Rhonda Copeland The Mortgage Broker

What is the difference between a broker and a lender? A broker is a person who, for a commission or a fee, brings a lender together with the borrower and assists in negotiating terms between them but does not have their own money to lend. A lender is a company who makes mortgage loans. MortgageStar is a licensed lender in Colorado, Connecticut, Washington DC, Florida, Georgia, Indiana, Maryland, Minnesota, Montana, North Carolina, South Carolina, and Virginia. Application pending in New York.                                                                                                                                                      Can I refinance more than once? Absolutely! If you have already refinanced and interest rates continue to drop, why not refinance again! Remember, when you refinance for a second time you get a great tax deduction, all of the points that have not yet been deducted from the first refinancing can be written off in one lump sum! The tax deductions may be enough to offset all of the costs of the second refinance! Always consult a certified tax accountant.

How long does an approval take? An approval from MortgageStar could take as little as 24 hours! I might ask to review some of the following documents to help speed the process: tax returns from the previous two years, copies of recent paycheck stubs, your last mortgage statement, and your homeowners insurance policy. For a faster, more efficient approval, have all of your paperwork together before you apply!

Will I have to pay closing costs? Closing costs will vary with each particular program. I will inform you of any closing costs prior to your closing date.

Will I have to have an appraisal? More than likely, an appraisal will be ordered after you are approved. This ensures that MortgageStar has accurate information and offers you the best program available.

Why should I refinance for a 15 year term rather than a 30 year term? When you refinance for a shorter term, you are saving money in interest! With a shorter term, you pay less interest over the life of the loan, the shorter the term the less interest you pay!

Will there be a penalty if I make extra payments on my mortgage? No, that means if you decide to make extra payments toward the principal balance of your mortgage, feel free! MortgageStar will not penalize you for trying to get ahead on your mortgage!

I have bad credit, is there a program for me? Since MortgageStar has so many loan programs available, we have something for everyone! There is no application fee, so it does not hurt to try!

How long must my bankruptcy be discharged before I refinance? Since, a bankruptcy can drastically change your credit rating, MortgageStar requires that an applicant be discharged before applying to refinance.

Will I have to pay an application fee? MortgageStar does not charge an application fee or any other up-front fees. Fees to a third party appraiser are generally required at applications.