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How can I find out how much home I can afford?
It is best to schedule a mortgage consultation with one of our Mortgage Specialists. Click here or call 1-888-HUBERT-1 (1-888-482-3781) to schedule your consultation.
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What is the difference between pre-qualification and pre-approval?
Pre-qualification is a quick analysis of how much loan you can afford based on verbal information you provide to us. It will give you a general idea of the price range you should shop for a home. There are no fees for a Harris pre-qualification.
Pre-approval is a firm loan commitment based on verified information prior to finding a home. There are no fees to apply for a Harris pre-approval. A completed loan application, however, is necessary to receive a pre-approval credit commitment.
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Which is better: fewer discount points or a lower interest rate?
It depends on how long you expect to own your home. The lower the interest rate, the lower your principal and interest payment. You must consider the monthly savings versus the extra point(s). Divide the total cost of any discount points by the monthly savings, and you'll see how many months are needed to stay in your home to break even.
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How much money do bi-weekly mortgages save?
With a bi-weekly mortgage, you make half monthly payments every two weeks (26 half payments per year). This more rapid repayment of your mortgage, combined with the extra 13th monthly payment each year, can really pay off. Depending on the interest rate environment, a 30 year mortgage will pay off 5 to 8 years early, saving thousands of dollars over the life of your loan. Consult with a Mortgage Specialist for more information.
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Under what circumstances would an adjustable rate mortgage (ARM) be a better choice than a fixed rate loan?
If you expect to stay in your home for a short period of time (3 to 7 years), an ARM may be a good choice. You can potentially save a significant amount in payments because ARMs usually have a lower initial interest rate. ARMs have the potential to rise, however, after an initial fixed period. Consult with a Mortgage Specialist for more information.
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I locked my interest rate, but the Truth in Lending Statement says the annual percentage rate (APR) is higher. Am I getting a different rate?
No. Your mortgage note rate will be the rate you selected when you signed your Price Protection Election Agreement. In most cases, the mortgage note rate is not equal to the APR. Please see the following question for information regarding the APR.
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What is the annual percentage rate (APR)?
The annual percentage rate (APR) is the total yearly cost of a mortgage stated as a percentage of the loan amount which includes such items as the interest rate, private mortgage insurance and loan origination fees (points).
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Does Harris service their mortgage loans?
Yes. Harris services their mortgage loans. The same friendly people who processed your loan application are the same people who will answer your questions and resolve any issues you may have with your mortgage.
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What is pre-paid interest?
Pre-paid interest is an amount you pay at closing which represents the interest that will accrue between the day your loan closes and the last day of that month. For example, if your loan closes on the 20th day of a 30 day month, at closing, you will pay interest owed for the remaining 10 days of that month.
Pre-paid interest covers the period between the day of your loan closing and your first mortgage payment. For each day between the closing date and the following 1st of the month, you'll pay daily (per diem) interest.
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What is the benefit of the Harris Rate-Cap/Float-Down feature for new construction?
The Rate-Cap/Float-Down option may be elected when building a new home. Frequently, a new home will not be completed within the standard rate lock period. If this is the case, an extended rate protection program is a smart move. Harris provides options offering up to fifteen months of interest rate protection, depending on your product choice.
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What is the advantage to have Harris hold my property tax escrow?
Convenience. You'll enjoy the convenience of having Harris administer your property taxes. It is also comforting to know that a dedicated loan servicing department will handle paying your property taxes on time!
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