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FAQ - QUESTIONS AND ANSWERS
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What are the advantages of fixed rate versus adjustable rate loans?
With a fixed-rate loan, your monthly payment of principal and interest never change for
the life of your loan. Your property taxes may go up (we almost said down, too!), and so
might your homeowner's insurance premium part of your monthly payment, but generally with
a fixed-rate loan your payment will be very stable.
Fixed-rate loans are available in all sorts of shapes and sizes: 30-year, 20-year,
15-year, even 10-year. Some fixed-rate mortgages are called "biweekly" mortgages and
shorten the life of your loan. You pay every two weeks, a total of 26 payments a year --
which adds up to an "extra" monthly payment every year.
During the early amortization period of a fixed-rate loan, a large percentage of your
monthly payment goes toward interest, and a much smaller part toward principal. That
gradually reverses itself as the loan ages.
You might choose a fixed-rate loan if you want to lock in a low rate. If you have an
Adjustable Rate Mortgage (ARM) now, refinancing with a fixed-rate loan can give you more
monthly payment stability.
Adjustable Rate Mortgages -- ARMs, as we called them above -- come in even more varieties.
Generally, ARMs determine what you must pay based on an outside index, perhaps the 6-month
Certificate of Deposit (CD) rate, the one-year Treasury Security rate, the Federal Home
Loan Bank's 11th District Cost of Funds Index (COFI), or others. They may adjust every
six months or once a year.
Most programs have a "cap" that protects you from your monthly payment going up too much
at once. There may be a cap on how much your interest rate can go up in one period -- say,
no more than two percent per year, even if the underlying index goes up by more than
two percent. You may have a "payment cap," that instead of capping the interest rate directly
caps the amount your monthly payment can go up in one period. In addition, almost all
ARM programs have a "lifetime cap" -- your interest rate can never exceed that cap
amount, no matter what.
ARMs often have their lowest, most attractive rates at the beginning of the loan, and can
guarantee that rate for anywhere from a month to ten years. You may hear people talking
about or read about what are called "3/1 ARMs" or "5/1 ARMs" or the like. That means that
the introductory rate is set for three or five years, and then adjusts according to an
index every year thereafter for the life of the loan. Loans like this are often best for
people who anticipate moving -- and therefore selling the house to be mortgaged -- within
three or five years, depending on how long the lower rate will be in effect.
You might choose an ARM to take advantage of a lower introductory rate and count on either
moving, refinancing again or simply absorbing the higher rate after the introductory rate
goes up. With ARMs, you do risk your rate going up, but you also take advantage when rates
go down by pocketing more money each month that would otherwise have gone toward your
mortgage payment.
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An overview of the loan process
Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here
on our website if you could fill out a one-page application and get the best loan for you
funded the same day. What we do is do most of the heavy lifting for you, so you can
concentrate on what's important -- preparing to move into your new home, saving money,
or making plans for your home equity check.
There are four main steps involved in getting a loan. You'll see that we've made your
part in them as easy as possible, and we do all the work! That's what we're here for.
- Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford?
And given your unique credit and employment history, income and debt, and goals,
how much will a lender loan you? The first part you can get a rough idea of by using
the calculators on our website. We'll also help you through different scenarios by
asking a few simple questions. Based on standard lender guidelines, we'll get you
a good idea of what kind of terms and loan program you can expect to benefit most from.
- Step two: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You supply
information about your employment, your assets, your residence history, and so on.
We get your permission to run your credit score. When we review all this information
we give you a Pre-Qualification Letter. Handle it with care -- to a home seller,
it's like a suitcase full of cash! Your realty agent will use your Pre-Qual
(as they may call it) to make the best offer on the home you choose, and the seller
knows you're pre-qualified. It gives you buying clout! And while you're picking out
the home that's right for you, we're busy finding the loan that's right for you.
- Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to complete the loan
application. It couldn't be easier, and you can do it online, right here at our website.
When the time is right, we'll order an appraisal of your new home.
- Step four: your loan is funded
Your realty agent and the seller's will work together to designate an escrow/title
company to handle the funding of your loan once it's approved. We'll coordinate with
the escrow company to make sure all the papers your lender will need are in order,
and you'll sign everything at the escrow/title company's office.
You've answered a few questions, given us some detailed information, applied online,
and next thing you know, you're moving in! We're in the business of mortgage loans,
you're not -- so we do most of the work. Doesn't that make sense?
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should you buy points
How do you "buy" a better rate?
Do you plan on keeping your loan for a while? Then it may make sense to "buy" a lower interest rate by paying one or more "points."
Even if you're unsure of how long you plan to keep your mortgage before you move or refinance, paying points now for a lower rate may make sense. For example, do you have a high-paying job now but you think you might change careers in the next few years? We can help you sort it out. It's part of our finding the right loan for your means and goals.
A point -- which equals one percent (1%) of the total loan amount -- is an up-front fee that lowers your monthly interest rate and total interest due over the life of the loan. So, a one point loan will have a lower interest rate than a no point loan. Basically, when you pay points you trade off paying money later in favor of paying money now. You can pay fractions of points, meaning there are a lot of points packages that can make a loan's terms more favorable if that's what's right for you.
There are a variety of rate and point combinations available. When you look at different loan programs, don't look just at the rate -- compare the whole package. Federal law requires lenders to publish their loans' Annual Percentage Rate, or A.P.R.. The A.P.R. is a tool used to compare different terms, offered rates, and points.
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What is the difference between the interest rate and the A.P.R.?
You'll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to "why" is that federal law requires the lender to tell you both.
The A.P.R. is a tool for comparing different loans, which will include different interest rates but also different points and other terms. The A.P.R. is designed to represent the "true cost of a loan" to the borrower, expressed in the form of a yearly rate. This way, lenders can't "hide" fees and upfront costs behind low advertised rates.
While it's designed to make it easier to compare loans, it's sometimes confusing because the A.P.R. includes some, but not all, of the various fees and insurance premiums that accompany a mortgage. And since the federal law that requires lenders to disclose the A.P.R. does not clearly define what goes into the calculation, A.P.R.s can vary from lender to lender and loan to loan.
The A.P.R. on a loan tied to a market index, like a 5/1 ARM, assumes the market index will never change. But ARMs were invented because the market index changes and makes fixed rate loans cheaper or more expensive to make -- that's why they're variable rate in the first placed!
So, A.P.R.s are at best inexact. The lesson is, that A.P.R. can be a guide, but you need a mortgage professional to help you find the truly best loan for you.
Note when you're browsing for loan terms that the A.P.R. will not tell you about balloon payments or prepayment penalties, or how long your rate is locked. Also, you'll see that A.P.R.s on 15-year loans will carry a higher relative rate due to the fact that points are amortized over a shorter period of time.
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What is a credit score?
Before deciding on what terms they will offer you a loan (which they base on their "risk"), lenders want to know two things about you: your ability to pay back the loan, and your willingness to pay back the loan. For the first, they look at your income-to-debt obligation ratio. For your willingness to pay back the loan, they consult your credit score.
The most widely used credit scores are FICO scores, which were developed by Fair Isaac & Company, Inc. (and they're named after their inventor!). Your FICO score is between 350 (high risk) and 850 (low risk).
Credit scores only consider the information contained in your credit profile. They do not consider your income, savings, down payment amount, or demographic factors like gender, race, nationality or marital status. In fact, the fact they don't consider demographic factors is why they were invented in the first place. "Profiling" was as dirty a word when FICO scores were invented as it is now. Credit scoring was developed as a way to consider only what was relevant to somebody's willingness to repay a loan.
Past delinquencies, derogatory payment behavior, current debt level, length of credit history, types of credit and number of inquiries are all considered in credit scores. Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or reestablishing a good track record of making payments on time will raise your score.
Different portions of your credit history are given different weights. Thirty-five percent of your FICO score is based on your specific payment history. Thirty percent is your current level of indebtedness. Fifteen percent each is the time your open credit has been in use (ten year old accounts are good, six month old ones aren't as good) and types of credit available to you (installment loans such as student loans, car loans, etc. versus revolving and debit accounts like credit cards). Finally, five percent is pursuit of new credit -- credit scores requested.
Your credit report must contain at least one account which has been open for six months or more, and at least one account that has been updated in the past six months for you to get a credit score. This ensures that there is enough information in your report to generate an accurate score. If you do not meet the minimum criteria for getting a score, you may need to establish a credit history prior to applying for a mortgage.
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What does it cost to refinance? What are the benefits?
Ever heard the old rule of thumb, you should only refinance if your new interest rate is at least two points lower? That may have been true years ago, but with refinancing dropping in cost over the last few years, it's never the wrong time to think about a new loan! Refinancing has a number of benefits that often make it worth the up-front expenditure many times over.
When you refinance, you might be able to lower your interest rate and monthly payment -- sometimes significantly. You might also be able to "cash out" some of the built-up equity in your home, which you can use to consolidate debt, improve your home, take a vacation -- whatever! With lower rates and balances, you might also be able to build up home equity faster with a shorter-term new mortgage.
All these benefits do cost something, though. When you refinance, you're paying for most of the same things you paid for when you obtained your original mortgage. These might include settlement costs and other fees, an appraisal, lender's title insurance, underwriting fees, and so on.
You might have to pay a penalty if you refinance your previous mortgage too quickly. That depends on the terms of your existing mortgage. These penalties are illegal in some places, and more often than not when they're there apply only for the first year or two. We'll help you figure it out.
You might pay points to get a more favorable interest rate. If you pay (on average) three percent of the loan amount up front, your savings for the life of the new mortgage can be significant. You should be aware that the IRS has recently said that points paid for the purpose of refinancing your mortgage cannot be deducted in their entirety in the year you pay them, unless the refinanced loan is primarily for home improvements. Consult your tax professional before deducting points you pay on your new mortgage from your federal income taxes.
Speaking of taxes, if you lower your interest rate, naturally you will be lowering the amount of mortgage interest payments you can deduct from your federal income taxes. This is another cost that some borrowers consider. We can help you do the math!
Ultimately, for most people the amount of up-front costs to refinance are made up very quickly in monthly savings. We'll work with you to determine what program is best for you, considering your cash on hand, how likely you are to sell your home in the near future, and what effect refinancing might have on your taxes.
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Loan Application Checklist
In general, the documentation you will need includes:
Check for application fee
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Property Information (if you already have a contract on a house)
Purchase Agreement.
Copy of legal description and MLS sheet.
If you are selling your current home, copy of listing contract.
If you have sold your current home, copy of settlement statement (HUD-1).
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Income & Assets
Pay stubs for the last 30 days.
For the past two years:
Names and addresses of each employer.
W-2s
Statements for each bank, mutual fund, and/or investment account for the last three months.
Estimated value of personal property and furniture.
If you have made any large deposits to your accounts:
Explanation and source for deposit.
If large deposit was a gift:
Signed gift letter (lender can supply).
Copy of gift check.
Copy of deposit receipt.
If you own more than 25% of a business:
Corporate or partnership tax returns.
If self-employed:
Tax returns for the last three years (with schedules).
Year-to-Date Profit and Loss Statement prepared by an accountant.
If you own rental property:
Tax returns for the last two years and current rental agreements.
If you are retired:
Pension Award Letter.
If you receive Social Security:
Social Security Award Letter.
If you are counting child support as income:
Copy of divorce settlement.
Copy of twelve months of cancelled child support checks.
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Debts
Names, addresses, account numbers, balances and monthly payments on all current loans.
Explanation of credit report anomalies, including:
Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
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VA Loans
Copy of DD Form 214, Report of Separation.
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Miscellaneous
Photo ID and proof of Social Security number.
Residence addresses for the past two years.
If applicable, a copy of your divorce decree.
If you are not a citizen, a copy of the front and back of your green card.
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How can you improve your credit score?
It's virtually impossible to change your score in the time between when most people decide to buy a home or refinance their mortgage and when they apply. So the short answer is, you really can't "on the spot." But there are strategies you can live with to make sure when you apply for a loan your score is as high as possible.
Make sure that the information each of the three credit reporting bureaus has on you is consistent and up to date. Order a copy of your credit report about once a year, and dispute any inaccuracies.
Note: Theoretically, if a series of credit reports is requested on your behalf during a limited amount of time, your score goes down until time passes without any inquiries. Changes in the law though have made "consumer-originating" credit report requests not count so much. Also, a series of requests in relation to getting a mortgage or car loan is not treated the same as a number of credit card requests in a limited time. This is because the credit bureaus, and lenders, realize that people request their own credit reports to keep up with what's on them, and smart consumers shop around for the best mortgage and car loans.
Unsolicited credit card solicitations in the mail don't count against your credit report, so don't worry.
The two main components of your credit score are your payment history and the amounts you owe. Bankruptcy filings and foreclosures, which can stay on your credit report for as many as 10 years, can significantly lower your score. It's never a good idea to take on more credit than you can handle.
Late payments work against you. It's extremely important to pay bills on time, even if it's only the monthly payment.
Dont "max out" your credit lines. Since the size of the balance on your open accounts is a factor, lower balances are better.
It's said that by carefully managing your credit, it's possible to add as much as 50 points per year to your score.
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Why might you need an appraisal? How do appraisals work?
In many cases, lenders need a professional, independent appraisal of the property you want to buy or refinance to ensure that it is worth at least as much as they are being asked to lend on it. If you are making a smaller down payment and have a lower credit score, the lender is going to be even more interested in making sure the property that will be collateral for the loan is worth lending the amount requested.
A professional, independent appraiser will usually visit your home and inspect its interior and exterior. The appraiser doesn't want to buy your home, and isn't a visiting head of state. So whatever you do, do not postpone the appraisal until you get a chance to "clean up a little." Cleaning does not make your appraised value higher! And delaying adds time to an already lengthy process.
The appraiser will form an opinion on the probable market value of the property considering sales of similar homes in the area among other factors. He or she will prepare an appraisal report explaining the conclusion. The appraisal belongs to the lender considering lending money with the home as collateral. Often, you can receive a copy of the appraisal either as a courtesy or in keeping with state law. Let us know you're interested and we'll help.
The lender wants to know first of all whether the property is worth at least as much as the loan amount. In the unlikely event the lender would have to foreclose, it wants to know it should be able to recoup at least the loan amount. But if your loan program depends on your borrowing, for example, 95 percent of the property's value and no more, the appraisal can impact your eligibility for the loan that's right for you. In a "close" case like that, the best solution is almost always to increase your down payment, or we can help find another solution such as another loan program that works.
An appraisal can cost from $200 to $500 or more for very complex properties. You as the borrower repay the lender for its cost in paying the appraisal fee upon settlement of the loan.
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Loan-Related Closing Costs
Loan Origination Fee
This covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount.
Points (optional)
An option for the home buyer is to pay points to lower the interest rate at which the loan will be repaid. Each point equals 1 percent of the mortgage amount. For example: on a $150,000 loan, 1 point would equal $1,500.
Appraisal Fee
The fee for having the house appraised may be incorporated into the closing costs or payment may be required by the lender at the time the loan application is submitted.
Credit Report
The lender uses a credit report to determine the creditworthiness of the loan applicant. This fee is often paid when the loan application is submitted.
Interest Payment
Typically the buyer is required to pay interest on the mortgage loan to cover the time between the closing date and when the first mortgage payment period begins. For example: If closing is on May 15. Your first monthly payment begins to accrue interest on June 1 with your first mortgage payment due July 1. At closing an interest payment covering the accrual period between May 15 and May 31 may be required.
Escrow Account
At closing a payment may be required to fund the escrow account if the lender is paying home insurance, property taxes and/or other expenses out of the escrow account.
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Should you talk to a mortgage professional before house hunting?
Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important
to see your mortgage professional first. Why? What can we do for you if you haven't negotiated
a price, and don't know yet how much you want to borrow?
When we pre-qualify you, we help you determine how much of a monthly mortgage payment you
can afford, and how much we can loan you. We do this by considering your income and debts,
your employment and residence situations, your available funds for downpayment and required
reserves, and some other things. It's short and to the point, and we keep the paperwork
to a minimum!
Once you qualify, we give you what's called a Pre-Qualification Letter ( your real estate
agent might call it a "pre-qual"), which says that we are working with you to find the
best loan to meet your needs and that we're confident you'll qualify for a loan for
a certain amount.
When you find a house that catches your eye, and you decide to make an offer, being pre-qualified
for a mortgage will do a couple of things. First, it lets you know how much you can offer.
Your real estate agent will help you decide on an appropriate offer, but being pre-qualified
gives you the confidence to know you can follow through.
More importantly, to a home seller, your being pre-qualified is like you walked into their
house with a suitcase full of cash to make the deal! They won't have to wonder if they're
wasting their time because you'll never qualify for a mortgage to finance the amount you're
offering for the home. You have the clout of a buyer ready to make the deal right now!
You can always use the calculators available on our site to get an idea of how much mortgage
you can afford -- but it's important to meet with us. For one thing, you'll need
a Pre-Qualification Letter! For another thing, we may be able to find a different mortgage
program that fits your needs better.
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Should you consider financing closing costs, escrow reserves, or other cash needed at closing?
If you've built up some equity in your home, when you refinance, you may be able to
"cash out" some of that equity to pay off credit cards or other revolving debt, improve
your home, help pay for college, or anything else you can think of. The same is true of
refinancing costs: If you have enough equity in your home, you may be able to roll some
of the cash due at closing into your loan.
Some of the "cash needed to close" as it's sometimes called includes settlement costs
and fees, prepaid interest, escrow reserves, state or local government charges, or even
extra funds needed to pay off your existing mortgage. Some or all of those costs can
sometimes be financed as part of your new mortgage loan.
But you have to be careful. It's not always the case that you can borrow up to 100 percent
of your home's value. Many loan programs are based on what's called a "loan-to-value" ratio.
You may qualify for a very advantageous refinanced mortgage if you borrow no more than
80 percent of your home's value, but may not qualify for the same terms if you borrow
90 percent. We can help you qualify for refinance loan programs for as much as 95 percent
of your home's value in most cases, but the lower your loan-to-value ratio
(that is, the less you borrow), the better terms you'll generally qualify for.
The bottom line is that in many cases you can reduce your up-front costs for refinancing
your mortgage in exchange for higher monthly payments for the life of the loan. But whether,
and to what extent, you can do this depends on the value of your home and the amount of
your new mortgage, and what options you decide are best for you.
If you've had your current mortgage for a few years, chances are you've built up enough
equity to finance cash needed to close and still have a smaller loan balance than your
original -- and a balance that will qualify you for a favorable mortgage program tied to
your loan-to-value ratio. We can help you decide!
Many people find that it's advantageous to pay the cash needed at closing from checking,
savings or money market accounts or from other assets. This is because the less you borrow
on the new refinanced loan, the lower your monthly payment will be. But we'll work with
you to see if there is an advantageous refinancing program for you based on your ability
and willingness to pay closing costs and other fees and the amount you wish to borrow.
We want to make the best loan for you, work for you!
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Five ways to make the loan process go faster
We should say that "working with us" is the first way! When you let us help you find the
loan that's right for you, you truly are taking advantage of some of the area's best
technology and expertise to get you a loan decision and funding on your loan quickly.
But here are five "other" ways you can speed up the process of getting a mortgage loan:
- 1. Have everything ready and in one place. Elsewhere on our website, you'll find a
list of things you might need in support of your mortgage application. If you get
them all together and keep them in a safe, portable place like a special pouch or
folder, you can cut down on time spent rooting around for things we may need. Also,
you'll help cut down on your own anxiety and confusion.
- 2. Be honest and complete when you fill out your application. "Fudging" your employment
or residence history or omitting open credit accounts you'd rather not have considered
doesn't increase your chances of getting a favorable loan. In 100 percent of cases,
it makes it harder, and take longer.
- 3. Respond promptly to requests for additional information. During processing, we or
the lender considering your loan may need additional information. Provide it as soon
as you get the request, or return the call as soon as you get the message.
- 4. Be prepared to explain derogatory items in your credit report. This is really
part of number 2 above. If you had an illness or a divorce where you missed or made
late payments, or you have other instances of late payments or delinquencies on your
credit report, be prepared to explain them. Be honest, and don't be nervous! The
loan processor isn't judging you, they're trying to fill in all the blanks in
their paperwork.
- 5. Let the appraiser in! The appraisal is one of the lengthiest parts of the mortgage
loan process. Studies have shown that the single biggest factor in appraisal
"lag time" is the appraiser's inability to reach the homeowner to make an appointment.
If you're refinancing and the appraiser calls to make an appointment, make it as
soon as convenient for both of you.
And remember that the appraiser doesn't want to buy your house. He or she will say
what the house is worth clean and tidy and in reasonable repair, even if you have
some dirty laundry on the laundry room floor or dirty dishes in the sink. Cleaning
doesn't get you a higher appraisal! Letting the appraiser in as soon as possible
gets you a loan faster, though.
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Which refinancing option is best for you?
There aren't quite as many loan programs as there are borrowers, but it seems like it
sometimes! We'll work with you to qualify you for the best loan program to fit your needs.
But there are some general considerations you can have in mind in advance.
Are you refinancing primarily to lower your rate and monthly payments? Then your best option
might be a low fixed-rate loan. Maybe you have a fixed-rate mortgage now with a higher
rate, or maybe you have an ARM -- adjustable rate mortgage -- where the interest rate varies.
Even if it's low now, unlike your ARM, when you qualify for a fixed-rate mortgage you lock
that low rate in for the life of your loan. This is especially a good idea if you don't
think you'll be moving within the next five years or so. On the other hand, if you do see
yourself moving within the next few years, an ARM with a low initial rate might be the best
way to lower your monthly payment.
Are you refinancing primarily to cash out some home equity? Maybe you want to pay for
home improvements, pay your child's college tuition bill, take your dream vacation, whatever.
Then you'll want to qualify for a loan for more than the balance remaining on your current
mortgage. If you've had your current mortgage for a number of years and/or have a mortgage
whose interest rate is higher, you may be able to do this without increasing your monthly payment.
You want to cash out some equity to consolidate other debt? Good idea! If you have the
equity in your home to make it work, paying off other debt with higher interest rates
than the interest rate on your mortgage -- for example, credit cards, home equity loans,
car loans, some student loans -- means you can save possibly hundreds of dollars a month.
Do you want to build up home equity more quickly, and pay off your mortgage sooner?
Consider refinancing with a shorter-term loan, such as a 15-year mortgage. Your payments
will be higher than with a longer-term loan, but in exchange, you will pay substantially
less interest and will build up equity more quickly. If you have had your current 30-year
mortgage for a number of years and the loan balance is relatively low, you may be able to
do this without increasing your monthly payment -- you may even be able to save! For example,
let's say years ago you took out a $150,000 30-year mortgage at eight percent. Your payment
is about $1,100, exclusive of taxes, insurance and so on. If your balance today is down
to $130,000, you might take out a 15-year mortgage at six percent and have an almost
identical monthly payment. This is a great option for people whose main goal is not to
save money on their monthly payment but rather want to build up equity and pay off
their home more quickly.
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Get the best mortgage loan for you
When you decide to buy a home or refinance a mortgage, it's a big step. You can trust us
to find the loan program that's best for you.
Buying a new home is a source of anxiety, frustration -- and a huge sense of accomplishment.
You didn't pick the house that was best for someone else, you picked the one that's right for you!
Trust our professionals to find the mortgage loan that best fits your needs, too. "Less
paperwork and more personal attention" means you enter a frustration-free zone from
application to decision. Getting the right mortgage loan is like getting the keys to your
new house! We can help you get there.
Refinancing your current mortgage has never been easier. If you thought refinancing meant
getting buried under mountains of paperwork, think again! We make it easy and worry-free
to reduce your interest rate and monthly payment. We can even help you pay down your balance
more quickly for comparable monthly payment. Let our professionals guide you to the very
best refinanced loan!
Tapping into your home equity is easier than ever before. You've been paying down your
balance, and property values have gone up! Tap into that wealth and reward yourself.
We'll help with the best program to fit your goals.
Our mortgage professionals give you the personal attention you deserve and treat you with
the respect due a valued customer. We understand you're making a commitment in buying a
new home, refinancing and mortgage or cashing out your home equity. So we make a commitment
to you. We will help you qualify, apply and be approved for the right mortgage loan for
you. Not anybody else!
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Home mortgages subject to credit review and approval