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Moonstar Mortgage Loan Services Schaumburg, IL

Services

Accreditations
  • Phone verified
  • Mail verified
    Hours (EST)
  •  Business Hours
    • Contact Name
    • Hemant Shah
    Business Address
  • 953 N Plum Grove Rd, Schaumburg, IL, USA, 60159
    • SchaumburgIL
    42.0334-88.0833
     Get Directions
    Moonstar Mortgage

Areas Served

About Moonstar Mortgage

Since 2004, we have built a strong reputation as an outstanding mortgage brokerage firm, serving the lending needs of real estate professionals, builders and individual home buyers throughout the Illinois, California, Indiana & New Jersey. The following is a partial list of programs offered by Moonstar Mortgage. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Conventional Fixed Rate Mortgages (FRM) Adjustable Rate Mortgages (ARM) Refinance Mortgage Loans FHA Mortgage Loans VA Mortgage Loans Jumbo Loans Construction Loans Home Equity Loans Reverse Mortgage Loans For a complete list of the programs that we offer, please contact us at 847-278-7220.

Additional Business Information
Languages Known
  • English
  • Hindi
  • Telugu
  • Gujarati
Experience
  • 16 Years
Social Media

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6 yrs ago

Rated 5.0 Good assistance.They gave me the best possible deal for mortgage…

FAQ of Moonstar Mortgage

      • 1. What is the difference between pre-approval and pre-qualification?

        The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.

        • 2. When does it make sense to refinance?

          Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation: Calculate the total cost of refinancing; Calculate the monthly savings; Divide the total cost of refinancing (1) by the monthly savings (2). This is the "break even" time. If you own the house longer than this, you will save money by refinancing. Since refinancing is a complex topic, consult a mortgage professional.

          • 3. What is a rate lock?

            A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points and the length of the lock.

            • 4. What is the difference between a mortgage broker and a lender?

              A mortgage broker counsels you on the loans available from different wholesalers, takes your application and usually processes the loan which involves compiling all of the information about your transaction including your credit report, appraisal, verification of your employment, assets and so on. When the file is complete, but sometimes sooner, the lender "underwrites" the loan, which means deciding whether or not you are an acceptable risk.

              • 5. Will I save money going directly to a mortgage lender?

                Not necessarily. In fact, if you are a reasonably astute shopper, you will probably do better dealing with a mortgage broker. Mortgage brokers do not add any net cost to the lending process because they perform functions that would otherwise have to be done by employees of the lender. Furthermore, because mortgage brokers deal with multiple lenders -- in a typical case, 25 to 30, sometimes more -- they can shop for the best terms available on any given day. In addition, they can find the lenders who specialize in various market niches that many other lenders avoid, such as loans to applicants with poor credit ratings, loans to borrowers who do not intend to occupy the property, loans with minimal or no down payment, and so on.

                • 6. What is a full documented loan?

                  Both income and assets are disclosed and verified, and income is used in determining the applicant's ability to repay the mortgage. Formal verification requires the borrower's employer to verify employment and the borrower's bank to verify deposits.

                  • 7. What are the other types of loans?

                    Stated income/stated assets: Both income and assets are disclosed but not verified. However, the source of the borrower's income is verified. No ratio: Income is disclosed and verified but not used in qualifying the borrower. The standard rule that the borrower's housing expense cannot exceed some specified percent of income, is ignored. Assets are disclosed and verified. No income: Income is not disclosed, but assets are disclosed and verified, and must meet an adequacy standard. Stated Assets or No asset verification: Assets are disclosed but not verified, income is disclosed, verified and used to qualify the applicant. No asset: Assets are not disclosed, but income is disclosed, verified and used to qualify the applicant. No income/no assets: Neither income nor assets are disclosed.

                    • 8. What is a good faith estimate?

                      It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.

                      • 9. What is a conforming loan?

                        A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.

                        • 10. What is a jumbo mortgage?

                          A mortgage larger than the maximum eligible for conforming purchase by the two Federal agencies, Fannie Mae and Freddie Mac.

                          • 11. What are points?

                            It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge equal to 2% of the loan balance.

                            • 12. What is a pre-qualification?

                              This is the process of determining whether a customer has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant. A pre-qualification is short of approval because it does not take into account the credit history of the borrower.

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