Frequently Asked Questions
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When you submit an application to Worldwide Capital Mortgage, you’ll be assigned a Loan Consultant who will answer your questions and collect any additional information necessary to expedite your application through the loan process. This person will be your primary contact you can talk to them any time by email, phone or by regular mail.
Once all your documentation has been received and reviewed by us, we will order the appraisal. We will notify you when the appraisal has been completed.
Absolutely not. Call 866-EZFUNDZ and talk to one of our Loan Consultants. We can determine if any previous or current credit problems might disqualify you from applying at this time and provide direction on how you can resolve those problems and improve your credit worthiness. The important thing is to call us. We offer a variety of mortgage programs for people with less than perfect credit and we will do everything we can to get you the loan you need.
Your Credit Report reflects the information reported to the credit bureaus by each of your creditors. The information changes each time something is added or deleted from your credit file. For example: paying off an account, opening a new credit account or making a late payment on one of your accounts will appear on your credit record. To be certain your credit file is correct, request a copy of your credit report periodically. If you think an entry is in error, notify the appropriate credit bureau and ask that errors be corrected
Applying on-line with Worldwide Capital Mortgage gives you the convenience and comfort of conducting your business wherever you may be.
The loan package will contain instructions as to what to do next, a typed copy of the information you provided us, a description of the specific loan program you requested, various disclosures required by government regulation and a list the documentation you must gather to allow us to complete the processing of your file and close your loan.
There are several ways you may contact us. If you have any inquiries prior to filing an application, you can ask a question via e-mail or if you prefer you may call us 1-866-EZFUNDZ.
Securing your privacy is our first priority. Our site is designed with the most advanced Secure Socket Later (SSL) technology and security measures. SSL technology ensures that only our loan consultants have access to the information you submit.
We do not share your personal information with anyone, unless you permit us to do so. Once your application is in process we guarantee that all of your information will be protected so that only you, along with those individuals requiring the information to approve your loan, can view your data.
It is the best time to do so. Our Pre-Qualification process will put you at ease so that you can really enjoy the home buying process. On a purchase loan, is there someone who will work with my Realtor? Yes, your Loan Consultant will assist you throughout the loan process. He or she will be able to assist you or your Realtor at any time.
There is a fee for your credit report at the time of your application. You may also pay for the appraisal at the same time.
As per our company name we have access to OVER 100 LENDERS and can provide services to clients in NYS ,MASS, CONN, & FL.
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.
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. Can a mortgage broker find me the best interest rate?
Possibly, because mortgage brokers work with many different lenders. They may also have access to lenders that do not have an office in your state, but are licensed to lend money there. 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.
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.
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.
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.
If your mortgage rate is 8 percent per year, that's what you'll earn on your pre-payment. Compare that return with what you'd earn in other comparably safe investments, like a Certificate of Deposit (CD). Also weigh the advantages of pre-paying your mortgage against paying off debt. If your credit card interest rate is 18 percent, it makes more sense to pay off this higher-interest debt rather than to pre-pay your 8 percent mortgage.
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