Frequently Asked Questions

Why consider use Mortgage Loan Solutions?

1.Specialized with low down payment (as low as 5%), no mortgage insurance, using one year income
2.Live person answers the call you made most the time to get answer instantly
3.Mortgage Loan Solutions has 30 years’ mortgage experiences to find the best solution for you.

Is it true that Mortgage Loan Solutions able to use only 1-year income to qualify a 5% down payment loan and no mortgage insurance?

Yes, It’s true that, in most cases, Mortgage Loan Solutions can do a loan with low down payment, as low as 5% down payment, no mortgage insurance and need only 1-year income, 1-year tax return, no matter you are on salary of self-employed.

In refinance, I have been paid my mortgage for 5 years, if I refinance to a new 30 years’ loan, did I lost the 5 years of time and money that I have been paid and mandatory to start over another 30 years?

No, that is not a right statement. You have option to start a new 30 year’s loan, but the other option is letting Mortgage Loan Solutions to design a loan for you and let you to pay off the new loan at the same speed as your old loan, but the remaining of the term you will pay at a lower monthly payment because the lower interest rate. Mortgage Loan Solutions do that for you for free. Mortgage Loan Solutions do most of refinance for free. No cost, no point, on fee, either for cash out or lower rate.

Do my loan with Mortgage Loan Solutions have prepayment penalty?

99% of our loan are have NO pre-payment penalty as long as you keep the loan for 6 months after close the escrow. If you are not paying the entire balance off, you are allowed to pay down the balance in the first 6 months. You are free after 6 months.