Frequently Asked Questions
How do I get in touch with one
of your experienced loan officers?
There are many ways that you can get in contact with
one of our experienced loan officers but the best
ways are – submit an online
application or call us at 1-888-741-6148.
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Where are you located?
Our corporate location is in Newport Beach.
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I do not have much time to talk
right now. What do you need from me to get the process
started?
5 minutes of your time. That is all we really need.
In those 5 minutes we will get enough information
from you to get you approved and on your way to a
better financial situation!.
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What is the difference between
a fixed rate mortgage and an adjustable rate mortgage?
A fixed rate mortgage means that the rate you receive
is fixed for the life of the loan. For example, if
you have a 30 year fixed loan then the rate you receive
on that loan is fixed for all 30 years. An adjustable
rate mortgage (ARM) is a loan that is fixed for a
specific period of time and adjustable thereafter.
For instance, if you receive a 2 year ARM, your loan
is fixed for the first 2 years and adjusts every 6
months or year (depending on your program) after the
first 2 years.
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What is a cash-out option/refinance?
If you have enough equity in your property you can
refinance with a loan amount greater than your current
mortgage. This difference is yours to keep and can
be used for anything – from improving your home
to going on that vacation you have been putting off
for years. The choice of what to do with the equity
in your house is yours!.
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How often do rates change?
Rates are changing constantly. If you are quoted
a specific rate by one of our experienced loan officers,
that same rate may not be available tomorrow. It is
best to make a decision as quickly as possible so
the loan officer can lock your rate in.
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I filed for bankruptcy within
the past 2 years. Am I still eligible to refinance?
Most definitely! MSM Mortgage offers a wide array
of loan programs to fit any person’s situation.
Because we do business with over 100 different banks
we are able to take each client, with their unique
situation, to the lender which offers the best particular
program for that scenario.
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Can you really get me the lowest
rate? How is that possible?
MSM Mortgage will meet or beat any lender’s
rate or fees. Because we do wholesale lending, we
get much better rates than what you would get if you
walked into your local bank. Also, due to the amount
of volume that we do with these banks we get special
rates that we pass on to our clients.
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What is a prepayment penalty?
Is having a prepayment penalty bad?
A prepayment penalty is a fee that your lender charges
for paying off your loan prematurely. Many borrowers
do not want a prepayment penalty because they feel
like they do not have any flexibility with their loan.
However, some borrowers may need that extra time that
a prepayment penalty gives them to repair their credit.
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