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What is the difference between pre-qualification
and pre-approval?
Pre-qualification is a lender's
opinion of your ability to purchase a home, and is based on
your income, employment history and available down payment.
Pre-approval is a lender's underwriting decision that
you are qualified, subject to the conditions noted in your
pre-approval, and is based upon the lender's review of your
completed application, credit check, appraisal and home inspection.
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Does filling out a loan application obligate me
in any way?
No. There are no fees or obligations
when submitting an application with Fox Funding.
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What are rates like for borrowers with bad credit?
Rates depend on many factors. Credit
is one of those factors. Some other factors include the amount
of equity in the property, the level of income documentation
provided and the debt level you have as compared to income.
Until we understand the structure of your specific loan and
the loan is approved, the interest rate can only be estimated.
Our goal is to provide you with the lowest interest rate possible
so we can earn the business of you and your friends in the
future.
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If I have had some credit problems
in the past, can I still get a home loan?
Typically yes, we have a number of loan
programs available for those with credit difficulties. Bad credit?
We've seen worse. Call today and speak to one of our loan officers
for a free credit analysis.
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How do I qualify for a low down
payment if I have bad credit?
We do offer a number of 100% financing
programs for customers with less than perfect credit. There
are also numerous down payment assistance programs available.
Please call for more information.
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What are my options if I am behind
on my mortgage?
If you are less than three months behind
on your payment we have many programs to help you refinance
your home. If you are over three months behind on your home
the most we are capable of refinancing is 65% of the value of
your home. For complicated issues such as these we recommend
a personal consultation with one of our loan officers, please
call the number above.
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