Pacific Capital Mortgage Inc.
The Funding Gurus
About The Company
Pacific Capital Mortgage, Inc. is one of the leading mortgage providers in the McAllen area. My aim is to help clients find and get the best deal on their mortgage, and I work to make the process as stress-free as possible by helping you deal with all the technicalities and processes involved. I have been ...
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Areas Covered
Rio Grand Valley
Availability
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Office location
4900 W Expressway 83, Suite 230, McAllen, Texas, 78501Give us a call
(855) 206-2488Send us an email
[email protected]Other website
pacificapital.brokeroriginationsolution.com/FAQ
Frequently Asked Questions
Fixed rate or adjustable rate?
Right now, we are generally recommending fixed rate loans. The future interest rates are impossible to predict, but given how low rates are currently we feel that the most likely direction for rates to head is higher. However, since adjustable rate …
Read moreAPR or interest rate?
APR is intended to display the total cost to borrow over the loan amortization period. The APR includes the interest charges, fees associated with origination of the loan, and on-going fees such as mortgage insurance. Because of the importance of …
Read moreHow is property value estimated?
From a lending perspective, the value of the property is the lesser of the sales price (in the case of a purchase transaction) or the appraised value. There are many internet sites that can provided an estimated value, and those can be helpful, but …
Read moreCan I get a loan with less than perfect credit?
Definitely, but generally the better credit profile you have the better terms you will get. Although you don't have to have perfect credit, there are some credit profiles that will not be acceptable to lenders but we do encourage all borrowers to …
Read moreHow should I estimate my property tax and insurance payments?
If you are buying your first home, you should generally expect to pay 1.45% of the purchase price toward annual property taxes. Regarding property insurance, the best way to get an estimate is to contact your insurance agent as these rates can vary …
Read moreHow often does the escrow portion of my monthly payment change?
There is not a pre-set timeframe for when the escrow portion of your monthly payment changes. At least yearly, the servicer will perform an analysis of the amounts needed to pay for property taxes and insurance coverage and determine if enough …
Read moreHow do I qualify for a loan?
Your ability to qualify for the loan depends on a wide range of factors, here is a bit of text from the U.S. Government Agency called the Consumer Financial Protection Bureau.
Lenders are required to verify and document that the consumer has a …
Read moreWhen will I know my interest rate, and will it change?
First let's define two key terms, those are "Floating" and "Locked". Before you apply for a loan you are neither floating nor locked, you are just in a pre-application state. When you have applied for a loan but have not asked us to lock your rate, …
Read moreShould I refinance?
You would want to refinance to improve your current situation where that improvement exceeds the costs. The improvement(s) could be:
A lower payment
Read moreDo I get to keep the appraisal?
Of course! We would do this anyway, but it also happens to be a Federal Regulation that all lenders will (or had better) follow.
Read moreHow does an Appraiser determine a value?
It is the appraiser's responsibility to adequately research the local real-estate market and to determine which comparable sales best represent the value characteristics of the subject property. A comparable sale is a property that has recently …
Read moreIs "Pre-paid Interest" a fee associated with getting a loan?
It is not considered a fee – but, we understand that it might feel that way! Pre-paid interest is actually just the amount of interest that "covers" the cost of having access to the Lender’s funds prior to the loan starting generate interest income …
Read moreWhat is a "Point" and should I pay it?
A "Point" is equal to one percent of your loan amount, so one point of a $100,000 loan is $1,000. A related term is "basis points (bps)" which is equal to 1/100th of a point. These terms are generally used in discussing options with a borrower …
Read moreWhat are closing costs?
Closing costs include:
Underwriting fee: This varies based on what lender we determine is the best fit for your needs
Read moreHow should I handle my closing costs?
Purchase: One option is for the seller of the home to contribute to the closing costs through a "seller credit". This should be considered in the broader negotiation of the home sales contract, and Realtors® are experts in this negotiation. If this …
Read moreHow is my monthly payment calculated?
Your monthly payment consists of the following components:
Principal & Interest: All the loans that we offer are "fully amortizing" loans. This means that as you make each monthly payment, you are paying both interest and a portion of the …
Read moreWhat is PMI?
If your 1st Lien mortgage is greater than 80% of your home’s appraised value, mortgage insurance is usually required. The mortgage insurance premium is typically included in your monthly mortgage payment. The cost of MI is in relation to the layer …
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