FAQ's

Q. How long will the process take?
A. Given the right set of circumstances, we have closed loans in as little as 5 days, but as a good rule of thumb, expect the loan process from start to finish to take 10-14 days. Remember that we work for you, which means that we are able to handle most of the loan process behind the scenes.

Q. I want to refinance, but I’ve heard closing costs can be high. Is that true?
A. Although there are typically fees associated with any real estate transaction, at Home Source Mortgage we understand that the service we provide is 100% about benefit to our clients, which is why our company prides itself on having some of the lowest fees in the industry. You can rest assured you will never be charged the type of “junk fees” that you may have previously run into with other companies. Additionally, with our many types of financing options, very few of our clients ever end up paying any costs out of pocket.

Q. How long have you been in business?
A. Home Source Mortgage has been in business since 1999. Our President and CEO has been in the mortgage industry for 15 years, and our average loan officer has at least 3 years experience in the industry.

Q. What states are you currently licensed in?
A. As of January, 2005, we are currently licensed in 6 states, Pennsylvania, New Jersey, Delaware, Maryland, Florida and Colorado. We are currently working hard to add to that list.

Q. Should I consider an adjustable rate option? I’ve heard those are risky loans.
A. Though it true that the safest, most secure loan option is a fixed rate mortgage, adjustable rate mortgages are not what they were 20 years ago, and for many client’s situations, an adjustable rate mortgage is the perfect fit. Most adjustable rate mortgages have an initial fixed period, ranging anywhere from 6 months to 10 years, and for someone who does not plan on having their loan for longer than the initial fixed term, it can be a great lower cost option. Also, for people with less than perfect credit, an adjustable rate loan can provide them a competitive interest rate that they might not otherwise qualify for, and simultaneously use the time of the fixed term to improve your credit.

Q. Are you a Bank or a Broker?
A. Home Source Mortgage is licensed as a Mortgage Broker in 6 states. What that means is we are in the unique position to match our clients with the best rate and programs available to them. In addition to having access to nearly every program and product available, our status as a broker gives us access to wholesale pricing, which means unlike retail pricing, which you would get going to a lender, you know you’re getting the lowest possible rate, without the lender’s markup. Just like any other product, there is generally a huge price difference between buying retail and buying wholesale.

Q. The rate sounds great, but how do I know it won’t change by the time we close?
A. We don’t want to waste our time, and we certainly don’t want to waste yours. That is why we make sure that the rates and terms you are quoted do not change from the start of the process to the end. We assure this by providing you a good faith estimate via mail, email, or fax within 48 hours of our loan presentation.

Q. How can I be sure I’m getting the best rate? Should I not shop around?
A. We definitely encourage all of our clients to investigate all of their options prior to moving forward with Home Source Mortgage. That being said, because of our status as a mortgage broker, when we give you a quote, we are completely confident that we’re offering you not only the best rate and terms, but also the best program for your individual situation.

Q. Will I need to have an appraisal done?
A. Although we do have several programs in which a home appraisal is not required, many of our clients are required to have an appraisal done as part of the loan process. Although this can seem to be an intimidating process, we do everything we can to make it as easy as possible. Remember, 90% of the work an appraiser does happens either before or after he or she visits the property. Appraisers are concerned with neither cleanliness nor cosmetics, they are only there to make sure the home is structurally sound, and to confirm the size of the property.