area - money well spent if your monthly mortgage insurance premium is eliminated and should pay for itself in less than 8 months.

How do I know my exact title charges and property taxes in advance?

At the time you are shopping for a property, the seller and/or your realtor will be able to provide the current property taxes for that property. Every property you look at may have different property taxes due to the assessed value and county where it is located. Also, title charges can vary by county and by company. You can shop for a title company, allow your realtor to order your title or allow Applied Wholesale Mortgage to arrange for your title and closing. If you shop for a title company ask each one what their fees are. Some states are regulated and require all title companies to charge the same rates. If your realtor orders your title, ask him/her what the charges are. If Applied Wholesale Mortgage orders your title we will disclose the charges on the good faith estimate that we send to you. We make title charge estimates throughout our site, but, again, charges often vary by state, county, company, and day. In some states, you may negotiate who will pay these charges between the buyer and seller. Our explanation of our title charge estimates for your state is in our Quick Rates section.

Why is my Annual Percentage Rate (APR) different from my interest rate?

The APR includes closing costs associated with the closing of your loan - basically, the cost of credit expressed as an annual rate.  Any prepaid interest costs or fees are included in the APR and gives an easier way to compare loans and lenders.

What is a Good Faith Estimate?

Required by law, all lenders must provide this disclosure of costs to the borrower within 3 days of application; Applied Wholesale Mortgage includes this in your approval packet. The GFE represents a "best effort", on the part of our Loan Specialist, to provide an estimate of the costs incurred during the loan application. 

What is a "Truth-In-Lending" disclosure and what does it mean for me?

A Truth-In-Lending disclosure shows you:

The Finance Charge -  the total amount of interest calculated at the given interest rate over the life of the loan, Prepaid Finance Charges and the total amount of any required mortgage insurance.

The Amount Financed - the loan amount applied for, minus Prepaid Finance Charge which include items paid at or before settlement, such as points and initial mortgage insurance premiums.  If you applied for $50,000 and Prepaid Finance Charges totaled $2,000, the Amount Financed would be $48,0000.

The Total of Payments - the total amount you will have paid upon meeting the minimum required payments over the life of the loan. This includes principle, interest and mortgage insurance premiums, but does not include payments for real estate taxes or property insurance premiums.

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