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Village Funding, Inc. is a full service mortgage broker-banker designed and founded by Village Realty and Summit Funding, Inc. with one goal in mind... to have Mortgages Made Simple.
We know that as you go through the home buying or selling process the last thing on your mind is having to bounce around town to find the best loan for you. Our partnership with Village Realty, Inc. allows us the flexibility to bring the BEST LOAN and the BEST SERVICE to the Village Realty office you are already doing business with. We've truly made the mortgage process simple!
We know that purchasing a home is enough stress by itself and you probably don't need the headache of worrying about your financing and trying to figure out what something like an APR means. For that reason, we put together some answers to some very frequently asked questions. It's our goal to have "Mortgages Made Simple" and build clients for life.
What's a HUD1?
A HUD one is a standard government form that your title company will give you when you close your Real Estate
transaction. It will give a detailed account of all fees, pay-offs, commissions etc... In general, your HUD1 should
be very close and very similar to the Good Faith Estimate you will be provided by your loan consultant.
What is a Point?
A point is equal to 1% of the loan amount. It may also be loosely referred to by some people as an origination
fee. Technically, a DISCOUNT POINT is paid directly to the lender in exchange for a lower interest rate.
What is an origination Fee?
This is typically the Loan Officers commission or a portion thereof. It is typical of lenders to charge 1.0
origination on most loans.
What is an impound account?
An impound account is an account that is set up to pay your Homeowners insurance and Property Taxes on your behalf.
You make one monthly payment to your lender and they take a portion of the payment and place it into a separate account where it will wait and compound until either your taxes or insurance come due. Impound accounts are not required on most loans but to waive them often results in a small increase to your interest rate or fees.
How long does it take for the loan process?
Typically, the loan process can take anywhere from 30-60 days depending on your qualifications and industry turn-times.
What does PFC mean?
PFC means Pre-Paid Finance Charge. These are fees that are associated directly with obtaining your loan and therefore
will be considered in the calculation of your APR.
What does APR stand for?
APR stands for Annual Percentage Rate. This is the most complicated thing in Home Mortgage industry to explain, so
its best you contact your Loan Officer and have them send you our "APR Made Simple Worksheet".
Why can you give me a loan when others have turned me down?
We are a mortgage broker, which means we can sell your loan to any investor that does business in California or
Nevada. There are a number of private investors that specialize in hard to do loans. Because of our expertise and
industry relations, we have the ability to obtain the toughest of loans for our clients with less-than-perfect credit.
How does Village Funding get paid?
We get paid by the loan origination fee, and sometimes by the investors when we sell your loan.
Can I get a better deal by dealing directly with the bank? No. When you go to the bank they offer you a retail rate, the banks give us a wholesale rate. Since we are a mortgage broker we are licensed to shop an unlimited number of banks and investors, then we compare all of the lenders terms for you to ensure that you get the best deal.
How Soon Can I get approved? We can have your loan approved within 24 hours. Call or e-mail us today to get the ball rolling.