CCQ (Consumers Common Questions)
Q –Why should I trust TFC Tricont Mortgage with my mortgage needs?
A – TFC Tricont Mortgage is the designer, developer and publisher of “Low Rate Warehouse”, where consumers go to take advantage of the lowest fees and rates in the mortgage industry by simply completing a 3-step product matching interview.
TFC Tricont Mortgage is also a one stop mortgage provider with a relationship with many banks and lenders that enable us to provide our refinancing, purchasing, home equity lines, commercial or debt consolidation (combining) customers with the lowest fees and rates every time.
Q – Why should I use TFC Tricont Mortgage?
A – TFC Tricont Mortgage is a national premier home for quality, no cost, and low rates refinance and purchase mortgages. We can get your loan approved with complete documentation in 72 hours and close it in as few as 21 days of full submission so you can get your new low payment and money sooner.
Tricont Mortgage provides you with a custom loan solutions that are tailored specifically to meet your financial needs and goals. We utilize our state-of-the-art systems to “three times your savings” and meet the terms and low costs we promise you. Call us to find out why TFC Tricont Mortgage is your lender of trust
Q – Should I use my local bank for my mortgage?
A – Of course you can. However, just because you have a savings, checking, or other accounts with a local bank does not mean that they will provide you with the best mortgage program. If in doubt, get a quote from them and then compare it with a TFC Tricont Mortgage offer. We promise to beat any offer you have always.
Q – What should I do if I get a lower rate from another lender?
A – We urge you to shop around for the best deal that you qualify for. Keep in mind though, that the best deal on fees is not necessarily the one with lowest interest rate. Unfortunately, some lenders may lure you in with a very low rate that you’ll pay for, or place conditions on the deal that you cannot meet and then raise the rate, sometimes significantly.
At TFC Tricont Mortgage, we are open, honest and will provide you with all the information you need to choose the mortgage that meet your financial needs and goals. We urge you to have a conversation with a Tricont Mortgage Client Advisor at (803) 317-2500 before making this very important money decision. At TFC Tricont Mortgage, we believe that the best mortgage for you is the one that take care of your present and future needs.
Q – Should I get pre-qualified?
A – It is a good idea to get pre-qualified as it will help you know how much you can borrow, and what loan amount and type you can afford. Simply complete our 3 easy steps mortgage questionnaire or call us to begin the journey. Our pre-qualification takes minutes and carries no obligation.
When purchasing a home, sellers often request a pre-approval certificate. A pre-approval certificate is a useful tool for buyers (you) during negotiation. Also, a pre-approval is helpful to both buyer and seller in getting to a faster closing.
Q – How will you handle my personal documents?
A – We provide you with the convenience of both ONLINE and OFFLINE access and programs. The process entails a combination of the telephone, fax, online, email or through regular mail. We will use whichever is easiest and most convenient for you. At Tricont, we meet or surpass the state requirements for safety.
Q – Can I get a mortgage with less than perfect credit?
A – Yes, there are programs available for people with less than perfect credit. Speak with a TFC Tricont Mortgage client advisor for more information on what is needed.
Q – How long will my loan process take?
A – Each borrower is unique, as is the loan product selected. How long the process takes will depend on how quickly you respond to our request for information and documents needed to do the loan and the location of the property, i.e. state laws and regulations. However, we usually close refinance loans quicker than purchase loans because a purchase usually has 2 parties (seller and buyer)involved rather than just the homeowner.
Q – Will I get a Good Faith Estimate?
A – Yes, TFC Tricont Mortgage client advisor will provide you with a Good Faith Estimate once an application is received. Federal and state laws requires that we send a Good Faith Estimate within 3 days after we have received your completed application but you may receive it earlier than that.
Q – How can I check your interest rates?)
A – You can call your TFC Tricont Mortgage client advisor or send us an email request
Q – What are 3rd party fees?
A – Third party fees are any fees associated with your financing that are charged by parties other than TFC Tricont Mortgage. Generally, third party fees may include appraisal fees, title and closing fees, recording fees, delivery/courier fees, or local transfer taxes.
Q – What are closing costs?
A – Closing costs are expenses incurred by borrowers (and sellers in the case of purchase transactions) when obtaining a new mortgage financing and transferring property. Non-Recurring Closing Costs (NRCCs) are costs that are only charged in connection with obtaining a new mortgage financing. Examples of NRCCs would include: origination fee, title insurance, settlement agent fee, notary fee, commitment/administration fee, or appraisal fee. NRCC fees are usually tax deductable. Please contact your tax accountant for details
Recurring Closing Costs (RCC) include costs that are charged in connection with obtaining a new mortgage financing and are also charged on an ongoing basis to homeowners. Examples of Recurring Closing Costs are; prepaid interest, property taxes and hazard insurance. Other fees may be included depending on your transaction and/or location.
Q – Is there a way to avoid paying closing costs?
A – No, closing costs are paid on all mortgage financing. However, depending on your loan terms and the mortgage product selected, TFC Tricont Mortgage may include or pay for some or all of your closing costs in exchange for choosing a little higher interest rate.
Q – What is an escrow/impound account?
A – An escrow account is established to pay your property taxes, homeowner’s insurance, flood insurance and mortgage insurance (if required) when they become due. If your mortgage requires an escrow/impound account, then your regular monthly mortgage payment will include principal, interest and an escrow payment. Your escrow payment is based on 1/12th of the annual estimated payments for your property taxes, homeowner’s insurance, flood insurance and mortgage insurance (if required).
Q – Can TFC Tricont Mortgage set up an escrow account for me?
A – Yes. It is required for all FHA and some other government loans.
Q – When will I need to carry flood insurance?
A – Only if your property lies within Flood Zone “A” or “V”, federal law (FEMA) requires you to maintain and provide proof of flood insurance coverage. The Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 prohibit Federal agency lenders from originating home loans in Flood Zone “A” or “V” unless flood insurance has been purchased by the homeowner and is maintained during the term of the loan.
Q – Can I choose my appraiser?
A – No. The law requires mortgage financing providers to order an appraisal services using one of the approved national appraisal companies to insure that a timely and appropriate evaluation is provided at a competitive value.
Q – What is a loan-to-value ratio (LTV)?
A – The Loan-to-Value ratio is the ratio determined by dividing the loan amount you seek by the value of your property or the sales price, whichever is less. For example, if you are purchasing a property that is selling and appraising for $200,000 and you would like to borrow $150,000, the LTV is 75%. The loan-to-value ratio is one consideration in qualifying all borrowers for a loan.
Q – What is private mortgage insurance (PMI)?
A – Private mortgage insurance (PMI) is a type of insurance that protects the lender in the event a borrower does not make their payments in a timely manner, resulting in loan default and ultimately foreclosure. On most loan programs, PMI is required if the loan-to-value (LTV) ratio is greater than 80 percent.
Q – Do I get a tax advantage from having a mortgage?
A – Yes/No. You should consult a tax attorney or accountant for specific details, but interest on a mortgage is usually tax deductible. On the other hand, interest on credit cards or auto loans is not normally tax deductible. Please talk to a tax specialist for more information.
Q – What is the loan limit for FHA loans?
A – The amount differs according to the property location. Please call us at (803) 317-2500 or visit the Housing and Urban Development website to find your local limit.
Q – What is mortgage insurance premium (MIP) on an FHA loans?
A – The upfront mortgage insurance for all FHA traditional purchase and refinance products applies to all FHA mortgage (amortization) terms. All FHA standard and streamline loans as of October 04, 2010 carries a 100 BPS or 1% of the loan amount. FHA loans also come with annual premiums that varies according to the loan-to-values (LTV) and terms of the mortgage. For more information, please call us at (803) 317-2500 or visit the Housing and Urban Development website for updates.