Q: Why should I work with Everist Mortgage instead of my bank or credit union?
A: At Everist Mortgage, we specialize in residential mortgage lending, and that’s all we do. We have 23 years of specialized experience helping thousands of individuals and families successfully navigate through the detailed and confusing process of getting a mortgage in this highly regulated industry. We provide a higher level of personalized service, expertise and communication than many of the monster megabanks. Plus, we have access to multiple banks and lenders to choose from, shopping for the best rate and terms for you, so you get a great and competitive loan for your situation.
Q: What kinds of mortgage products and services do you offer?
A: Everist Mortgage provides a wide range of mortgage products to finance the purchase or refinance of single family homes, duplexes, triplexes and fourplexes. We offer conventional, FHA, VA & USDA loan products to our clients, depending on their needs and situations. We help our clients refinance their mortgages to lower the rate and payment, shorten the terms, and/or pull cash equity out of their properties. We work with clients on their owner occupied homes, vacation homes and investment properties.
Q: What’s the first step if I plan to buy and finance a home?
A: Talking with your mortgage lender first before you go home shopping is the best way to start the process. Getting pre-qualified or pre-approved for your mortgage financing up front is key. It will help uncover any problem or surprise areas in your finances or credit that can be corrected before you get under contract to purchase a house. Plus, in this competitive real estate market in Central Texas, many sellers and their agents won’t seriously talk with you or entertain an offer without seeing a pre-qualification or pre-approval letter from a reputable mortgage lender.
Q: What is the difference between prequalification and preapproval?
A: A pre-qualification is very general. It is basically a quick conversation between you and your mortgage lender about your plans and goals around purchasing and financing a home purchase. We will ask you some general questions about your finances: employment, income, debts, assets and credit. Based on these preliminary questions and details, we can give you a basic idea of your qualifications for a mortgage and home price range that fits into your budget and situation. A full pre-approval is more in-depth, and includes you providing the financial documents needed to verify the information, and allowing us to pull your credit report. You will fill out a preliminary pre-approval application either online or in person, so that we can get a better idea of your situation. This pre-approval allows us to do a much more thorough job in assessing your mortgage qualifications, and the letter we can give you for home-shopping purposes is much stronger and more preferred by sellers and their agents. There is no up-front charge for either of these services.
Q: What are the steps involved in getting a mortgage? What is the process like?
A: The high level of federal regulation and oversight involved these days in the mortgage lending industry makes the process more involved and difficult than some people realize. While we do everything we can to set proper expectations about the process, it is truly a partnership between the borrower and your mortgage originator. Much of the success and timeliness depends on your help and willingness to provide needed documents promptly.
Q: How long does it take to get a mortgage and close on a loan?
A: The national average time it takes to close on a mortgage loan in the U.S. is about 60 days. However, we often can close a loan earlier than that; 30-45 days is typical. Again, much of the timeliness and speed depends on how complete the initial package is, and how quickly needed documents and information can be provided by the borrower to us.
Q: I’m interested in refinancing – how do I know if it’s worth it?
A: We can help you assess the benefits of refinancing, to help you determine if it’s worth it or not. Because there are costs associated with a refinance (can be paid at closing, can sometimes be rolled in to the new loan, or can even be paid by the lender by absorbing the costs into the new interest rate offered), it’s important to have a conversation with us up front about your refinance goals and what you want to accomplish. We can work up several examples and estimates for you to review and discuss, to determine if it makes sense. There is no up-front charge for this to our clients.
Q: How are you paid?
A: Everist Mortgage is paid in a similar way that your real estate agent is paid; in two ways: The seller of the funds (one of the banks or other funding sources we have wholesale access to) that we determine is the best fit for you, offering the best terms, etc. has set aside a small amount of compensation for us providing a complete and closed loan to them. Once the loan successfully closes, we are paid by that seller or provider of funds. If we are unable to help you successfully close your loan, we don’t get paid, so we have a vested interest in helping you get a great loan and close on time, with a positive experience. The second way we are paid is through your referrals and recommendations to friends, co-workers and family members whom you encounter that want or need mortgage help. Hopefully as you are pleased with the way you are treated during the process, you will feel comfortable telling others you know about us, so we can help them as well.
Q: What is the “Recovery Act Notice” and do you have it on your website?
A: The Recovery Act Notice is shown below, and has the State’s Mortgage Licensing and Regulatory contact information. This is in case you have an issue with Everist Mortgage that cannot be resolved by talking with me our our team, and you wish to file a formal complaint. Hopefully that will never happen, as we strive to take great care of our clients and earn their trust and referrals!
Figure: 7 TAC §80.200(b)
“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”