Just because it hasn't been done, doesn't mean it can't be done.
Call for a Free Consultation
866-872-8310
1747 N. University Dr.
Pembroke Pines, FL33024
2132 Hollywood Blvd.
Hollywood, Florida 33020
5 Star rated originator rather than approved/peferred View our LendingTree Profile.
FAQ
Questions
Answers
Why should I select Residential Savings Mortgage, Inc. for my mortgage?

Residential Savings Mortgage, Inc. is a Licensed Mortgage Lender and Brokerage Business with access to the wholesale mortgage rates, which are lower than most retail lenders and banks. We maintain relationships with the largest lenders in the mortgage industry to ensure our clients receive the best rates and have access to the most desired mortgages in the industry. Our files are processed and approved in-house, decreasing the numbers of days you have to wait for an underwriting approval and closing date. Along every step of the approval process you can contact our Processing Team for updates and to confirm your closing date. Our efficiencies, competence and commitment to excellent service will make you a customer for life!

Can I get approved if my mortgage is late, or my credit scores are low, or I am unable to verify my income?

At Residential Savings Mortgage, Inc. you will benefit from our experience, diligence and confidentiality. Given the current economic conditions, many consumers have varying circumstances, and for such we offer many different mortgage solutions tailored to meet your every need. Regardless of your current mortgage history or credit scores, we will attempt to complete your request. All customers, regardless of qualifications, will be treated in a consistent manner that emphasizes respect, commitment and confidentiality.

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, based on increases or decrease to the index used for the mortgage. 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. A fixed-rate mortgage provides security due to the payment remains fixed. An ARM loan usually allows for a lower initial interest rate for the first few years of the loan, but the payment and rate can increase at the end of the fixed-rate period. The best way to select a mortgage product is by calling us and talking to a mortgage professional to discuss your current needs and future goals.

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 the sum of the indexed rate and the margin. During the life of an ARM loan, the margin remains constant and the index is variable. The index can change each month. 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). An ARM mortgage may provide more benefits for financing that will be short-term due to a lower initial interest rate. Please contact the mortgage professionals at Residential Savings Mortgage to discuss the many options available for ARM products.

How do I know what amount of a mortgage payment I can afford for a new home purchase?

In general, most clients purchase a home with a value of two or three times their annual household income. However, the amount that you can borrow will also depend upon your employment history and income, credit history, current savings and debts, and the amount of down payment you are able to afford. You may also be able to take advantage of special loan programs for home buyers that allow exceptions to standard underwriting guidelines. Give us a call, and we can help you determine the housing payment for your budget.

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, your currently monthly bills and how long you intend to keep your house. Residential Savings Mortgage, Inc can review and discuss your qualifications and goals, and help you make the most advantageous decision. Please call our office, toll free 866.872.8310, to discuss your financing options.

What does my mortgage payment include?

For most homeowners, the monthly mortgage payments include up to four separate items:

  • Principal: Repayment on the amount borrowed
  • Interest: Payment to the lender for the amount borrowed
  • Property Taxes
  • Homeowners Insurance, also Flood Insurance if required
  • Monthly Mortgage Insurance may be applicable if financing is offered at greater than 80% of purchase price, or if the mortgage type is FHA

Please contact our office, toll free 866.872.8310, to discuss how we can lower your current payment and interest rate.

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, this amount is added to your down payment on the Settlement/Closing Date
  • Down Payment: A percentage of the purchase price of the home that is due at Settlement/Closing Date
  • Closing Costs: Costs associated with a real estate closing and includes items such as Lender Fees, Title-related Fees, Mortgage Recording and any applicable State or Local taxes
  • Prepaid Items: These items are usually paid prior to the Settlement/Closing Date and include Appraisal Fee, Survey Fee, Prepaid HO & FLOOD Insurance Premium(s)
  • Initial Escrow Deposit: Amount of monies required to be deposited into the new mortgage's Escrow Account on the Settlement/Closing Date to allow for payment-in-full when tax bills and insurance premiums come due at future dates
  • Interim Interest: Prepaid interest paid to the Lender on Settlement/Closing Date to allow for the first payment date for the new mortgage to be due on the 1st day of the next following month as opposed to the 1st day of the next month

What are the steps involved in purchasing my home?

The first step in the home buying process is to obtain a Mortgage Pre-Approval. Please contact us, as we can review your job history and income, your current assets and your credit report and provide you with a Pre-Approval Letter. The Pre-Approval allows you to pursue your home purchase in the knowledge that your income, assets and credit are sufficient, and also shows others (realtors, sellers) that you are able to complete a home purchase transaction---a Pre-Approval is not a Final Underwriting Approval/Commitment, which is provided once all supporting document is reviewed and deem sufficient, as well as a satisfactory Appraisal Report and Title Work.

Once the Pre-Approval is provided, the search for your new home starts. Available properties can be found by working with a Realtor or utilizing other home listing sources. Once you find the home that meets your needs, or most of them, you can make an offer to the seller to purchase; if you have utilized a Realtor, the Realtor will handle the sales offer and negotiations. Once the sales price is agreed upon by both the seller and you, the Sales Contract can be signed and a Settlement/Closing Date be agreed. Now the processing and underwriting of your mortgage file can begin, this normally takes about three weeks and you will be advised by our Processing Team along each step of the process. Please call our office anytime for an update, as we are here to serve you.

 
We Proudly Support