What is meant by loan litigation: This is when attorneys look at the existing loan and dispute various violations of the lending law or the documentation, this in some cases forces the lender to agree to specific negotiations and changes in the terms and conditions of the mortgage, or an acceptance of a lower pay off value under a refinancing proposal of another lender at a much reduce market value. (This is not legal advice and advises all persons reading this example to seek legal counsel).
What is FHA: FHA stands for Federal Housing Authority they offer assistance programs to home owners and work with various approved brokers and lenders to help first time home buyers, refinancing and many other programs call us to find out how we can help you. Tel: (702) 876 4812
Should I refinance now: If you are current with your mortgage there has never been a better time to refinance (Feb 09) due to the fact that the interest rates are so low, we can work with you in reducing your monthly payment, http://www.familymortgageusa.com/loanrequest.html
How long does it take to close a loan: dependant on your situation and circumstances, as well as many other factors that need to be calculated and worked on, these may be appraisals, availability of programs to suit your specific situation Family Mortgage does however pride one word in keeping you informed every step of the way. http://www.familymortgageusa.com/loanrequest.html

appraiser who has knowledge, experience and insight to the marketplace prepares the document. This ensures that you're paying fair market value for your home. An appraisal is required in order to close on your new home or property.

What is Private Mortgage Insurance (PMI)?
Private Mortgage Insurance (PMI) is the insurance you are required to pay if you have less than 20% (some cases 25%) equity in your home. The insurance protects lenders if you default on the loan and the lender must foreclose. The lender then uses the money collected from PMI to offset any losses.  Once you achieve enough equity in your home, the lender may eliminate your PMI.

What is the difference between my annual percentage rate (APR) and actual interest rate?
There are two interest rates that apply to your loan; your Actual Interest Rate and Annual Percentage Rate (APR). The Actual Interest Rate is the annual interest rate of your loan (Also called "note rate"), and is the interest rate used to calculate your monthly payments. Your Annual Percentage Rate (APR) encompasses both your interest rate and any other additional costs or prepaid finance charges you may pay such as prepaid interest (necessary to adjust your first payment if you close mid-month), private mortgage insurance, closing fees, points etc.

What are closing fees?
Closing fees are all of the things you pay for in order to get a mortgage. Closing fees are NOT the fees that you pay to the bank. In fact, very little of the fees incurred go directly to the bank. The Good Faith Estimate will give you the estimate of the fees that go into getting a mortgage.

What is title insurance and why do I need it?
Title insurance protects against any title dispute that may arise over any particular property like your home. Before your closing, a title company researches your property's title to ensure it was legally passed from buyer to seller, each time it was bought or sold. Title insurance further protects the lender against any illegal or fraudulent title transfers that may have occurred during an investigation. Title insurance is required to close on your home.

Do I Need Homeowner's Insurance prior to closing?
Yes. You must bring a homeowners insurance policy valued at least as much as the amount of your mortgage to your closing. This policy must be issued by an insurance company rated at B class III or higher. You should instruct your insurance agent to have the "mortgage clause" on your policy to read as directed on your loan commitment letter. Please fax us a copy of the insurance binder page and paid receipt at least 5 days prior to your closing date.

What is an escrow account?
Lenders often set up an escrow account also known as an impound account to hold the tax and insurance portion of your mortgage payment. At closing the Lender will collect for the Escrow account.

Sufficient funds to establish the necessary monies in this account. The reserves, plus monthly deposits are held until they need to be used by the Lender to pay the taxes and insurance

How do I know if I should pay points?
Upon deciding whether or not to pay points, please consider the following:

• Are you purchasing or refinancing? Points paid when you buy a home
are 100% tax deductible in the year in which you buy your home.
Points paid when you refinance, must be amortized and deducted
over the life of the loan.
• Relocating? Typically, companies will offer a relocation benefit and
pay up to three points on your behalf.
• Planning to stay in your home? You need to feel confident that you
will be residing in this home long enough to save enough money to
cover the initial cost of the, points.

What is a survey? Do I need one?
A mortgage survey is an aerial view sketch of your home. It shows boundaries of your lot, encroachments between you and your neighbors. Your attorney should advise you regarding whether or not a new survey is needed (sometimes an old survey is acceptable).

How much money do I need to bring to closing?
Funds needed for closing is dependent upon your particular situation. Generally, you only need to bring funds to the closing on a purchase transaction. If you are refinancing your current home, you may include the closing costs in your loan amount. Because the required funds to close vary on every loan, we provide you with a Good Faith Estimate at application and a few days prior to closing, your attorney will provide the final numbers.
Money owed includes the following:

• Closing Fees (title fees, appraisal, recording, survey, flood cert etc.)
• Down payment
• Escrow Account (Taxes, Insurance and PMI if applicable)

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