FAQ's

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  • What is an Appraisal?

    A home appraisal is a survey of a home by a professional for their opinion of the property market value. In most cases an appraisal is done for a bank when a home is being approved for a loan for the home buyer. The home appraisal is a detailed report that looks at such items as the condition of the home, the neighborhood, what similar homes are selling for, and how quickly similar homes sell (to name a few). The appraisal may be a sales comparison or a cost/replacement opinion of value.

  • What are closing cost?

    Closing costs are the third party costs (appraisal fee, title fee, credit report fee, etc.), mortgage taxes and lender fees associated with refinance. Learn more.

    Estimate your Closing Costs View closing cost table

    Third Party Costs

    A common fallacy about closing costs is that they all go to your lender’s pocket. In reality, many of the closing costs are third party fees such as appraisal fee, credit report, title company fee, closing fee, survey fee, homeowner's insurance, courier fee etc.

    Lender Fees

    Lender fees include the fees payable to your lending company for their services.

    Estimate your Closing Costs

    US Wide Financial offers both low-cost and no-cost loan options. Talk to one of our specialists to determine what options are available to you.

  • What is no cost or low cost loans?

    No cost or low cost loans can help you secure low payments on your loan without putting down a large sum of money as down payment. These options are also available for refinancing. Call today and ask one of our representatives about the no cost and low cost programs that we can offer.

  • What is an APR?

    APR or annual percentage rate can be defined as the cost of the loan for one year expressed as a percentage. An APR is a comprehensive figure as compared to the interest rate because it generally includes other costs such as PMI, origination fee, pre-paid interest, and points etc. There is no uniform practice in place used to calculate the APR. Therefore, it is important to fully understand the components included in the calculation when comparing APR quotes provided by different lenders.

  • What are Points?

    Points are an easy way to lower your monthly payments by paying an upfront cost to decrease the interest rate on the mortgage. One point equals one percent of your loan amount. Purchasing points doesn't necessarily make sense in every scenario. Our experts can help you make the decision that will serve your best financial interest.

  • What is Loan-to-Value?

    Loan-to-Value is simply the loan amount expressed as a percentage of the current value of the property.

  • What is Debt-To-Income Ratio?

    A debt-to-income ratio (often abbreviated DTI) is the percentage of a consumer's monthly gross income that goes toward paying debts.

  • What is PMI?

    PMI or Private Mortgage Insurance is required by most lenders if the down payment is less than 20% of the purchase price, i.e. the loan value (borrowed amount) is more than 80% of the property value. The purpose of the PMI is to protect the lender as well as the borrower in the event that the borrower goes default. At the time of refinance, if the loan amount remains to be over 80% of the property's current value, the PMI must be maintained.

  • What is an Escrow or Impound Account?

    An escrow or impound account is put in place at the time of closing. The account collects a small amount from you every month which is then used to pay the property taxes, PMI premiums, homeowner's insurance premiums, etc. on your behalf. You may think of this as a free service offered by your lender. This protects you against incurring any late fees on these payments and from coming up with large, lump sum amounts of money at different points throughout the year.

  • What loan programs are available?

    We have a variety of loan programs available to fit the needs of our customers. The suitability of these programs depends on a lot of factors. Ask our friendly specialists about our available programs today.

  • Difference between Fixed rate Vs. Adjustable rate Mortgage?

    Fixed rate mortgages have a rate of interest that stays the same throughout the term of the loan as opposed to an adjustable rate mortgage with a rate that can keep changing. The changes can be upward or downward. Which is better can depend on a lot of factors. Let our specialists help inform you and make the decision easy.

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