Refinance FAQ’s

This list of commonly asked questions may have the information you are looking for. If not, please feel free to email us at info@gmfslending.com or call 1-800-970-4637. We’ll answer all your questions and get you the information you need.

Do I need any money upfront to pre-qualify for a home mortgage?
No, there is no pre-qualification fee. The pre-qualification process is part of the service GMFS provides to you. We are here to assist you find the best loan for you and your family.

How will my credit score affect my loan application?
Your credit score plays a significant role in the loan application process. Higher credit scores help you qualify for more loan options. However, if you’ve had credit problems in the past, there are still good mortgage programs available.

I do not want a bunch of companies pulling my credit report. I have my score and can provide it to the mortgage banker?
Once you’ve started shopping for a home mortgage you have 14 days to shop around. During those 14 days, no matter how many mortgage companies pull your report it will only be recorded on your file as one hit. Therefore, it will not negatively affect your score.

GMFS must take an in-house pull of your credit so that your Personal Mortgage Consultant can review your file and provide you with the best loan product for the most financial benefit.

I’m concerned about identity theft. How do I know you are a reputable company?
GMFS is a strong reputable mortgage company headquartered in Louisiana. We are also registered with the Better Business Bureau. You can call the local BBB at 225-346-5222 or visit www.BatonRouge.bbb.org to review our company profile.

How many people will be handling my application?
GMFS is a full service mortgage company, which means we have the ability to handle all aspects of your loan from application to closing. Your mortgage consultant works with you throughout the entire process and serves as your direct contact. We guarantee to handle each loan with personal service and a timely closing.

How much house can I afford?
GMFS can quickly calculate how much home you can afford to purchase by determining your expected monthly payments. GMFS evaluates your income and long-term debts to determine the appropriate amount for your monthly payments.

Once your income and debts are reviewed, GMFS will determine how much house you can afford. We are here to assist you in making the best decision for you and your family.

Please see our Mortgage Calculators

Do I need a down payment to buy a house?
Yes, in most cases a down payment is needed to purchase a home. Making a down payment toward the purchase of a house, will reduce the amount of the loan and your monthly payment.

However, there is a 100% financing product called USDA - Rural Development. This loan product is only available in certain areas due to the rural requirements. Rural Development loans are designed to help improve the economy and quality of life in rural areas.

Calculate how much you should put down

What is a Good Faith Estimate?
A Good Faith Estimate (GFE) contains information regarding settlement service chares that are likely to be paid. The amounts listed on the GFE are only estimates. RESPA requires that lenders provide this information to all borrowers within three (3) days of application.

What are your rates?
In order to get a rate quote specific to your needs, you must first speak with your personal mortgage consultant. Only your personal mortgage consultant can quote you information regarding the rates specific to your situation.

What is a Fixed Rate Mortgage?
A fixed rate mortgage maintains the same interest rate for the entire life of the mortgage.

What is an Adjustable Rate Mortgage?
An Adjustable rate mortgage (ARM) has an interest rate that is not fixed. An ARM’s interest rate adjusts during the life of the loan. This adjustment can increase or decrease the interest rate and monthly payment.

What is Annual Percentage Rate (APR)?
APR is the cost of credit or loan on an annual basis.

What is Private Mortgage Insurance (PMI)?
When a down payment of less then 20% is made towards the purchase of a house, the borrower will be asked to pay PMI. PMI is used to protect the lender in the event the borrower defaults on the loan.

Can GMFS refinance an owner financed (private mortgage)?
Yes, GMFS has the experience to handle several financial situations including a private mortgage.

Does GMFS finance mobile homes?
No, at this time GMFS does not offer a home loan product for mobile homes.

Does GMFS finance commercial property?
No, GMFS is a residential mortgage lender and does not finance commercial property.