Toll-Free: 877-471-7376
Webb Mortgage Services, LLC
Frequently Asked Questions
Bank has turned your loan application down? Do not be surprised . Banks nationwide turn down close to 80% of home loan and equity real estate loans and for the silliest of reasons. Webb Mortgage can structure the perfect loan for your individual needs. With access to literally hundreds of loan products, not only can we offer FHA, VA & Conventional loans, but also programs that might not fit the standard guidelines & loan amounts. We only get paid when we have done the job that you have instructed us to do for you. The banks act as though you work for them.
Frequently Asked Questions
- What is the down payment amount I will have to put down on a new home?
- Can I take out equity on my home?
- Since I have bad credit can I still get a home loan?
- How much are closing cost?
- Do I have to prove my income?
- Can I finance a mobile home?
- Can I refinance my home and receive cash out?
- Bankruptcy. If I am currently in bankruptcy chapter 13 can I refinance out of it? If I have had a chapter 7 bk when can I refinance or purchase?
- Small business property. Can I finance my commercial business property?
What is the down payment amount I will have to put down on a new home?
If you qualify we can offer you 0% down payment programs. In some cases we can get your loan approved at 107% of purchase price to cover all down payment and cost and even pay off certain small debts to help you qualify.
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Can I take out equity on my home?
Yes, In some cases home equity loans will allow up to 125% value of your home. This loan can be given in one lump sum or in the form of a secured line of credit.
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Since I have bad credit can I still get a home loan?
Yes, We have many different programs which allow for derogatory credit issues. We have loans that have a decreasing interest rate to reward you for good payment activity. The more payments you make on time the lower your rate gets. We have 2 and 3 years credit rebuilding loans that will help you develope the good credit rating which you deserve.
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How much are closing cost?
On average closing costs are 2% to 6% of the loan amount. Some programs allows the seller and builder to pay all closing cost. We have loans where your loan cost can be put into the loan amount to enable you to get maximum cashout or pay off more bills.
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Do I have to prove my income?
Not always, depending on your credit score we have stated-income loans for self-employed borrowers. But be aware that loans without income documentation requirements carry significantly higher rates and fees. It's always preferable to work with income documentation than to state income.
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Can I finance a mobile home?
Yes, if the mobile home is manufactured after June 1976, and the mobile home is a double wide or larger and you own or are buying the land the mobile home resides on. VA still allows loans on single wide manufactured homes.
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Can I refinance my home and receive cash out?
Yes, we can refinance your home, pay off your old mortgage and you can receive cash out. We can assist you to move your home equity into mutual funds, IRAS, etc to maximize your financial standing. The concept that a home without a mortgage is a sensible goal is not always correct. Your home if correctly leveraged can work for you to improve your financial standing.
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Bankruptcy. If I am currently in bankruptcy chapter 13 can I refinance out of it? If I have had a chapter 7 bk when can I refinance or purchase?
You can refinance out of chapter 13 after 12 months of perfect continuous payment history while in your chapter 13 assuming that you have some equity in your home. This is great news and we look forward to helping you!
Small business property. Can I finance my commercial business property?
Yes! We have small business (up to $10 million) with rates starting at 6% (as high as 9%) up to 80% of the value. Commercial loans are significantly different from residential loans, and the focus is on the income produced from the property, not so much on the borrower, though that remains important.
You will need to speak with our commercial loan department to learn more. Call 253-853-1788 for more information on commercial loans.
6625 Wagner Way Suite 160,
Gig Harbor, WA 98335
Phone: 253-853-7545 Fax: 253-295-6420 Toll-Free: 877-471-7376
go to licensing: www.webbmtg.com