[fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” publish_date=”” class=”” id=”” border_size=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”4%” padding_right=”” padding_bottom=”4%” padding_left=”” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center” linear_angle=”180″ background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_blend_mode=”none” video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″][fusion_builder_row][fusion_builder_column type=”2_3″ layout=”2_3″ spacing=”” center_content=”no” link=”” target=”_self” min_height=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”block-x-centered” id=”” background_image_id=”” hover_type=”none” border_size=”0″ border_color=”” border_style=”solid” border_position=”all” border_radius_top_left=”” border_radius_top_right=”” border_radius_bottom_right=”” border_radius_bottom_left=”” box_shadow=”no” box_shadow_vertical=”” box_shadow_horizontal=”” box_shadow_blur=”0″ box_shadow_spread=”0″ box_shadow_color=”” box_shadow_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” background_type=”single” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center” linear_angle=”180″ background_color=”” background_image=”” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” filter_type=”regular” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ last=”no”][fusion_separator style_type=”none” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” sep_color=”” top_margin=”30px” bottom_margin=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” /][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]
Champions Mortgage cares about its customers, that’s why we are here to answer all of your mortgage-related questions and talk you through any doubts you might have. We are an enterprise that prides itself on a great relationship with our clients. That’s why we are going to walk you through some of the frequently asked questions, making the whole mortgage process easier and less confusing.
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This is a question that you should ask yourself when you are creating your budget. The answer is – the right time to refinance is when the mortgage rates get lower than 2% of the current rate of your loan.
[/fusion_toggle][fusion_toggle title=”What Is an Annual Percentage Rate?” open=”no” class=”” id=””]
Simply put, the annual percentage rate or APR is an interest rate that is reflecting the cost of a mortgage as an annual rate. It is expressed as a percentage, and as a loan or credit agreement, it can vary in terms of interest rate structure, late penalties, and transaction fees. Also, the APR gives the homebuyers the chance to compare different types of mortgages based on the annual cost for each loan.
Another role of APR is to prevent lenders from advertising a low rate by measuring the true costs of a loan.
[/fusion_toggle][fusion_toggle title=”What Does It Mean to Lock the Interest Rate?” open=”no” class=”” id=””]
You might know that the mortgage rates can change from the moment you apply for a loan to the moment you close the transaction. Sometimes interest rates can rise sharply during the application process, and then the borrower’s mortgage payments increase unexpectedly. To avoid this, lenders allow the borrowers to “lock-in” the interest rate. When they lock the interest rate for a specific time period, it is guaranteed that the rate won’t change.
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Paperwork is an unavoidable part of every process nowadays. To avoid stressful situations, when you are applying for the mortgage, you should collect all the necessary documents. Keep in mind that some cases are unique and might require additional paperwork. Nevertheless, the essential documents you should provide are property papers, proof of your incomes, source of funds and downpayment, and debts. If you want additional information contact Champions Mortgage, and we will walk you through the whole process, step by step.
[/fusion_toggle][fusion_toggle title=”How do Lenders Judge Your Credit?” open=”no” class=”” id=””]
First of all, credit scoring is system creditors use to determine if they will give you credit or not. All the data from your bill-paying history, late payments, and debt is collected via your credit application and your credit report. In the end, the total number of credit score points you have will tell the creditors who creditworthy you are, and will you be able to repay a loan and make payments when they are due.
[/fusion_toggle][fusion_toggle title=”What Can You Improve Your Credit Score?” open=”no” class=”” id=””]
If you are not too happy about your credit score, you can improve it. To do so, you can try paying your bills on time and lowering your outstanding debt. Also, credit history and types of credit account that you have affect your final score. Scoring models take into consideration even your occupation, length of employment, and whether you are already a homeowner or not.
[/fusion_toggle][fusion_toggle title=”What Is an Appraisal?” open=”no” class=”” id=””]
An appraisal is an assessment of your property, like a house or apartment, by the estimate of an authorized person. If you want an official and authorized evaluation, you must hire an authorized appraiser that is designated by the regulatory body governing the jurisdiction of the appraiser. Appraiser renders opinions concerning your property values, location, physical conditions, and amenities.
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