Q: WHAT KIND OF TERMS DO YOU OFFER?

Filo Mortgage offers loan terms from 10 year fixed to 30 year fixed, with all terms in between.  Generally, the shorter the term, the better the rate.

Q: WHAT TYPES OF LOANS DO YOU OFFER?

Filo Mortgage offers low rates conventional,FHA, VA, USDA, Home Equity and Jumbo mortgages. Our loan products have no lender fees and we offer a low rate guarantee and close on time guarantee for purchase loans. Loan amounts up to $2 million.

  • Offer a wide range of closed-end home equity and home equity lines of credit. Borrowers can access up to 95% of their home’s equity (Loan-to-value up to 95%). Cash out on home equity from $50k to $500k. FICO >=640. Terms from 5 to 30 years. Owner occupied and second homes included. Online process.
  • Offer a wide range of refinance mortgage products including refis on primary residence, vacation homes and investment properties: Lower your rate and monthly payment, Consolidate debt, Take cash out of your home, Refinance to improve your home, VA IRRRL Streamline Refinance, FHA Streamline Refinance, Fannie Mae Homeready, Freddie Mac Home Possible, Refinance your Jumbo loan, ARM refinances
  • Offer a wide range of purchase mortgage programs including purchases on primary residence, vacation homes and investment properties: Fast pre-approval, Conventional purchase programs, Jumbo purchase mortgages, 100% VA purchase mortgage, 100% USDA purchase mortgage, FHA purchase mortgage, Delayed financing, Pre-Approval for borrowers that do not yet have a contract.
  • We accept appraisal transfers to enable you to switch while in process with another lender.

Q: WHAT IS A DISCOUNT POINT?

A discount point is 1% of the loan amount.  For instance, a 1% discount point on a $100,000 loan amount would be $1,000.

Q: WHAT IS AN APR?

APR stands for “Annual Percentage Rate” and is considered the cost of credit. An easy way to think of this is the annualized cost of all loan fees on top of the interest rate. This is why you see some companies with the same rate but different APR’s.

Q: WHAT DOES IT MEAN TO FLOAT THE INTEREST RATE?

Instead of locking an interest rate, which assumes securing an interest rate for a fixed period of time, some customers opt to float their rate.  This means they are subject to market conditions until they decide to secure the interest rate. A benefit to this is if the market continues to improve the customer can benefit from those rate improvements.

Q: DO YOU OFFER HELOC'S?

Yes, Filo Mortgage offers stand-alone home equity loans and home equity lines of credit (HELOCs) that are used in combination with a first mortgage. For example, we offer an 80-10-10 loan (also called a Piggyback Loan), which enables you to purchase a home with a 10% down payment. The main benefits of this approach are to avoid paying mortgage insurance and to quality for a conventional loan which generally has a lower rate than a Jumbo mortgage. We offer Piggyback loans for refinances as well and closed-end second loans.  Contact us to learn more.

Q: DO YOU OFFER VA LOANS?

Yes, Filo Mortgage offers VA loans at the same low rates with no hidden fees.  Call or apply to learn more.

Q: DO I NEED TITLE INSURANCE?

In refinance transactions, all lenders will require the use Lenders Title Insurance.  This insures the lender against any past claims against the chain of title that might affect ownership moving forward. In purchase transactions, there are two forms of insurance, Lenders and Owners.  While lenders protects the lender for an predated title issue, the owner’s policy protects the owner.  In purchase transactions, lenders title insurance is still required but owner’s is not.