Transacting
FALSE! Code "PP" will allow for principle only payments!
Where can a member find our current mortgage rates?
AffinityPlus.org, top RATES, Mortgage/Home Loans
You see a home equity loan on 360 Overview screen, but no mortgage. This means they didn't qualify for a conventional mortgage with us. T/F?
FALSE! They might have their first mortgage at another lender, or they might have their first mortgage as a home equity loan (uncommon).
No minimum, however since the member pays closing costs, loans under $10,000 might be better in a different loan type.
What does 'equity' mean in relation to lending?
The value of a mortgaged property after the loan balance is removed.
Example: Your home is worth $100,000 and you have a mortgage of $60,000. There is $40,000 of equity.
Where can you find a members mortgage interest rate in Episys?
IQ over, Related Functions, View FICS Mortgage Servicer Loan General Information
How can members learn more about the home buying process?
Virtual Seminars (Events tab), articles under the "learn" section, and speaking with an MLO via phone, Video Banking, or in the branch!
You see our member already has a "Homeowner Consolidation Loan". Could a home equity loan be beneficial option?
Yes! The HOCL is still unsecured loan. If we can tie that debt to some collateral (the house in this case) it could save them money!
It is against the law to put in an application for a member who is with you at your desk. T/F?
False - you are more than welcome to help our members thru any of our applications both mortgage and consumer loans!
What does HELOC stand for and what is it?
Home Equity Line of Credit: a line of credit with a home as collateral.
Where can you find a FIRST MORTGAGE payoff statment?
You can't! You have to reach out to an MLO and/or Mortgage Servicing. They will send it to you via PDF.
How many MLO's work on Saturdays and how can you best reach them?
When the "Saturday Resources" emails comes out, the 2+ MLOs will be listed. For non-urgent requests, use the online contact request form.
A member mentions they have their home on the market, and they would like to do a few improvements to get a higher offer. A Home Equity would be a great option! T/F?
False! We cannot do any lending against a property that is currently listed on the market.
How can you give a member an ESTIMATE on closing costs?
The Loop! "2022 Closing Cost Calculator"
How many times a year can members pull funds from their HELOC?
Unlimited! The HELOC is opened for 10 years or less if the home is sold.
How long is the grace period for 1st mortgages and what is the late fee?
Payments need to be made by 2pm on 16th of the month. Late fees are 5% of the principle & interest payment.
Due to lending guidelines, members are NOT able to apply for home loans online. T/F?
FALSE! They are often encouraged to get an application started online so the MLO can look at the whole picture and advise our members!
Interest rates are too high right now to suggest we do a review of their mortgage. T/F?
False, while rates are higher than we have seen in the past years - there is still value in reviewing our members unique situation.
At Affinity Plus, we offer VA loans. T/F?
TRUE!
What is the difference between fixed rates and variable rates?
Fixed rate is locked into that rate for the term of the loan while variable rates change with PRIME set by the Federal Reserve.
How is a HELOC payment calculated?
1.25% of the balance as of the last draw.
Can you name 5+ loans that our mortgage team can help with?
Purchase, Refinance, Home Equity loan, HELOC, VA loans, Construction Loan, Land Loans, Investment Properties, and Solar Loans.
You are working with a member who wants to consolidate their credit card debt. They have lived in their home for 7 yrs and feel they have built up some good equity. How do you transition to a conversation on how Kellie could help?
Members have to have 20% down before we can consider helping them purchase a home. T/F?
False! While that is always preferred, there are times we can borrow with as little as 3% down.
What does it mean to "escrow" and do we require it?
An escrow account is essentially a savings account that’s within your mortgage. When payments are made, lenders deposit a portion of each mortgage payment into your escrow to cover your estimated property taxes and your homeowners insurance premiums. Escrowing is NOT required.