APR is the annual cost of a loan to a borrower, including fees. Like an interest rate, the APR is expressed as a percentage. However, unlike an interest rate, it includes other charges or fees such as mortgage insurance, most closing costs, discount points, and loan origination fees. The interest rate is what determines your monthly payments, not the APR!
The longest term we offer is a 30-year mortgage term.
We aren’t afraid of bad credit! We have 18 years of experience helping our clients with credit… You have to start somewhere, and we want to help get you there!
For a Chapter 7, it has to be discharged for two years to get VA, FHA, THDA and USDA loans and four years for a conventional loan. For a Chapter 13, the time ticker starts from the file date.
Yes, asset statements are so important because it shows the underwriter where the funds are coming from. All pages are required to make sure there isn’t any missing information.
No, a home inspection isn’t a requirement to get a loan, but it’s a smart purchase! A home inspection is an examination of the condition of a home. Inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections, and you get a detailed report in writing on the items that appear to be deficient. An appraisal is most always a requirement of the lender. A real estate appraisal is the process of developing an opinion of value for the home you are buying to make sure it's “worth” what you have agreed to pay.
Tax returns are what you, as an individual or you with your tax preparer, complete and send to the IRS… Tax transcripts are the IRS’s recorded version of those returns. Basically, confirming that the 2 documents match, exactly is a measure the lender takes to prevent loan fraud.
Seller paid closing costs are the buyer’s closing costs and prepaid items that the seller has agreed to pay in writing in the purchase contract. This helps to decrease the actual funds that are needed from the buyer, at the time of closing.
We ask that you please don’t. It's not that you can’t, but it can add complications like new credit inquiries and a new debt that has to be included into the debt-to-income ratio. Depending on the situation, it could cause a borrower to not qualify for a loan.
We ask that you please don’t without asking us first. Most of the time a credit card will not cause your loan to not qualify, but it can. It will also add extra steps for you to help us verify the new debt and have it added to your credit bureau
Yes, that is 100% OK.
Two years for a VA loan, three years for FHA, THDA, and USDA loans, and four years for a conventional loan.
The title company reviews the title to the home, issues title insurance policies, facilitates closings, and files and records paperwork at the courthouse. They are a very important part of your transaction.
This is also referred to as homeowners insurance. It’s insurance that protects a property owner against damage caused by fires, severe storms, and other natural events. Hazard insurance usually refers to a section of a general homeowners insurance policy that protects the structure of the home as well. All mortgage loans require this insurance, and we require 12 months to be paid at or before the closing of every purchase transaction.
With a mortgage escrow account, you pay the servicer a certain amount each month to cover property taxes, homeowners insurance, and (sometimes) private mortgage insurance. This comes in handy when your taxes and insurance are due every year because you never have to write a separate large check to make the payment.
No, we do not, but we can always refer you to a local bank that does.
No, we always recommend going to your local credit union. They will have lots of options, lower rates, and only do one credit pull.
No, we do not, but we can always refer you to a local bank that does.
Very! Our parent company, Cardinal Financial, is nationwide, but we are locally known as Peoples Home Equity and have been in business in Knoxville for over 20 years!
Sometimes… but we also have a great percentage of loans that are serviced by our parent company, Cardinal Financial. Either way, your loan is always safe, and nothing can change about the term, the rate, or the structure of the loan you closed with us.
We lend in all 50 states!
