| Who is Triad? |
Triad Funding Resources, Inc., with more than 30 years of experience in the mortgage and financial industry, is a full service licensed mortgage brokerage business and financial services company.
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| Why should I use Triad? |
You get straight, honest answers. You get all the facts, the good, the bad and the ugly. Simply, we give you the best service we can to get you the loan you qualify for.
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| Why should I use Triad? |
You get straight, honest answers. You get all the facts, the good, the bad and the ugly. Simply, we give you the best service we can to get you the loan you qualify for.
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| What will my interest rate be? |
This is a question whose answer is based on many different criteria. The type of loan, loan to value, property type, loan position (1st or 2nd), credit score, ability to prove income, debt to income ratio, owner occupied, principal residence, etc. are all criteria in lenders coming up with an interest rate. Beyond these questions are the fact that mortgage interest rates are governed by the Treasury Bond Market. The only truthful answer, without having sufficient detail, is that there is a range of rates with a low rate and a high rate.
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| What does my credit score mean? |
Your credit score is a compilation of your previous and current usage and repayment history. Individuals that can show moderate to low balances currently, but can also show historically that they had higher balances that were paid down with no delinquencies have the better scores. Borrowers that have had problems or continued high balances, or excess credit without showing the historical paying down of this available credit line hurt their scores. More on credit scoring can be obtained from the three national credit repositories.
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| Who gets the rates I see advertised? |
Typically these rates are for individuals with an 80% or less loan to value, 100% verification of income, rent or mortgage history, and assets, including the cash required to close, as well as meeting low debt ratios of housing costs of 28% and overall debt ratio of no more than 36%.
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| How long does it take to close my loan? |
Once all the stipulations of the loan commitment have been met, loans can close in 48 hours. If everyone works together and provides the documents required by the lender quickly, we have closed loans in 5 working days.
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| When do I get my money? |
In most states the money exchanges hands at the closing table on a purchase. On a refinance/bill consolidation there is a 3 day right of recission waiting period that must pass before the money is given to or paid out on behalf of the borrower.
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| What if I need remodeling, but haven't chosen a contractor? |
As long as the purpose of the remodeling is not a deficiency to the property but rather a cosmetic or routine item you wish to remedy, there is no problem.
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| What if I need repairs, can they be paid for from the loan? |
Some lenders allow for deficiency repairs to be made from the loans by escrowing the amount of a legitimate contract to repair such items and inspection that they are complete.
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| Can my closing costs be included in the loan amount? |
On a refinance, depending on the amount you qualify for, the answer is yes. On a purchase the answer is usually no, depending on the loan program. Borrowers may qualify for loan amounts and loan to values that allow for the financing of the closing costs.
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| Is there really a no-cost loan? |
NO. Somewhere in the transaction somebody has to pay the costs of the loan. Usually, these loans carry a slightly higher interest rate as a means of offsetting the lenders costs, however, costs for title insurance, title examination and opinion, and governmental recording fees have to be paid by someone.
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| Is there really a loan for everyone? |
No, unfortunately there is not. There are loans for most people. At Triad Funding Resources, Inc. we find lenders for more than 90% of the prospective borrowers completing applications with us.
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| Why do interest rates fluctuate? |
Interest rates are usually tied to the Treasury Bond, a security that is traded daily. Depending on the stability of the price of the Bond interest rates reflect that movement. Adjustable rate mortgages fluctuate with various indexes or securities. All interest rate movement is usually tied to underlying economic conditions or market conditions on Wall Street.
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