Unlike a Fixed Rate Mortgage (FRM) which has a single rate for the entire life of the loan, an adjustable-rate mortgage (ARM) will adjust to current market rates at various points during the loan term.   There are caps to limit the amount of the adjustment.  ARM’s typically have an initial fixed rate for a term ranging from 3 to 10 years, making them ideal for a borrower who doesn’t intend to be in their home for 30 years.   And because the borrower is assuming the risk of rate adjustment, ARMs typically offer a lower initial interest rate than FRMs. To learn more about ARMs and when to consider them, click here.

The terms of your financing are typically not a factor in your credit score.   While any new loan that is added to your credit report may temporarily have a minor impact on your score, making all payments on time and lowering debt wherever possible are far bigger factors in maintaining or improving your credit. 

We understand that sometimes the industry standard method of calculating your debt ratio might not adequately reflect your financial situation.  In some situations we may be able to use your assets or bank deposits in order to better assess your ability to repay your loan. This can be a game changer for many members, including retirees or self-employed individuals!

There are many reasons why you should get pre-approved now, even before starting your home search in earnest. The perfect home always seems to pop-up when you least expect it.If you are planning to buy in 90 days, don’t be surprised if you find the home of your dreams well before then.  Getting a preapproval letter in advance will allow you to clear up any credit or documentation issues that would otherwise cause stressful delays after you are under contract. Our preapproval letters are valid for 90 days, and can be easily refreshed should your home search take longer than expected.  And best of all, our pre-approvals are FREE!

Generally speaking, we can move as fast as you need us to. We recognize that the housing market is extremely competitive and we want to help you secure your dream home. That’s another reason why we strongly urge our members to get pre-approved well in advance of starting their home search!

Mortgage loans from CommonWealth One and Member Advantage Mortgage will NEVER carry any prepayment penalties.

Because the majority of closing costs you pay are actually pass-through charges from third parties (most notably the taxes charged by your county or state), the closing costs will differ for each loan. After an initial consultation, your Mortgage Loan Officer will provide you with a detailed estimate of the total estimated costs. But rest assured – the origination fee that you pay to us directly is standard for all members regardless of loan size, which usually makes it much less expensive when compared with lenders that charge a percentage based fee.