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Frequently Asked Questions
Please reach us at info@gmccloan.com if you cannot find an answer to your question.
A loan that enables you to buy a home, using the property as collateral.
Lenders evaluate your credit score, income, debt-to-income ratio, and down payment resources.
Fixed-rate mortgages have a constant interest rate throughout. Adjustable-rate mortgages can change based on market conditions
The upfront payment made when purchasing a home, typically ranging from 3% to 20% of the purchase price.
Yes, programs like FHA loans allow down payments as low as 3.5%.
Insurance that protects the lender if you default on your loan, typically required for down payments less than 20%.
Fees associated with finalizing a mortgage, including appraisal, loan origination, and legal fees.
A numerical representation of your creditworthiness. A higher score can lead to better loan terms.
Pre-qualification is an estimate of what you might be able to borrow. Pre-approval is a more formal offer from a lender.
Typically, your housing costs should not exceed 28% of your gross monthly income.
Proof of income, assets, debts, ID, and residence, among other documents.
An account where funds are held to pay property taxes and homeowners insurance on your behalf.
Loan-to-Value ratio, the comparison of your loan amount to the value of your home.
Yes, but you'll need to provide additional documentation regarding your income.
A mortgage loan program for veterans and active military, offering zero down payment options.
Loans designed for rural homebuyers, offering low interest rates and no down payment requirement.
Getting a new mortgage to replace the original, often to achieve a better interest rate.
Yes, though some lenders may charge a prepayment penalty.
You may incur late fees and risk defaulting on your loan, affecting your credit score.
A table detailing each payment, how much goes to interest vs. principal, and the remaining balance.
Yes, rates can sometimes be negotiable, especially if you have a strong credit profile.
The interest rate is the cost of borrowing the principal loan amount. APR includes interest rate plus other costs such as closing costs, title fees, and prepaids like property taxes and homeowners insurance.
It can make it more challenging but not impossible. You'll likely need to wait a few years and rebuild your credit.
Yes, but you'll need a gift letter to confirm that the funds are a gift, not a loan.
A mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac.
The conforming loan limit for 2024 is $766,550.
A loan where the borrower uses the equity of their home as collateral.
When you owe more on your mortgage than your home is currently worth.
An inspection evaluates the condition of the home, while an appraisal determines its market value.
Yes, but your options may be limited, and you'll likely pay a higher interest rate.
A mortgage with a large payment due at the end of the loan term.
A loan for older homeowners that allows them to convert part of their home equity into cash.
A short-term loan used to finance the building of a home or another real estate project.
Typically, 30 to 45 days from the time your loan application is approved; however, GMCC can close as early as 25 days.
An estimate of the mortgage loan's costs provided by the lender within three days of application.
An agreement with the lender to freeze the interest rate for a certain period.
Fees paid directly to the lender at closing in exchange for a reduced interest rate.
Yes, but the requirements can be stricter, including higher down payments and credit scores.
A ratio comparing your monthly debt payments to your monthly income.
Yes, a co-signer can help you qualify for a mortgage by promising to pay if you default.
A loan that exceeds the maximum loan limits set by Fannie Mae and Freddie Mac, often called a jumbo loan.
A search to ensure there are no liens against the property; insurance protects against future discoveries.
Yes, but it may require a new approval process.
A 15-year term usually has lower interest rates but higher monthly payments than a 30-year term.
The buyer signs the mortgage documents, pays closing costs, and the property's ownership is transferred.
A mortgage that meets the underwriting guidelines
Yes, through programs like the FHA 203(k) loan, which allows you to finance both the purchase of a home and the cost of its rehabilitation through a single mortgage.
A type of subordinate mortgage made while the first mortgage is still in effect. The second mortgage gets its name because it is secondary to the first mortgage.
Contact your GMCC loan officer or loan servicer as soon as possible to discuss your options, which may include refinancing, loan modification, or forbearance.
For a set period, you pay only the interest on the loan, not the principal. After this period ends, you start paying off the principal, usually resulting in higher monthly payments.
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General Mortgage Capital Corporation and eMeta Funding are licensed in the following state: Alabama – 23260, Arizona – NMLS: 1026178, Arkansas – 129989, California CFL – NMLS: 60DBO-66060, California DRE – NMLS: 01509029, Colorado – NMLS: 254895, Connecticut – NMLS: 254895, Delaware – NMLS: 038061, Florida – NMLS: MLD2191, Georgia – NMLS – 254895, Hawaii – NMLS: HI-254895, Idaho- NMLS: MBL-2080254895, Illinois – NMLS: MB.6761662, Indiana – NMLS: None, Iowa – NMLS: 2022-0038, Kansas- NMLS: MC.0025844, Kentucky – NMLS: MC782027, Louisiana – NMLS: 254895, Maine- NMLS: 254895, Maryland – NMLS: 254895, Massachusetts – NMLS: MC254895, Michigan – NMLS: FR0024243, Minnesota – NMLS: MO-MN-254895, Mississippi – NMLS:254895, Missouri – NMLS: 254895, Montana – NMLS: 254895, Nebraska – NMLS: 254895, Nevada – NMLS: 5419, New Hampshire – NMLS: 24850-MB, New Jersey – NMLS: 254895, New Mexico: NMLS – 254895, New York - NMLS: LMB 110903, North Carolina – NMLS: L-208502, North Dakota - NMLS: MB104140, Ohio – NMLS: RM.804881.000, Oklahoma – NMLS: ML014608, Oregon – NMLS: 254895, Pennsylvania – NMLS: 96566, Rhode Island – NMLS: None, South Carolina – NMLS: 254895, South Dakota - NMLS: 254895.ML, Tennessee – NMLS: 254895, Texas – NMLS: 254895, Utah – NMLS: 12679832, Vermont – NMLS: LL-254895, Virginia – NMLS: MC-7314, Washington – NMLS: CL - 254895, Washington DC – NMLS: MLB254895, West Virginia – 254895, Wisconsin – NMLS: 254895BA, Wyoming – NMLS: 4763.