Thank you Great Northern Lending
Dear Jeff and Tina,
My wife and I have been trying to find a home mortgage that would suit our needs, but with the increasing economic down falls and plummeting housing market it has been almost impossible. That is, until we saw you billboard advertisement and thought that we would contact Great Northern Lending of Cook, Minnesota.
Your company was able to consolidate taxes and insurance into a FHA loan. Now we don’t have to be concerned with the extra payments and can sit back and relax.
My wife and I would like to take the time to extend our appreciation and gratitude for all of the hard work, time and care that you have put into our new home mortgage.
We are glad that there is someone in our community that is available to assist others in our situation.
We wish you well, and great success for the future.
With great appreciation,
Todd and Carla Makinen
Frequently Asked Questions
1.) Does the long term fixed rates change when the Prime rate goes up or down?
A.) The Prime rate is not tied to the long term rates, however the long term rates may move little towards what the prime rate does. Prime rate effects the rates banks charge for home equity loans, credit cards, and car loans.
2.) What are points and should I pay points to buy down my interest rate on my home loan?
A.) Points are what lenders charge for processing and working up of your loan. One point i 1% of the loan amount borrowed. Example: 1% of $100,000 loan amount is equal to a $1,000 in fees. If you plan on staying in your home for a long period of time it may be beneficial to pay additional points to buy down your interest rate. Your loan officer can help you determine if this makes sense to pay additional points to buy down you interest rate. Typically lenders charge 1 point to originate your loan and the fees can change from loan to loan based on the product and how much work is involved in doing your loan.
3.) How long does the loan process take from start to the closing table?
A.) We want to close your loan process in as little time as possible. The process usually takes around 30 days. Some loans may take up to 60 days depending on how difficult they may be.