Loan Information - Questions Commonly Asked
	What are the basic steps in getting a mortgage loan?
		Pre-qualification:   First, you must determine how much you can comfortably borrow. This "pre-qualification" process is best completed under our guidance as your mortgage broker. Loan Application:   Our streamlined loan process requires minimal information from the borrower. In many instances, an appraisal is not required. Lock period:   Our "Shop and Lock" program allows for an extended lock period while you search for that perfect home.
	What is the pre-qualification process?
		Pre-qualification determines how much you can afford to mortgage for a home. There are two basic processes: Online Forms:   Many mortgage brokers offer online forms which you complete. Then, you electronically send your personal data to them for review. However, many people feel insecure about sending personal information over the Internet. Confidential Appointment:   We feel the pre-qualification process is best completed in confidence under the guidance of a mortgage broker. Northwestern Mortgage wants to be YOUR mortgage broker. Contact us via email or phone for a confidential appointment.
	What are the various mortgage loan types?
		Besides obtaining the best possible interest rate, it is important to find the right loan program. Together, we can determine which program best meets your goals and life style. Adjustable Rate Mortgage (ARM):   An ARM offers a lower interest rate for a fixed period of time, and then enters an adjustment period. The use of payment caps and lifetime interest rate caps protect you by helping to keep your interest rate and payments within your reach. Fixed Rate Mortgage:   A fixed (interest) rate mortgage offers a loan with the same interest rate over the life of the loan. This provides you with the security of always knowing your mortgage payment amount won't change. Alternative Loan Programs:   Alternative loan programs are also available. For example, you may not want to document your income. Contact us to see what rates and loan programs are available today.