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Questions and Answers

What is a credit score?

Can I apply for a loan before I find a property to purchase?

Can I borrow funds to use toward my down payment?

How are interest rates determined?

What is an adjustable rate mortgage?

Is a 15-year fixed rate mortgage right for me?

What are closing costs?

What is an appraisal?

Don’t see your question listed here? Please don’t hesitate to contact us for further information, we’re happy to help!

US Mortgage Solutions is here to help
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Hours:
 Monday – Friday 8:30am – 5:00pm

Phone:
 (205) 799-5540
Address:
 2316 University Blvd
Suite 100
Tuscaloosa, AL 35401

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What is a Credit Score?

  • Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness. If you have more questions about your credit score, get in touch with one of our bankers today.
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Can I apply for a loan before I find a property to purchase?

  • Yes, applying for a mortgage loan before you find a home is actually a great idea. Applying now lets us issue you a pre-qualification letter online instantly, which you can use to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification for a mortgage may give more weight to any offer to purchase that you make.
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Can I borrow funds to use toward my down payment?

  • Yes, you can borrow funds to use toward your down payment. However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against, such as a car or another home, it’s a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the “expenses” section of your application.
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How are interest rated determined?

  • In the big picture, interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth and Federal Reserve policy. Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates while concerns about rising inflation normally cause interest rates to increase. Our nation’s central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable. On a more personal level, your interest rate is affected by your credit score and your loan to value. Rates change constantly throughout the day. Contact us if you would like to know about current rates.
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What is an adjustable rate mortgage?

  • An adjustable rate mortgage, or an “ARM” as they are commonly called, is a loan type that offers a lower initial interest rate than most fixed rate loans. The trade off is that the interest rate can change periodically, usually in relation to an index, and the monthly payment will go up or down accordingly.
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Is a 15-year fixed rate mortgage right for me?

  • The 15-year fixed rate mortgage is most popular among younger homebuyers with sufficient income to meet the higher monthly payments to pay off the house before their children start college. They own more of their home faster with this kind of mortgage and can then begin to consider the cost of higher education for their children without having a mortgage payment to make as well. Other homebuyers who are more established in their careers, have higher incomes and whose desire is to own their homes before they retire may also prefer this mortgage.
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What are closing costs?

  • A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Any lender or broker will give you a loan estimate, including their fees, within three days of making a loan application. This is a great tool to use for shopping. If you would like some information about cost and fees prior to loan application, we are happy to provide that also.
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What is an appraisal?

  • To determine the value of the property you are purchasing or refinancing, an appraisal will be required. An appraisal report is a written description and estimate of the value of the property. National standards govern not only the format for the appraisal, they also specify the appraiser’s qualifications and credentials. In addition, most states now have licensing requirements for appraisers evaluating properties located within their states. The appraiser will create a written report for us and you’ll be given a copy
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PRIVACY POLICY

We collect nonpublic personal information about you from the following sources:

  • Information we receive from you on applications or other forms, whether in writing, in person, by telephone, electronically, or by other means.
  • Information about your transactions with us, our affiliates, or others. This information may include your account balances, income data, payment history, or account usage.
  • Information we receive from a consumer reporting agency, including your credit-worthiness and account information.

We DO NOT disclose any nonpublic personal information about you to anyone, except as permitted by law under the following circumstances:

  • To regulatory authorities and law enforcement officials.
  • To protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liability.
  • To our service providers to help us process your loan application or transaction. Our service providers include lenders, investors, appraisers, title and escrow companies, etc.

We protect your confidentiality:

We take our responsibility to protect the privacy and confidentiality of client information very seriously. We restrict access to your personal nonpublic information to those individuals within our company who need to know that information to provide services to you associated with your loan transaction. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We DO NOT provide any information about you to other companies for marketing purposes and our company does NOT maintain joint marketing agreements with non-affiliated third parties.

We MAY contact you by mail, electronically, or by phone, after your transaction with us:

  • To provide you with opportunities we feel would benefit your financial situation, for example a refinance of your current loan.
  • To determine your level of satisfaction with the service we provided you.
  • To keep you apprised of mortgage/real estate news with our Company’s newsletter.

Online Privacy Policy

US Mortgage Solutions (“us”, “we”, or “our”) operates the US Mortgage Solutions website (the “Service”). This page informs you of our policies regarding the collection, use and disclosure of Personal Information when you use our Service.

We will not use or share your information with anyone except as described in this Privacy Policy.

We use your Personal Information for providing and improving the Service. By using the Service, you agree to the collection and use of information in accordance with this policy. 

Information Collection And Use

While using our Service, we may ask you to provide us with certain personally identifiable information that can be used to contact or identify you. Personally identifiable information (“Personal Information”) may include, but is not limited to:

  • Name
  • Email address
  • Telephone number

Log Data

We collect information that your browser sends whenever you visit our Service (“Log Data”). This Log Data may include information such as your computer’s Internet Protocol (“IP”) address, browser type, browser version, the pages of our Service that you visit, the time and date of your visit, the time spent on those pages and other statistics.

Cookies

Cookies are files with small amount of data, which may include an anonymous unique identifier. Cookies are sent to your browser from a web site and stored on your computer’s hard drive.

We use “cookies” to collect information. You can instruct your browser to refuse all cookies or to indicate when a cookie is being sent. However, if you do not accept cookies, you may not be able to use some portions of our Service.

Service Providers

We may employ third party companies and individuals to facilitate our Service, to provide the Service on our behalf, to perform Service-related functions or to assist us in analyzing how our Service is used.

These third parties have access to your Personal Information only to perform these tasks on our behalf and are obligated not to disclose or use it for any other purpose.

Other than noted above, we will never sell, rent, release, share, give away, or otherwise disclose, a consumer’s personal information.

Security

The security of your Personal Information is important to us, but remember that no method of transmission over the Internet, or method of electronic storage is 100% secure. While we strive to use commercially acceptable means to protect your Personal Information, we cannot guarantee its absolute security.

Links To Other Sites

Our Service may contain links to other sites that are not operated by us. If you click on a third party link, you will be directed to that third party’s site. We strongly advise you to review the Privacy Policy of every site you visit.

We have no control over, and assume no responsibility for the content, privacy policies or practices of any third party sites or services.

Children’s Privacy

Our Service does not address anyone under the age of 18 (“Children”).

We do not knowingly collect personally identifiable information from children under 18. If you are a parent or guardian and you are aware that your child has provided us with Personal Information, please contact us. If we discover that a child under 18 has provided us with Personal Information, we will delete such information from our servers immediately.

Compliance With Laws

We will disclose your Personal Information where required to do so by law or subpoena.

Changes To This Privacy Policy

We may update our Privacy Policy from time to time. We will notify you of any changes by posting the new Privacy Policy on this page.

You are advised to review this Privacy Policy periodically for any changes. Changes to this Privacy Policy are effective when they are posted on this page.

Contact Us

If you have any questions about this Privacy Policy, please contact us