Nations Choice Mortgage wants to help our customers better understand some of the common questions that may arise when choosing a Mortgage Lender. Please review our lists of Frequently Asked Questions for information about the Nation’s leading mortgage lender.
Your Property |
What is an appraisal and who completes it? |
What types of things will an underwriter look for when they review the appraisal? |
Will I get a copy of the appraisal? |
Are there any special requirements for loans on condominiums? |
I'm purchasing a home, do I need a home inspection AND an appraisal? |
How long does it take for the property appraisal to be completed? |
When do you require flood insurance on a property? |
Do you provide financing for mobile homes? |
How do I lock my rate? |
Can NationsChoice Mortgage finance the purchase of a property through a short sale? |
Am I able to refinance a property that was recently listed for sale? |
What is the cost of the appraisal and how is it collected? |
Will you lend on homes that require repairs? |
Can you use an appraisal I already have? |
What is an appraisal and who completes it? |
An appraisal report is a written description and estimate of the value of a property. National standards govern not only the format, they also specify the appraiser's qualifications and credentials. In addition, most states now have licensing requirements for appraisers evaluating properties located within their states. The appraiser will create a written report for us and you'll be given a copy prior to closing. The report will compare the qualities of your home with other homes that have sold recently in the same neighborhood. These homes are called "comparables" and play a significant role in the appraisal process. Using industry guidelines, the appraiser will try to weigh the major components of these properties (i.e., design, square footage, number of rooms, lot size, age, etc.) to the components of your home to come up with an estimated value of your home. The appraiser adjusts the price of each comparable sale (up or down) depending on how it compares (better or worse) with your property. If your home is for investment purposes, or is a multi-unit home, the appraiser will also consider the rental income that will be generated by the property to help determine the value. |
What types of things will an underwriter look for when they review the appraisal? |
In addition to verifying that your home's value supports your loan request, we'll also verify that your home is as marketable as others in the area. We'll want to be confident that if you decide to sell your home, it will be as easy to market as other homes in the area. |
Will I get a copy of the appraisal? |
As soon as we receive your appraisal, we'll update your loan with the estimated value of the home. As a standard practice we will provide a copy of your appraisal at closing. |
Are there any special requirements for loans on condominiums? |
For a loan on a condominium, it is necessary that the common areas of the project, or at least the phase that your unit is located in, are complete. In the event all common areas are not yet complete, your builder will have a program to finance your purchase. Their rates will probably not be as low as ours so keep your closing costs to a minimum and you can refinance through us once the common areas are complete. In addition, in most cases an HOA certification is required and must be completed by your HOA. The certification must meet all underwriting guidelines. There may be a fee assessed by your HOA, which we will collect from you to send directly to the HOA for completion of the certification. |
I'm purchasing a home, do I need a home inspection AND an appraisal? |
Both a home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they have totally different purposes, it makes the most sense to rely on each to help confirm that you've found the perfect home. |
How long does it take for the property appraisal to be completed? |
We order the appraisal as soon as the application fee is paid. Generally, it takes 3 days before the written report is sent to us after your home is inspected. If you are refinancing, the appraiser will contact you to schedule a viewing appointment. If you don't hear from the appraiser within two days of the order date, please inform your Loan Advisor. If you are purchasing a new home, the appraiser will contact your real estate agent, if you are using one, or the seller to schedule an appointment to view the home. |
When do you require flood insurance on a property? |
Federal Law requires all lenders to investigate whether or not each home they finance is in a special flood hazard area as defined by FEMA, the Federal Emergency Management Agency. The Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 help to ensure that you will be protected from financial losses caused by flooding. We use a third party company who specializes in the reviewing of flood maps prepared by FEMA to determine if your home is located in a flood area. If it is, then flood insurance coverage will be required, since standard homeowner's insurance doesn't protect you against damages from flooding. |
Do you provide financing for mobile homes? |
No, by offering financing only on traditional 1-4 family residential properties, we are able to be more efficient and offer the best possible pricing to our customers. |
How do I lock my rate? |
On a refinance your loan lock is automatically requested for 30 days upon online approval and submission of the application fee. If you wish to float please contact your Loan Advisor within 24 hours. On purchases, your rate lock will not be requested until you communicate your desire to do so, as we need to incorporate the close of escrow date on your purchase contract. |
Can NationsChoice Mortgage finance the purchase of a property through a short sale? |
Yes, the only special requirement is that all lien holders approve the terms of the sale in writing before the rate is locked in. |
Am I able to refinance a property that was recently listed for sale? |
For a No Cash Out refinance, the only requirement is that the home is not listed for sale at the time of loan application. For a Cash Out refinance, the home may not have been listed in the past six months. |
What is the cost of the appraisal and how is it collected? |
A $375 Appraisal Fee is collected when your loan closes. Additional charges may apply for investment property ($150), jumbo loans ($400) or 2-4 units (varies). The appraisal is a service performed by an independent third party. In the event your loan is declined you will not be charged. You are entitled to a copy of your appraisal. |
Will you lend on homes that require repairs? |
We will lend on a home that requires repairs. Certain repairs may need to be performed before closing for items such as broken windows, missing appliances, damaged walls and other items which may affect the value of your home. Upon receipt of your appraisal, our underwriting department will make a determination as to which repairs are required to be made. In addition, the appraisal must indicate the condition of the home to be "average" or better. |
Can you use an appraisal I already have? |
Our quality control procedures prohibit us from using any appraisal not ordered directly by us from one of our licensed appraisers in your area. Our appraisers prioritize our work and will complete the assignment quickly. |
Instant Mortgage Rate Help
Loan Amount: How much do you want to borrow? Example: 150,000 (You can borrow up to 100% of the purchase price of your home. You will find better interest rates at 95%, 90%, and 80% progressively.)
Property Value: This is the purchase price of your property or your best estimate of the appraised value of the property. Example: 175,000.
Loan Type: Selecting Refinance WITH CASH OUT may increase your rate. If you want some extra cash to pay the closing costs on your new loan, this would NOT be considered receiving extra cash.
Escrow/Impounds: Allows you to pay 1/12 of your annual property taxes and homeowners insurance with your mortgage payment each month. Escrowing your taxes and insurance will lower your points by .25%
Property State: Specify the State where the property is located
Property County: Specify the County where the property is located
Todays Rates: These rates are based on the following criteria..
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