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The Advantages of Getting a CRMbs Mortgage

How is CRMbs better than other lenders?

CRMbs offers you lower rates and faster approvals than most other lenders. Our rates are consistently among the lowest in the nation and we can usually approve a loan within 24 hours of receipt of all documentation. Plus, as we are your actual loan provider--not a web intermediary for some other lender - you have the comfort of knowing you're dealing directly with your loan provider.
 

What other advantages does CRMbs offer me?

You'll be served by a financially-strong and experienced loan provider. Prior to initiating our online CRMbs service, our company gained a national reputation as an industry-leader in mortgage lending and servicing. We are an established company you can trust. A company that will treat you with respect, courtesy and absolute integrity. Most important, our Loan Advisors are exceptional at helping you identify the loan that is most advantageous to your goals and financial situation.
 

Anything else I should know about CRMbs?

You should know that CRMbs is one of the few lenders that offers conventional, FHA/VA and cash out loans. CRMbs offers a wide variety of programs including 100% financing, no assets, limited doc loans and less than perfect credit loans. We'll do everything we can to help you get the loan you require.
 

Can I get pre-approved for a loan before I choose a house to buy?

Absolutely. In fact, it's smart to have a pre-approval letter to show the realtor or home seller when you find a house you'd like to buy. A pre-approval letter evidences you're a serious buyer and indicates the approximate loan amount you can afford. Pre-approval is determined by providing income, expense and asset information and running your credit report.
 

How do I determine how much I can afford for mortgage payments?

Use the Affordability Calculator to get a quick estimate. This is an easy way to calculate the ratio, the amount of your monthly bills, plus the projected mortgage payment to your monthly net income. Use the calculator as often as you wish with different scenarios until you are satisfied with the result.
 

Is my personal financial information safe if I use the calculators and complete the application?

Yes. CRMbs employs sophisticated web-security technologies and maintains a privacy policy of the highest standard. Feel free to use the calculators as often as you wish, anonymously, as we do not collect this information. Be assured, too, that when you submit an online application to us that we do not share it with anyone. It's confidential information between you and us.
 

How do I submit an application?

Just click Apply Here on our Home Page. The application is easy to complete. If you need help, just call 1-408-779-9199 and a Loan Advisor will assist you by phone. Once all your information is entered correctly, just click Submit.
 

Who will contact me once I have submitted an application?

When you submit an application to CRMbs, you'll be assigned a Loan Advisor who will answer your questions and collect any additional information necessary to expedite your application through the loan process. This person will be your primary contact. You can communicate with your personal Loan Advisor at any time by email, phone or by regular mail. How responsive are we? When you submit your application online and include the phone number at which you can be reached, your Loan Advisor will call you within minutes to introduce him/herself and confirm our receipt of your application. That's the kind of attentive, responsive service you can expect from CRMbs.
 

What do I do after I've submitted my loan application?

Once we have received your loan application - whether you've applied online or by mail--your Loan Advisor will notify you that your loan is in process. Within 3 business days, you'll also receive a loan package from us containing documents for your signature as well as a list of additional documents we'll need to complete your loan application. Mail them back to us in the return envelope provided.
 

How can I check the status of my loan application?

You can email or telephone your Loan Advisor at any time. 
 

How quickly will my loan be approved?

CRMbs provides expeditious approval. Once you have submitted all necessary information and documentation, you will be notified instantly.
 

How will I know what my loan interest rate is and when do I get it?

Once your application and all documentation are received by CRMbs, we will notify you via email that everything is in order and provide you with your interest rate. You can then lock-in - at no cost to you - for 30, 45 or 60 days. Rate locks for periods beyond 60 days may require an up-front fee.
 

Who will order the home appraisal and when will it happen?

CRMbs will order the appraisal once all your documentation has been received and reviewed by us. We will notify you when the appraisal has been completed.
 

I've had credit problems in the past, should I forget about buying a home?

Absolutely not. Call 1-408-779-9199 and talk to one of our Loan Advisors. We can determine if any previous or current credit problems might disqualify you from applying at this time and provide direction on how you can resolve those problems and improve your credit worthiness. The important thing is to call us. We offer a variety of mortgage programs for people with less than perfect credit and we will do everything we can to get you the loan you need.
 

How can I make sure the information on my Credit Report is correct?

Your Credit Report reflects the information reported to the credit bureaus by each of your creditors. The information changes each time something is added or deleted form your credit file. For example: paying off an account, opening a new credit account or making a late payment on one of your accounts will appear on your credit record. To be certain your credit file is correct, request a copy of your credit report periodically. If you think an entry is in error, notify the appropriate credit bureau and ask that errors be corrected. You can request a copy of your credit report from either of these two credit bureaus: Experian or Equifax.
 

What loan products does CRMbs offer?

We offer all conventional fixed-rate and adjustable-rate loans as well as FHA/VA, cash out loans and less than perfect credit loans.
 

What's the difference between a fixed-rate and an adjustable-rate mortgage?

With a fixed-rate mortgage, the interest rate is determined when you are approved for a mortgage and remains the same for the term of the loan. It can never go up. Adjustable-rate mortgages (ARMs) have a variable interest rate. Typically, the interest rate is lower the first year, then increases or decreases at predetermined, agreed-upon intervals. Which is best for you? Use the Fixed-Rate versus ARM Calculator to determine which is to your best advantage.
 

What are points?

A point is 1 percent of the loan amount. For example: if a lender charges 2 points on a $200,000 loan, you will pay $4,000 for points. Sometimes it is advantageous to pay higher points in order to get a lower interest rate. You will pay for the points at the time of closing but you can generally deduct the cost of points as interest on your income tax return.
 

What is PMI?

Lenders require Private Mortgage Insurance (PMI) when a borrower makes less than a 20% down payment on the home being purchased. PMI protects the lender from loss if the borrower fails to make mortgage payments. The good news is the borrower is usually relieved from paying PMI once the equity in the home exceeds 20%.
 

What advantages does a CRMbs Home Equity Loan offer me?

CRMbs offers you several outstanding advantages:

• Low rates
• Low monthly payments
• No application fee
• No points
• No hidden fees
• No prepayment penalties
• Apply online
• Instant approval
• Borrow up to 125% of the equity in your home
• Potential tax-savings (the interest you pay may be fully tax-deductible which further reduces your cost of borrowing. Consult your tax advisor regarding the deductibility of interest.)

For your further convenience, CRMbs offers both fixed-rate and variable - rate Home Equity Loans.
 

I currently have a Home Equity Loan from another lender at a higher interest rate than what you're offering. Can I switch my loan to the lower rates at CRMbs?

Yes you can! Just complete and submit your Home Equity Loan application. Upon approval of your loan, you can use your loan proceeds to pay off your existing home equity loan and enjoy our lower rates. You'll save money and it's quick and easy to do.
 

How much can I borrow?

At CRMbs, you can borrow up to 125% of the equity in your home. For example: If your home has a current market value of $300,000 and an outstanding mortgage balance of $180,000, you have $120,000 in available equity. That's the amount you can borrow. 
 

Am I free to use my CRMbs Home Equity Loan as I wish?

Yes. How you use your loan proceeds is entirely up to you. Here are some of the most common ways Home Equity Loan clients are using their funds:

• Debt consolidation (paying off higher interest credit card and other debt)
• Medical expenses
• Education expenses
• Home improvements/renovations/repairs
• Major purchases (cars, boats, home appliances)
• Vacation and family expenses

Why do homeowners refinance and would it be smart for me?

Homeowners refinance to accomplish a variety of goals, but for one basic reason: to save money. To save money by getting a lower interest rate. To save money by using a tax-deductible loan (the refinance) to pay off non-tax-deductible debt. That's tax smart! People most commonly use a refinance to:

• Convert a higher interest rate mortgage to a lower interest rate mortgage
• Lower their cost of debt by converting non-tax-deductible debt, such as credit cards or car loans, to tax-deductible mortgage debt.
• Convert an adjustable rate mortgage to a fixed rate
• Consolidate a first and second mortgage into one lower-rate mortgage
• To get cash for family needs/expenses (tuition, medical expenses, etc.)

The key point to remember in all these instances is a refinanced mortgage offers you tax-deductible borrowing (which effectively lowers your cost of borrowing). Is a refinance a smart move for you? To find out, try the calculators or call a CRMbs Loan Advisor at 1-408-779-9199. You'll get our honest, objective opinion on what's most advantageous for you.
 

How do I apply for a CRMbs Refinance?

The application process is quick, easy and you can do it online.
 

How soon will I know if my CRMbs Refinance has been approved?

Once your application has been received you will be notified instantly!