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Can you give some general advice about mortgage loan planning?

Prepare financial information for the last two years. Lenders typically look for details such as, your income, your credit record, and how much cash you have saved in the bank. Also, make sure you have your tax returns handy for the last two years, along with your W-2 forms, and gather your latest paycheck stubs to provide income information. It is also a good idea to take your account numbers and addresses for your creditors and landlords in case they do not report to the credit bureau. The best way to verify your cash is to get your last three months’ bank and savings statement. If you have any other cash statements (such as profit sharing statements), make them handy as well.

How important is a large down payment?

The amount you choose to finance is really your own choice. However, there are some points you should bear in mind. Most states have different homestead laws. This means that you may not be able to borrow against your property, if you suddenly need cash. If interest rates increase over the years, cash in the bank will be worth more, while your home interest will stay the same. This would encourage you to make a smaller down payment. In addition, lenders will not let you borrow more than they think you will be able to afford. In most cases, you should not go beyond 28 to 29 percent of your gross income for your total house payments, and 36 to 41 percent of your gross income for all fixed monthly obligations, including house payment. Of course, the most important factor is your own comfort zone. Find out what exactly what amount you are comfortable paying.

What is the difference between pre-approval and pre-qualification?

The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qualification letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.

Why should I use your services?

My Mortgage Shop provides brings a unique concept to home buying in that professionals bid to take you on as their client. This means that you always get the best offers, the best prices, and the best service. The bidding process also allows you to get a wide range of offers so you can choose the one that’s right for you based on your requirements. As well, My Mortgage Shop provides you guidance and assistance every step of the way, so you’re never left in the dark. My Mortgage Shop works only for you – no one else.

How Credible is My Mortgage Shop?

We are proud to be in good standing with the Better Business Bureau as well as VeriSign.

The Better Business Bureau helps web users find reliable, trustworthy businesses online, and actively seeks to promote consumer trust and confidence on the Internet. As well, the BBB serves a community of reliable online businesses.

VeriSign is the leading provider of Internet trust services (including authentication, validation, and payments). Its aim is to provide trusted and secure electronic commerce and communications.

What is a rate lock?

A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.

Will my information be shared with others?

My Mortgage Shop has a very strict Privacy Policy, and we never share your information with other companies. The only time we send out your information is at your request, when you want to work with companies that actively want to take you on as their client.

Can I recommend My Mortgage Shop to my friends?

Word of mouth, or viral advertising, is our greatest method of advertisement. We would be pleased and thankful to you for recommending our services to your friends. Simply click Tell A Friend, and enter the name and email address of the friend you would like to recommend, and we’ll send out a personalized email, inviting your friend to check out our services.

Is my personal information safe with you?

Yes. We honor privacy and make sure all your personal information is secure and safe. The only time we use your personal information is to help you find the right service providers. Please see our Privacy Policy.

Will my information be sent to other companies for salutation of other services?

My Mortgage Shop has a strict Privacy Policy and will only send your information to the companies you want to do work with

NOTE: These practices may not be allowed on certain 3rd party web sites depending on their current terms of service. If you choose to do this, you do it at your own risk. We urge you to first review the terms of service on the sites we post to.

Is my credit card information safe?

Your credit card details are fully safe, secure, and encrypted. We use VeriSign technology to safeguard all credit card transactions.

Do you keep my credit card details on file?

No. All credit card information is destroyed after each transaction.

How do I pay for your services?

For your convenience, we accept Visa, MasterCard, and American Express.

How do I contact My Mortgage Shop?

We are available 24/7 to help you with all your home buying needs. You may contact us anytime by clicking Contact Us.

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