FAQs - Cathrine Dove

About abc Mortgage How abc Mortgage works Rates Lock rate Refinancing with abc Mortgage Apply Credit Scores Appraisals Loan Servicing

About Abc Mortgage

Why choose General Mortgage Capital Corporation?

We specialize in Jumbo and Non-QM loan. When you work with us, you get a team that’s committed to providing a fast, transparent digital mortgage experience backed by the most professional customer support.

How does GMCC work?

With our advanced technology, we get rates from a list of great investors instantly. Then, you'll select a loan to move forward with, track your application progress, and close on your mortgage — all in one place.

How Smartly Mortgage works

What do I need to apply?

You don't need much to get started and find your rates. Our digital application only takes a few minutes to complete.

Can I get a mortgage online without talking to a human?

Yes. But If you need help, we always here.

How can I speak to a mortgage professional?

Chatbot, schedule appointment or just simply drop a email message to info@gmccloan.com.

Can I use GMCC if I have bad credit?

We typically provide loans to customers who have a 620 credit score or higher. If your credit score is slightly below 620 we might still have options for you, so you should still complete our digital application.

Can I use GMCC if I am self-employed?

Yes, at GMCC we understand that everyone has their own story. We have options for you even if you don't tick all the normal boxes. What's normal these days, anyway?

Can I use GMCC if I am not a US citizen?

Yes, we have options for foreign nationals.

What types of loans does GMCC offer?

GMCC currently offers a variety of both adjustable and fixed rate loans for single-family homes (this includes condos, townhouses, and planned unit development) and multifamily homes (up to 4 units). We do primary, second and investment properties, offer both purchase and refinance loans.

Rates

How does GMCC help me get the lowest rates?

There isn't a perfect lender for everyone. We recognize that you're an individual with your own unique story, and we search high and low to find you the best lender. We use technology to keep our costs drastically lower than traditional mortgage companies, and then pass on those savings to you. Our mission is to help you get the best possible mortgage at the best possible rate.

Will I get the same rate I was quoted?

Yes, we work hard to ensure that the price you're quoted is the price you get. If you provide accurate information during your digital application, the rate you're given will almost always be available to you.

How does GMCC determine my mortgage rate?

We use technology to connect you with the best available rates available across all of our lenders. The price we quote you will be driven by your credit history, market conditions, and the characteristics of the subject property, among other factors.

What is included in the monthly payment?

Typically, the monthly payment will include your interest, principal, taxes, and insurance.

What is a 30-year fixed rate mortgage?

A 30-year fixed rate mortgage is a loan that's outstanding for 30 years, where the rate is fixed for the whole time. 30-year fixed rate mortgages amortize over time, which means that a portion of the principal is paid back every month. The monthly payment is the same every month for 30 years, and the end of the 30 years, the loan is paid off in full. These types of mortgages are the most popular in the United States.

What is an adjustable-rate mortgage?

Adjustable-rate mortgages typically have a fixed rate for a certain period of time (usually between 5 and 10 years), and then have an adjustable rate for the remaining term of the loan, with limits on how much the rate can increase.

What is an interest-only mortgage?

An interest-only mortgage is a mortgage where you are not required to pay down principal on a monthly basis for a certain period of time (usually 5-10 years). Interest-only mortgages have lower monthly payments during the initial period, but higher payments afterwards once the loan starts to amortize.

Lock rate

What does "locking" your rate mean?

When you lock your rate, we guarantee your rate won't change for a certain period of time no matter what happens in the market. This gives you peace of mind while we work to gather all of your information and get you to the finish line.

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Can I choose a different product after I lock my loan?

Yes, in most cases you can choose a different product after you lock your loan. Contact your GMCC Loan Expert if you want to make changes after locking your rate.

What happens if rates go up after I lock my loan?

Once you lock your rate, you can have peace of mind knowing that your rate won't be affected by what happens in the market.

What happens if my lock expires before my loan closes?

If your lock expires before your loan closes, you can usually extend the lock period for up to an additional 60 days. GMCC offers locks from 30 to 90 days, and most of our loans close before the lock expires. Once you lock, GMCC loans can close in as few as 15 days if you provide us with the required information. If you need to extend your rate lock, please call your GMCC Loan Expert.

Do you recommend locking my rate?

Yes, we recommend you lock your rate. Once you lock, your rate is guaranteed while we work together on the loan process. Market conditions can change daily, and once you lock your rate you can finish the process with the peace of mind that market conditions won't affect your monthly payments.

Refinancing with Smartly Mortgage

What kind of refinance loans can I get with GMCC?

GMCC offers two types of refinance loans: Rate & Term and Cash Out. In a Rate & Term refinance transaction, the borrower seeks to lower their monthly payment and/or change the term of their existing loan. A Cash Out refinance allows you to increase the size of your loan, and extract equity out of your home which you can then use for other purposes.

Can I use GMCC to refinance a mobile or manufactured home?

Unfortunately, GMCC does not currently offer loans for mobile or manufactured homes.

Can I use GMCC to refinance a condo?

Yes, we can help you get the perfect loan to refinance your condo.

Can I use GMCC to refinance a second home or investment property?

Yes, you can use GMCC to refinance a second home or investment property.

How much will closing costs total?

Your closing costs will vary based on a number of factors, including the location of the property, pre-paid interest (which is based on your scheduled closing date), and third-party fees (which may vary depending on the loan you choose).

When will I pay fees?

Once you select a loan and schedule an appraisal, we will collect payment of the appraisal fee (GMCC does not conduct the appraisal and does not make money from the appraisal process). You will pay all other fees at closing.

What is the payoff amount of my current mortgage?

Please continue to pay your current mortgage payments until you close the new loan. GMCC will coordinate with your current lender prior to closing to determine the final payoff amount. The final payoff amount will be included in the closing disclosure that we provide you a few days before closing.

Apply

Is my data secure?

Yes, at GMCC privacy and security is part of our top priorities. We use bank-level encryption to ensure your private information is kept safe and secure.

Will I have a point of contact at GMCC?

Yes, you will be assigned a GMCC Loan Expert once you complete our application. It only takes a few minutes!

Am I committing to anything by checking rates?

No, you are not committing to anything by checking rates.

What do I need to do to lock my rate?

Once you select your loan and decide to move forward with a lender, you will also be given the opportunity to lock your rate.

How quickly can I close my loan?

Processing times vary for lender. We work to get you the right mortgage as quickly as possible and many of our customers are closing in as few as 10 to 14 days from submitting their application.

What is an escrow account?

An escrow account is an account that is set up by the lender to collect your taxes and insurance payments.

Do I need to have an escrow account?

Most lenders we work with require an escrow account. An escrow account is an account set up by the lender to collect your monthly taxes and insurance payments. In some cases, the lender will allow the borrower to waive an escrow account. Please contact your Smartly Mortgage Loan Expert if you need additional information.

Can I transfer my current escrow account?

No, unfortunately it's not possible to transfer an escrow account. Your current lender will typically refund any balance in your current escrow account within 3 weeks of closing.

Credit Scores

How does my credit score affect my mortgage?

All other things equal, lenders are willing to lend at a lower rate when you have a higher credit score. That said, if your credit score is lower than you thought or hoped, we're here to help you find the best possible loan for your particular circumstances.

What is a soft credit check?

A soft credit check does not affect your credit score in any way. Soft credit checks allow Smartly Mortgage to paint a more accurate picture of your borrower profile to our lenders, and then match you with the best possible loan options.

What is a hard credit check?

A hard credit check tells the credit bureaus that you're interested in opening a new loan or line of credit (a credit card, a personal loan, a mortgage, etc.). Hard credit checks usually have a small impact on your credit score (typically less than 5 points).

What if I think my score is incorrect?

If you think your credit score is incorrect, the best course of action is to call the credit bureaus directly. GMCC does not have any input on your credit score.

What if I don't recognize something on my credit report?

If you don't recognize something on your credit report, the best course of action is to call the credit bureaus directly. GMCC does not have any input on your credit report.

How do multiple credit checks work?

If you're shopping for a loan, it's normal to have multiple credit checks. Typically within a 30-day period of your first credit check, performing additional credit checks will not affect your credit score. That means that if you’ve already done a credit check with another lender but want to switch to GMCC, it probably won’t have any impact on your credit score.

How does GMCC choose which credit score to use?

GMCC pulls your credit scores from all three major credit bureaus, then uses the median score for pricing purposes (in other words, we discard the highest and the lowest score). If you have a co-borrower we use the lower of the two median scores.

What if I am applying with a co-borrower?

If you're applying with a co-borrower, we'll use the lower of your median score and your co-borrower's median score. If you or your co-borrower has a low credit score, we recommend that the applicant with the higher score apply individually to get the best available terms. You can always add an additional co-borrower later in the process should you need to for qualifying purposes.

Is my credit score too low to apply?

Appraisals

What is an appraisal?

An appraisal is an expert opinion of the value of a property based its location, condition, and specific attributes. Appraisals are conducted by independent real estate professionals, and are used to establish the current market value of the property.

Why do I need to get an appraisal?

The amount you can borrow is in part determined by the value of the property you are using as collateral for the loan. Lenders do not typically visit the property themselves, and instead rely on an appraisal to assess the value of your property.

Can I use or transfer a recent appraisal?

No, the lender has to order the appraisal on your behalf. Luckily, GMCC is here to help—we will work with you to schedule the appraisal at a time that's convenient for you.

Can I use an appraisal company of my choice?

No, unfortunately not. Due to regulation and compliance reasons, we choose the appraisal company.

How long does an appraisal inspection take?

The appraisal is generally pretty quick. It typically takes under 30 minutes for a home under 3,000 square feet.

What is the difference between a home inspection and an appraisal?

A home inspection determines the condition of the home, whereas an appraisal determines the estimated value of the home.

How does an appraiser determine the value of my home?

The appraiser visits the property in person to see how it compares to other similar properties. They'll also look at recent sales of other properties in the neighborhood, and make adjustments for differences between the properties.

If the appraised value of my home increases, will this affect my taxes?

No, the appraised value will not have an impact on your taxes. It's used by the lender to determine the fair value of the property, but the appraisal and any findings listed within, aren't shared with the tax assessor.

Will I receive a copy of my appraisal?

You will receive a copy of your appraisal report once it's complete. Appraisals are standardized reports that make it easy for lenders to complete their analysis.

Which home improvements add value to a home?

When it comes to valuing real estate, there isn't a one-size-fits-all answer. That said, generally bathroom and kitchen renovations add the most value relative to the refurbishment cost.

Loan Servicing

How will my loan be serviced after closing?

The lender will send you instructions on how to make your monthly payments within 30 days of closing, with ample time before any payment is due.

How do I make my first payment?

You'll get instructions on how to make your first payment when your loan closes. Your GMCC Mortgage Loan Expert will help make sure that you have all the information you need at closing.

Can I set up automatic payments with GMCC?

GMCC will not service your loan, so you should not set up automatic payments with us. However prior to closing your loan, you can set up automatic payments with the servicing company that will service your loan.

Will GMCC help me if there are any concerns with my transfer?

Yes, of course. Our goal is to help you through every step of the process. Contact your assigned loan expert or email info@gmccloan.com and we'll help you resolve any potential issues.