Who do I
contact for information and questions on using ProQuest Mortgage and
Lending, Inc.
If you have any
inquiries prior to completing the online application, please call
954-727-2998 Mondays to Fridays from 9:00 a.m. to 5:00 p.m. or fax
your concerns to 954-727-2001. Our highly trained Mortgage
Officers will be glad to assist you.
Click here
to fill out application.
What is
Pre-approval?
When buying a home, you may be
pre-qualified or pre-approved. You can pre-qualified over the phone
or on the internet in a few minutes. If you are Pre-approved you
will know your maximum home loan value. This allows you to view
property in your price range and close quicker.
Click here
to find out how to get pre-approved.
What mistakes
are commonly made when buying or refinancing a home?
If you're like most people,
purchasing a home is the biggest investment you'll ever make. If
you're considering buying a home, you're likely aware of the
complexity of the endeavor. Because of the numerous factors to
consider when purchasing a home, it's important to prepare as best
you can. As a potential buyer competing for a home, you'll have a
better chance of getting your offer accepted by being as prepared as
possible.
Neither pre-qualified nor pre-approved
This buyer provides no evidence
that they can afford to purchase your property. The seller
wonder how serious they are since they're not at least
pre-qualified.
Pre-qualified
This buyer has met with a
mortgage broker (or lender) and discussed their situation. The
buyer has informed the broker regarding their income, expenses,
assets and liabilities. The broker may also have seen their
credit report. The buyer provided you with a letter from the
broker stating an opinion of what the buyer can afford.
Pre-approved
This buyer has completed a loan
application, provided a broker or lender with written evidence
of income, expenses, assets, liabilities and credit. All
information has been verified by a lender. Much of the paperwork
for this buyer's loan has been completed. This buyer will
probably be able to close quickly. They provide you with a
letter (pre-approval certificate) from the lender.
Should I buy a
home without professional inspections?
Unless you're buying a new home
with warranties on most equipment, consider obtaining property,
roof, structural and pest control and other relevant inspections.
This way you'll know what you are buying. Inspection reports are
great negotiating tools when asking the seller to make needed
repairs. When a professional inspector recommends that certain
repairs be done, the seller is more likely to agree to do them.
When do I start shopping for home
insurance?
Start shopping for insurance as
soon as you have an accepted offer. Many buyers wait until the last
minute to get insurance and do not have time to shop around.
Signing documents without reading them. Whenever possible, review in
advance the documents you'll be signing. (Even though some specifics
of your transaction may not be known early in the transaction, the
documents you'll sign are standard forms and are available for
review.) It's unlikely that you'll have sufficient time to read all
the documents during the closing appointment.
Refinancing your home
Refinancing with your existing
lender without shopping around. Your existing lender may not have
the best rates and programs. There is a general misconception that
it is easier to work with your current lender. In most cases, your
current lender will require the same documentation as other
companies. Even if you have made all your mortgage payments on time,
your existing lender will still have to verify assets, liabilities,
employment, etc. all over again.
Not doing a
break-even analysis. Determine the total cost of the
transaction, then calculate how much you will save every month.
Divide the total cost by the monthly savings to find the number of
months you will have to stay in the property to break even. E.g., if
your transaction costs $2000 and you save $50/month, you break even
in 2000/50 = 40 months. In this case you'd refinance if you planned
to stay in your home for at least 40 months.
What is a
FICO score?
A FICO score is a credit score
developed by Fair Isaac & Co. Credit scoring is a method of
determining the likelihood that credit users will pay their bills. A
credit score attempts to condense a borrowers credit history into a
single number. Credit scores analyze a borrower's credit history
considering numerous factors such as:
- Late payments
- The amount of time credit has
been established
- The amount of credit used
versus the amount of credit available
- Length of time at present
residence
- Employment history
- Negative credit information
such as bankruptcies, charge-offs, collections, etc.
After I
apply for a Mortgage, what should I expect?
Once your
mortgage application is received whether on-line, by mail, by fax or
person-to-person you will receive notification from ProQuest that
your application is acknowledged and is in process. We’ll keep in
contact with you as to its status.
Can I apply
for a mortgage to purchase a property before I find the
property?
Yes, but the
Pre-Approved Mortgage arranged will be subject to various conditions
set out by Lender and Approved on the Information you provided and
subject to the specific property purchased.
Can I obtain
loan programs/rates over the phone?
Yes, at
any time during your mortgage approval process you can select to
work with an agent if you wish and it is most likely a Mortgage
Specialist will be assigned to your file to work with you once your
application is submitted to ProQuest Mortgage and Lending.
Is
there a cost for submitting a mortgage application?
Please be
assured that you will not incur any application fees whatsoever for
our services. You will be advised of any costs such a appraisal fees
payable to a Appraiser after our Underwriting Department has
reviewed you application, obtained a preliminary mortgage approval
and has reviewed them with you for your approval.
How
quickly will my mortgage be approved?
Once you
application has been submitted it is usually reviewed by our
experienced Underwriting Department the same day and subject to the
completeness and accuracy of the application a preliminary approval
usually occurs within 24-48 hours.
Does ProQuest Mortgage have programs for mortgage applicants who have been
turned down elsewhere due to income, credit problems, length of time
on the job, being a new resident, past bankrupt, self employed, on
commission, divorced or for other reasons?
ProQuest has
arranged mortgage funds for home owners and existing homeowners who
required mortgages strictly on sufficient equity in the subject
homes.
Can't find
your question, click here
to ask one of our representatives.
PML Mortgage covers
ALL of Florida
