Refinancing of Home Loans from Veritas Lending Inc


Frequently Asked Questions:




How do I know how much house I can afford?
Generally speaking, you can purchase or refinance a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.


What is the difference between a fixed-rate loan and an adjustable-rate loan?
With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.



How is an index and margin used in an ARM?
An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).



How do I know which type of mortgage is best for me?
There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Veritas Lending, Inc can help you evaluate your choices and help you make the most appropriate decision.



What does my mortgage payment include?
For most homeowners, the monthly mortgage payments include three separate parts:
Principal: Repayment on the amount borrowed
Interest: Payment to the lender for the amount borrowed
Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.



How much cash will I need to purchase a home?
The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
Earnest Money: The deposit that is supplied when you make an offer on the house
Down Payment: A percentage of the cost of the home that is due at settlement
Closing Costs: Costs associated with processing mortgage paperwork to purchase or refinance a house
 


Don’t see the loan you are looking for here? Call us and we will help you find the loan you need. Our extensive experience allows us to fit borrowers into programs when they have been turned down by other lenders.

Apply online today to get the best interest rates available! Don’t forget to use our Mortgage Calculator to determine your payments.




We do business in accordance with the Federal Fair Housing Law (The Fair Housing Amendments Act of 1988). It is illegal to discriminate against any person, because of race, color, religion, sex, handicap, familial status, or national origin.

Veritas Lending, Inc. is centrally located to Tampa Bay in beautiful St. Petersburg Florida.  We are licensed to do business throughout the State of Florida.


Veritas Lending, Inc
5022 73rd Avenue North, Pinellas Park, FL 33781
Ph: (727)-388-0512    Fax: (727)-456-4463
Serving home mortgage clients within the Tampa Bay Region
and throughout Florida including Tampa Clearwater and St. Petersburg
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