Frequently Asked Questions
Below are some of the most frequently asked questions. If after reading this
section you need additional assistance please do not hesitate to call our
office at 1-888-560-2923.
Q. Where are you located?
A. We are located in San Jose California in the heart of the Silicon Valley.
Q. How do I know that Western Capital Mortgage Services, Inc. has low rates?
A. We know that everyone wants the best rate possible, we
encourage all our borrowers to shop around and then you will see
that you are in fact getting a low rate.
Q. How do you get such great interest rates?
A. Western Capital Mortgage Services, Inc. has closed over
1.5 billion dollars in mortgage loans. With a large volume of loans
we are able to negotiate lower rates than our competitors. Whether
you are shopping for a first time home mortgage loan or a hom equity
line of credit, we have the right loan for you at the right rate.
Q. Do any of your loans have prepayment penalties?
A. All our posted rates do not have prepayment penalties.
Q. What is the usual time frame for a loan to close?
A. Most loans close within 30 days or less. Usually we will have the loan
approved in 24-48 hours.
Q. Is there any up front fees to lock in or apply for a loan?
A. There are no upfront fees to lock in a loan.
Q. Do you charge any origination points?
A. Our points include all origination and discount points combined, unlike
some lenders who only quote the discount points and then charge you later for
origination.
Q. How do you get paid with a 0 point loan?
A. When you take a 0 point loan you are taking a slightly higher interest rate
than a loan with points. Western Capital Mortgage Services, Inc. then gets a paid through the
secondary market.
Q. What happens if my rate lock expires?
A. If your lock expires we will always do our best to get you a free
extension;however, if rates are higher at the time of expiration you will not be able to keep the same rate you locked in. By responding in a timely matter you should have no problem closing your loan in the lock time frame.
Q. Do you know if rates are going up or down?
A. There is no way to accurately predict interest rates.
Trying to predict rates is very similar to playing the stock market.
Q. Who chooses the appraiser?
A. You always have the option of choosing your own appraiser otherwise Western Capital Mortgage Services, Inc. will choose one.
Q. How does the appraiser get paid?
A. When the appraiser comes out to your property you pay him directly.
Q. Where will I sign the final loan papers?
A. We arrange for you to sign at a local title company.
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