Here are answers to some commonly
asked questions. If you have questions that aren't listed,
contact us at 248-308-5000. You can email us at
It shouldn't be a problem. There are many programs available today that require less than 5% down payment. The best thing to do would be to call us and we can find the right program for you.
Yes, the different types of loan programs being offered are changing
every day. We find the best loan scenario for all of our clients.
Unlike big banks that are restricted to using loan programs and
rates being offered at that time by the bank, we have access to
many lenders. What we do is find the lender that best fits your needs.
Call us today and let us show you what we can do for you.
Yes you can. However, the rules regarding this issue are constantly changing. Your best bet would be to contact your accountant. Your accountant can inform you of your best options in regards to this.
With a fixed rate mortgage, the interest rate and the amount you pay each month remain the same over the entire mortgage term, traditionally 15, 20 or 30 years. A number of variations are available, including five- and seven-year fixed rate loans with balloon payments at the end. With an adjustable rate mortgage (ARM), the interest rate fluctuates according to the indexes. Initial interest rates of ARMs are typically offered at a discounted ("teaser") interest rate lower than fixed rate mortgage. Over time, when initial discounts are filtered out, ARM rates will fluctuate as general interest rates go up and down. Different ARMs are tied to different financial indexes, some of which fluctuate up or down more quickly than others. To avoid constant and drastic changes, ARMs typically regulate (cap) how much and how often the interest rate and/or payments can change in a year and over the life of the loan. A number of variations are available for adjustable rate mortgages, including hybrids that change from a fixed to an adjustable rate after a period of years.
It depends. Because interest rates and mortgage options change often, your choice of a fixed or an adjustable rate mortgage should depend on: the interest rates and mortgage options available when you're buying a house, your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation that they will fall), and how willing you are to take a risk. When mortgage rates are low, a fixed rate mortgage is the best bet for most buyers. Over the next five, ten or thirty years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARM's teaser rate will adjust up soon and you won't gain much. In the long run, ARMs are likely to go up, meaning most buyers will be best off to lock in a favorable fixed rate now and not take the risk of much higher rates later. Keep in mind that lenders not only lend money to purchase homes; they also lend money to refinance homes. If you take out a loan now, and several years from now interest rates have dropped, refinancing will probably make sense.
Private mortgage insurance (PMI) policies are designed to reimburse a mortgage lender up to a certain amount if you default on your loan. Most lenders require PMI on loans where the borrower makes a down payment of less than 20%. Premiums are usually paid monthly or can be financed. With the exception of some government and older loans, you may be able to drop the mortgage insurance once your equity in the house reaches 22% and you've made timely mortgage payments. The Servicing Lender will have the requirements for canceling the mortgage insurance.
"If you are looking to refinance or just purchase a home. Glen at Hall financial is hands down the best. In a world full of people ready to pounce on you and nonstop calling until you answer, Glen is the light at the end of the tunnel. Never once was he pushy or overbearing. Answered every single one of my questions without skipping over any with generic robotic answers. He is the real deal. He will get it done and will not lead you on or send you in the wrong direction. If you want the best without any issues. Give Glen a call. You will be glad you did"
Glenroy NMLS #172839
"Nathan is the greatest of all time. He had an excellent attitude and personality. Very bright and happy individual. He was great to work with and was there to answer every question, every time, every step of the way. Always kept me and my wife updated with the process. Outstanding and will gladly recommend him anytime!"
Nathan NMLS #1022903
"I was looking to refinance and tried the online chat method. Thomas responded very quickly and within just a few hours he had a great option for me that was exactly what I was looking for. This was incredibly easy and helpful. I would tell everyone to call Thomas for any mortgage needs."
Thomas NMLS #1376113
"Diane helped my husband and I purchase our new home and she was such a gem to work with. Not only did the transaction go seamlessly and quick, she actually made it enjoyable. There was nothing stressful about it. She is extremely knowledgeable along with Emma her processor. I am a local Real Estate agent and not only did I trust her with my business I trust her with my clients! Thank you again Diane for everything!!!"
Diane NMLS #1541451
"Seth Gray was an outstanding person to work with. He answered any questions that I had and always returned my phone calls. Emma was very accurate with the figures and kept me informed on the refinancing. Seth and Emma made this process very easy...I would recommend Hall Financial to anyone who is a first-time home buyer or someone who wanted to refinance their current loan. I give them an A PLUS."
Seth NMLS #21280
"Patrick Ali at Hall Financial really was great to work with! Very professional, very thorough with the details, and very helpful at each step of the refinancing process. He always kept us informed of what was going on and what to expect next. Patrick was always quick to reply with any question we had. The entire process went extremely quick. From the initial contact to closing took only 3 weeks! The interest rate was better than other lenders were advertising. Closing costs were pretty much the same as the other companies we checked with. We were able to change from a 30-year mortgage to a 15 year, lower our interest rate and eliminate our PMI. Great job Patrick and Hall Financial!"
Patrick NMLS #1484858
"I’m a fully Disabled Veteran who has bought homes in the past but never had used my VA Loan benefit. Thomas is a great communicator, adaptable to the situation at hand and is absolutely ALWAYS looking for a way to make the process easier and more beneficial for you, his client. Even though he is busy with multiple customers at the same time, he makes you feel as if you are the only client he has. He works from early morning to late in the evening because he is on the job for you and wants to make sure that you are satisfied with the deal and happy with the outcome. I’m DEFINITELY happy to spread the news and refer others to Thomas as I’m certain that others will have the same experience. Well done TG!!"
Thomas NMLS #1376113