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FREQUENTLY ASKED QUESTIONS
WHAT ARE THE AVERAGEÂ RATES?
Our rates vary on the basis of the type of loan, the applicant, and the property. The loan rates also fluctuate on the basis of the average market rates. Our mortgage officers can present this information on a case-by-case basis to ensure it is the best solution for you.
SHOULD I GET A FIXED RATE OR ADJUSTABLE RATE LOAN?
This depends on your goal with the loan and how you believe the prime rate will fluctuate. If you believe that the prime interest rate will fall, an adjustable loan is best, if you believe it will rise, a fixed-rate loan is best. Let one of our mortgage officers walk you through the process and help you decide.
HOW DO CONSTRUCTION LOANS WORK?
Construction loans involve financing for a property upfront, prior to the renovation or new construction. This loan is provided so that you can build and then eventually refinance to cover the construction loan. Here at Home-A-Loan we work with a list of pre-approved contractors whom we've vetted to ensure that the construction process will go smoothly so your investment will be secured.
WHEN SHOULD I REFINANCE?
Typically you should seek to wait a period of three years prior to refinancing based on typical underwriting practices. However, if you need the funds sooner, we are here to help. You should always try and refinance at the end of your loan term.