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 conventional, FHA, VA and USDA mortgages on all residential properties that are 1-4 units.  We also offer 5, 7 and 10 year ARM (adjustable rate mortgage) loan offerings and we offer jumbo loans that exceed the conforming loan limits.

Acceptable Property Types:

  1. Single Family
  2. Townhome
  3. Condominium
  4. Multi Family (1-4 units)
  5. Planned Unit Developments (PUD)

Unacceptable Property Types:

  1. Co-ops
  2. Mobile Homes

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 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.  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.