5559 S Sossaman Rd
Building 1 #101,
Mesa, AZ 85212
jmandrade@nexalending.com
(470) 723-1795
Colin Meunier
NMLS: 2022732
(313) 451- 3251
cmeunier@nexalending.com
FREQUENTLY ASKED QUESTIONS
What's next and how long will this process take?
Next, you will complete an application where we will pull your credit and confirm your loan eligibility. Then, we can lock in your rate and get the process
moving! Our goal is to complete this entire process, from loan application to closing, in three weeks or less
What documents are needed to move forward?
In order to move forward with the loan process, we’re going to need a copy of your government issued photo ID, paystubs from the last 30 days, up-todate mortgage statements on all property you own, Housing Insurance Policies ( HOI) on all property you own, W2 forms, and your credit report.
How will my new loan amount be determined?
We’ll order a final payoff on your existing mortgages and will share a copy of that statement with you along with a summary of your final closing costs.
With this information on hand, we will consult with you to set the final loan amount and get you all squared away!
Is this the lowest rate I can get and is it final?
We specialize in finding low rates for every person we work with and will only ever come to you with the lowest possible rates we can find. This rate is an
estimate based on the information you have provided. Once we pull your credit, we can get you a more definitive loan estimate.
What's APR?
An annual percentage rate or APR is the amount of interest on your total mortgage loan amount that you’ll pay annually (averaged over the full term of
the loan). Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such as
mortgage insurance, most closing costs, discount points and loan origination fees
Where do closing costs and fees come from?
Closing costs and fees come from a myriad of transactions that occur during the mortgage process. They include origination fees, required validation
fees, title insurance and settlement charges, and recording and government fees. Typically, closing costs and fees calculate out to be around 2% – 5%
percent of your total home cost, so plan accordingly
What is the difference between Prepaids and the Escrow account?
Based on the timing of the settlement on this purchase, payments may be due for property taxes and property insurance within the time period
between the settlement date and the first mortgage payment due date on this new mortgage. These payments are collected as “Prepaids” at the time
of settlement on this purchase to insure timely payment. Monies collected to fund your new escrow account are for the purpose of making all future
property tax and property insurance payments
