With regards to monies being retrieved from your savings account to pay for your mortgage it would be best to contact legal advice from an attorney.

Mortgage insurance is required by most lenders on loans that exceed 80% "Loan to Value" (LTV). LTV is defined as the balance you owe on your loan compared to the appraised value of your home. Once your LTV equals 80%, from paying your principle down and/or through appreciation of your home's value over time, you can request that your mortgage insurance be removed.   [less]

Absolutely! While guidelines have tightened considerably in recent months, there are still many loan programs with exceptionally favorable terms to accommodate the self employed and “stated income” borrower. What has changed recently is that lenders are now placing increased emphasis on the credit report and, in some cases, liquid reserves (savings) when making their final lending decision.  [less]

Are they good or bad? Points are used to obtain a lower rate. One point is equal to one percent of the loan amount. Here is an example: (#1: Loan Amount - $400,000, Rate - 6.625%, Points - 0, Payment - $2,561) (#2: Loan Amount - $400,000, Rate - 6.000%, Points - 2, Payment - $2,398) In option #1 we elected zero points and our payment is $2,561. In option #2 we elected to pay 2 points, costing $8,000, but our payment is $163 lower per month because the points “bought” us a lower rate. So now the question, “are points good or bad?”, can be answered by figuring out how long we must keep this loan for our payment reduction of $163 to recover the $8,000 we paid to get that lower payment. The answer is 49 months. In 49 months, our $163 payment savings will have recovered the $8,000 in point cost. If we keep this loan longer than 49 months, the math says paying points is a good idea, whereas, if we keep this loan less than 49 months, it’s a bad idea. There are two very good rules of thumb to remember: (1) one point will typically lower the rate .375 and (2) if the intention is to be in the loan for five or more years, you’ll come out ahead by using points to lower the rate.   [less]

We have closed loans in as little as five business days. Most loans, however, average roughly ten business days from start to finish.

No – While some lenders charge an upfront, out of pocket “lock-in” fee, application fee or origination fee. Pro City Mortgage has eliminated any out of pocket expense… we will even pay to have you home appraised.  [less]

1. Options- As a mortgage broker we are not confined to one set of lending guidelines. The ability to arrange loans with any of the top mortgage banks allows us to match your qualifications perfectly with the right lender and with the best terms. Because of this diversity, over 90% of our applicants receive lender approval for their loan. 2. Rate and Cost Guarantee- We are so confident that you will receive the best loan terms with us that we will promptly write a check to you for $500 should you find a better rate and cost structure elsewhere. Please visit us at www.procitymortgage.com for more details on this guarantee. 3. TrueQuote - Equally as important as obtaining the best rate and cost quote is having that quote delivered at signing. Our thoroughness and attention to detail is what allows us to deliver at signing what we promised up front.  [less]