Q. How long can I expect to wait until I hear from a mortgage broker?

Q. Do I need to have good credit to get a loan?

Q. Are there any fees associated with KB Mortgages, Inc.?

Q. Is the information that I submit on KB Mortgages, Inc. secure?

Q. I really want to own my own home, but I'm not sure I can afford it.
Where do I start?

Q. How do I know how much house I can afford?

Q. What's the difference between a thrift, a mortgage banker and a
mortgage broker?

Q. Can a mortgage broker find me the best interest rate?

Q. Will I pay more for my loan if I get it through a broker?

Q. Should I focus on the lenders advertising the lowest rates rather
than the type of institution I borrow from?
Q. What documents will I need to provide when I apply for a loan?

Q. Does it make sense to pre-pay my mortgage or should I invest that
money elsewhere?

A. If you do not hear from the recommended loan officer within one business day, please contact the loan officer directly.

A. No, KB Mortgages, Inc. specializes in helping consumers with all types of credit find a mortgage loan to meet their needs. We search our network of professionals and help you find the right type of home financing. The KB Mortgages professionals will help you work through your past problems and move towards a brighter future.

A. This is a completely free service. There are no fees associated with the service, nor are your obligated to work with the recommended KB Mortgages, Inc. member; however, we encourage you to review the offer carefully.

A. Absolutely! Since specific information is required in order to
utilize KB Mortgages's search capabilities, securing your privacy is our first priority. KB Mortgages, Inc. is designed with the most advanced Secure Socket Later (SSL) technology and security measures. SSL technology ensures that only you, KB Mortgages, Inc. and our participating lenders - upon your authorization - can access the information you submit.

A. Lots of people don't even consider buying a home because they're afraid they can't afford it. But for most people, homeownership is within reach - especially with some of the special programs for first-time home buyers. In fact, for many, homeownership is just as affordable as renting - in some cases even more affordable. The best place to start is with a KB Mortgages, Inc. recommended broker. It's free, there's no  obligation, and a broker can help you explore all the options of
homeownership.

A. As a general guide, you can purchase a home with a value of two or three times your annual household income, depending on your savings and debts. However, you may be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. If you'd like a general ideal of how much you can afford, see the Knowlede Base on our Web site. To find out exactly how much you are eligible to borrow, ask your KB Mortgages recommended mortgage broker.

A thrift is your typical neighborhood bank - mutual savings banks and savings-and-loan institutions offering savings accounts, mortgages and other financial products and services. Mortgage bankers are in the sole business of lending money. Mortgage brokers are middlemen who, by state law, work on behalf of borrowers. Brokers research a number of lending  sources - commercial banks, thrifts and mortgage bankers - to find appropriate loans to meet the specific needs of borrowers they represent.

A. Possibly, because mortgage brokers work with many different lenders. However, while mortgage brokers research many lending sources, it would be nearly impossible for them to access every single lender and every mortgage product, simply because there are thousands out there.

A. Not necessarily, though the broker does perform a service for which he or she receives a fee. When a broker processes the paperwork on a loan, it costs less for the lender to make the loan. Therefore, lenders often discount loans to brokers. Here's an example of how it might work:
Say a borrower finds a loan on their own at a rate of 7.5 percent with two points. A broker gets the same loan for 7.5 percent, but pays only one point. The broker may then add one point to cover his or her fee, but the cost to the borrower is the same - 7.5 percent with 2 points.
The borrower pays no additional cost and benefits from the broker's service. By state law, the broker's fee and the discount the lender offers the broker must be disclosed to the borrower.

A. You can, but remember, there is no guarantee you will lock in at the advertised rate. Those rates may only be available for a 30 or 60-day period and it typically takes longer to close on a loan. Interest rates can also change daily. The best way to compare rates is to ask each lender what the rate would be if you closed in a certain time period, for example, 90 days. And be sure to get everything in writing. It is also possible to get a loan with a longer lock-in period but, in that case, you usually pay a higher rate. 

Q. What documents will I need to provide when I apply for a loan?

A. Be prepared to provide verification of income, including your pay stub and tax returns for the previous two years. You will also need to provide bank account numbers and details about your long-term debt, including credit cards, auto loans, child support, etc. If you are self-employed, you may need to provide financial statements for your business.
Lenders want detailed information. For example, the origin of your down payment will be queried. Be sure to inform your lender of any changes in your employment, salary, debt or marital status between the time you submit your application and the time you close.

A. Pre-paying your mortgage shortens the term of your loan which will save you thousands of dollars in interest. As a general rule, on a 30-year mortgage, you save $3 for every $1 you pre-pay. On an after-tax basis, you get back $2 for every $1 you pre-pay. Pre-paying your mortgage is an easy, risk-free investment. Even if you round your monthly payment up to the nearest $100, it will save you money over the long term.