QUESTIONS AND ANSWERS

Should I apply to a bank or a mortgage company?
Technically there's no difference. The most important thing is to find a lender with the lowest rate and fee and who puts everything into writing like Colorado Federal Savings Bank.

Fixed Rate or Adjustable Rate? Which is better?
There is no absolute right answer but I will look at your individual situation and make sure you understand all the options available.

Are fees important?
Yes. Once you have identified that we have the lowest rates, comparing fees will determine additionally that we are offering the best product.

Is the mortgage application process difficult and time consuming?
No, in fact we have streamlined the application procedure, which in turn lowers your rate and fees. Our computerized underwriting allows us to approve loans in as little as 24 hours.

Is Colorado Federal Savings Bank a mortgage banker or a broker?
We are a mortgage banker, also known as a direct lender. This means that we approve the loans and provide the funds for closing.

After I apply for a loan, what should I expect?
Once your loan application is received, whether you apply online or in person, you will get notification from me that your loan is in process.  We will set up a time convenient for both of us to meet and go over your options.

Can I apply for a purchase loan before I've found my property?
Absolutely! When you apply for a purchase pre-approval you simply assume a maximum purchase price, loan amount, and loan program. Once your loan has been approved you can change any of these variables to match the specifics of your purchase transaction. Please note that we cannot lock in a loan until a property address has been specified.

On a purchase loan, will I be willing to work with your Realtor?
Yes. With your approval, I'll be glad to assist your realtor with any of your loan needs.

Can I get loan program rates over the phone?
Yes. At any time during your loan process you can contact me if you require assistance in the selection of a mortgage product.

How quickly will my loan be approved?
Once your application is received, you can expect to receive an answer within 1 day. The processing of your loan will be related to how complete your application is and how rapidly you submit any required documents to me.

Is my interest rate locked in as soon as I apply for a loan?
No, your interest rate is floating. We have found that clients prefer watching the market before they commit to a specific rate. You can request a rate lock after you have returned your package to Colorado Federal Savings Bank and we have reviewed your documentation and credit information. We will notify you via email or phone when you are able to request the lock.

When will I have to pay for something?
At application, a deposit for the appraisal and credit report will be required..

When should I lock my rate?
We recommend watching the market and then locking in. Please note that a lock can't be changed once you select your product, so we ask that you be certain of your request.  Please note that the longer the lock, the more points you pay.

What about the appraisal?
We'll arrange for an appraisal of your property and will use your estimated value as a guideline. If your appraised value is lower than your estimated value, we will notify you right away.

Who handles my closing and where do I sign?
I will be the only person that you will have to deal with from start to finish.  Signing will be done with me at Colorado Federal Savings Bank in Kapolei. The only exception to this would be that Out-of-State clients will sign via Federal Express from the office of a notary public.