Arvest Bank Loans Officers

Question 1

What can I do to get rid of PMI from an FHA Loan?

Answer

There are several methods to eliminate PMI from an FHA loan. One way is to reach an equity level that is sufficient in the home. Another option is to hold off until the loan balance is below 78% of the property's initial value. Finally, there is a program called "Mortgagee release" which permits borrowers to get their PMI release after the mortgage balance is paid to 80percent. Arvest Bank Loans Officers.

Question 2

What exactly is an installment Loan?

Answer

An installment loan lets you get money at a predetermined amount, and then make monthly payments to pay back the loan. The installment loan for any purpose such as a car purchase or home renovation as well as debt consolidation, medical expenses or the consolidation of mortgages. The typical installment loan comes with lower rates of interest than credit cards or personal loan or mortgage. Also, the conditions (the repayment term and the monthly amount) can be tailored to suit your particular needs. If you're looking to get large amounts of cash and break down the payments into smaller, manageable installments, this could be an option. Arvest Bank Officers.

Question 3

What collateral is available to obtain a personal mortgage?

Answer

A collateral for a personal loan could be many different assets such as cars or homes. Bonds and stocks are other options. It's important to discuss what options are available as collateral with the lending institution before making an application. In the case of acceptable collateral, some lenders are more flexible than others. It is best to discuss the possibilities with the lender prior to you file your application. This will ensure that everyone is on the same page and avoid any surprises later. Arvest Officers.

Question 4

What is a fixed rate loan?

Answer

A fixed-rate loan means that the interest rate does not change over the term of the loan. The benefit of a fixed-rate loan is that the borrower knows exactly what their monthly payments will be and they can budget in line with their budget. But there's a downside however: they may be able to refinance their loan to obtain a lower rate for a new loan, if interest rates go down. Arvest Bank Loans Officers.

Question 5

What is a "hard money loan"?

Answer

A hard money loan is one that's secured by real estate or other assets. These loans are utilized to finance projects of a short duration such as construction or fixes and flips. Although these lenders tend to be more costly than conventional banks, they are more likely to approve loans quicker. Arvest Bank Officers.

Question 6

What is a loan disclosure?

Answer

A loan disclosure is a document that lists the terms and conditions for the loan. It includes information about the interest rate and the amount of the loan. The objective of the disclosure of loan is to ensure that borrowers are aware of the conditions of the loan and are able to make an informed decision on whether or not to proceed with the loan. Lenders can also use it to protect themselves against potential legal actions in the event of disputes. Arvest Officers.

Question 7

What is a suitable ratio of loan-to-value?

Answer

A ratio of less than 80% is thought to be to be a good ratio. The lender will be only accountable for the 80% of the house's purchase price, whereas the buyer will be required to pay for 20 percent. Because you are less likely to fail, it's important to have a low debt to value ratio. If you fail to pay then the lender will be able to recover more cash by selling your home. Arvest Bank Loans Officers.

Question 8

What is the maximum amount I can qualify for a va loan?

Answer

The VA does not have a maximum loan amount. Instead, the VA uses the conforming loan limit that is set by Fannie Mae/Freddie Mac to determine the maximum amount you are able to borrow. These limits are contingent on the property's location. The VA will provide loans that are up to these limits. It is necessary to have additional funds if you intend to borrow more money than the amount guaranteed by the guaranteed. Find out what you're eligible for by using our free online VA Loan Limit Calculator. Arvest Bank Officers.

Question 9

What is a loan forbearance?

Answer

A loan forbearance allows the lender to stop taking payments from the borrower for a specific time. The borrower is given the opportunity to catch up with any outstanding payments or locate a new source of income. The loan's interest will continue to accrue throughout the forbearance period, which could last for as long as one year. The lender might also charge a forbearance fee, which is typically an amount equal to the outstanding balance of the loan. Arvest Officers.

Question 10

What is the definition of hard money?

Answer

A loan with a hard-money character is secured by real estate or other assets. These loans are often used to finance projects that are short-term such as repair-and-flips or construction. Though they do charge higher interest rates than traditional banks and tend to approve loans more quickly Hard money lenders tend to be less expensive. Arvest Bank Loans Officers.