Mortgage FAQ's, Help and Loan Questions

Along with these FAQs, you can call Customer Service at (877) 889-7300 or complete our short contact form.

Q: Do I need to be ready to apply for a loan now?
A: No. The goal of this site is to get you started in the right direction on the path of a home loan.

Q: What is the difference between interest rate & APR?
A: An Interest rate is the monthly cost you pay on the unpaid balance of your home loan. An Annual Percentage Rate (APR) includes both your interest rate and any additional cost or prepaid finance charges such as the origination fee, points, the initial private mortgage insurance, underwriting and processing fees. (Your actual fees may not include all of the items above.) The APR is a universal measurement that will assist you in comparing the cost of mortgage loans offered by different mortgage lenders.

Q: Do I have to have good credit?
A: We can get you approved with a credit score as low as 580.

Q: Do I have to put money down to purchase a home?
A: The minimum down payment is 3.5% of the purchase price. Part of the down payment can be gifted from a friend or family member as well.

Q: Are their any Government Tax Credits For First Time Homebuyers?
A: As a first time homebuyer, you may be eligible up to an $8000 tax credit for buying a home before December 1, 2009. A first time homebuyer is defined as not owning a home within the past 3 years, so even if you have owned a home in the past you may be eligible for this.

More facts about the tax credit:
(The information on this page comes directly from the American Recovery and Reinvestment Act of 2009)
1) The tax credit does not have to be repaid.
2) The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
3) The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
4) Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Q: Are their any Tax Deductions available?
A: You may qualify for tax deductions on your owner occupied residence. In some situations you are potienally able to deduct monthly interest. Contact us so we can review your situation and can let you know if you qualify for these tax deductions.

Q: Is buying really Cheaper Than Renting?
A: Buying a home can be cheaper than renting. Own your own place and have payments cheaper than you would renting from a commercial complex. Many people are unaware that they can buy a house and actually pay less a month for their house payment than it cost to rent a place which they will never own.

Buying vs Renting has been a subject renters have had to examine from their very first rental agreement. Sometimes renters simply don't investigate their options and so waste allot of money year after year.

Buying a home brings many advantages. Not only may the monthly payments be less than renting but in some cases may even introduce other savings such as tax breaks and equity building. Let us here at Surefast Mortgage take a look at your rental numbers and offer you a choice on your lifestyle and investment options. Buying a home often is cheaper then renting.

Speak with our mortgage consultants and allow us to review your situation and do some calculations and take a look if you could actually be saving money each month by buying versus renting.

Q: What about FHA Streamline?
A: No Verification of Income and Assets. FHA Streamline allows you to go trough the process without income or asset verification. Contact us today for details or to check if you qualify.

No Appraisal. FHA Streamline allows you to go through the process without an appraisal. Contact us today for details.

No Payments. FHA Streamline offers a possibility to allow you to skip a payment in some situations. Contact us today to see if you qualify for this option.

FHA Streamline Loan. The FHA has a several refinancing options:

FHA Streamline loans are good because they don't require a credit check or income verification. If you have an FHA mortgage, you've already passed these qualification check. You don't need to calculate a debt-to-income ratio for the new FHA Streamline loan.

Under FHA Streamline, you can choose not to have your home re-appraised. The original appraisal is used to calculate your loan amount.

Your new loan can't exceed the original amount you borrowed to purchase the home. You do have the option to get your property reappraised and qualify for a higher amount if the value of the property has increased. Be sure you know which you want to do before committing to the application process.

FHA Streamline loans don't require a meeting with your loan officer. You may be able to apply by phone or complete some paperwork over the Internet if your lender permits although the bank may require your actual, handwritten signature on some documents so you may have to complete and mail in some forms before the process is officially declared finished.

FHA Streamline Refinance loans aren't the same as cash-out refinancing programs, and you won't get any cash back when you sign the deal.

The benefit with Streamline FHA guaranteed loans is that your monthly payments are permanently lowered.

The FHA Streamline loan can only be used if the home is still your primary residence and you must be current on your original loan.

Q: Where is your office located?
A: Our office is located in Phoenix Arizona although we do business in all states, our core business started in the Phoenix area. If you live or are visiting Phoenix Arizona, feel free to visit our office to say hello and allow us to review your situation and offer what's available. It's always a sunny day in Phoenix with the best weather in the country!