Frequently Asked Questions (FAQs)
Answers to Commonly Asked Questions
How Do I get started?
It’s simple! Contact us directly at (716)662-2944 or submit an online appointment request and we will contact you.
What information do you collect?
First and foremost, we ask questions to understand you. This gives our mortgage consultants the unique ability to customize the right program for you. From there we will request information based upon your decision to purchase or refinance.
How secure is my information?
HB&O Funding Company utilizes the most secure technology available on the Internet to ensure that the information you provide is absolutely confidential and secure. If have any concerns regarding this issue, feel free to save those questions for the FREE consultation with the mortgage consultant and contact us directly at (716) 662-2944.
What are your rates?
This is a common question. Like our customers, none of our programs are the same. Our goal is to match you with the program that best fits your unique needs and that includes finding you the best rate for your situation as well.
Will you share my information?
HB&O Funding Company will under no circumstances sell or share any personal information about you to or with any person or organization except to the lenders in our network, our authorized agents, or as may be required by law or court order. Click HERE to view our privacy statement.
Do you have lenders that deal with less than perfect credit/Bankruptcies?
HB&O Funding Company has extensive experience in assisting those who less than perfect credit. Through our FREE consultation we will assess your current situation and match you with the right program that fits your needs. We don't just direct the mortgage we offer guidance through all stages of planning.
My question wasn’t answered here. How can I contact HB&O Funding Company directly?
Please feel free to contact us:
Voice: (716) 662 - 2944
Email: info@hbofunding.com
What documents do I need to give the lender to close the loan?
- Fully ratified and executed sales contract on purchase loans
- Homeowners insurance policy properly listing the lender in the Mortgagee Clause
- Any outstanding items requested by the lender
- Also click here for the APPLICATION CHECKLIST of documents that may be necessary to close your loan. All documents may not be required so check with us if you have any questions.
What’s included in the closing costs?
- By law the Good Faith Estimate breaksdown the associated closing costs and fees included those assessed by the lender, the attorneys, other associated parties, and HB&O Funding Company.
- Lender fees (points, appraisal, credit report, underwriting, settlement and tax service fee)
- Prepaid (interim interest, real estate taxes and escrow, insurance premiums and escrow)
- Settlement costs (title insurance, settlement/attorney fees, city/county/state taxes, recordation and messenger fees)
How can I speed up the process?
Our goal is to process your request as fast as possible. We can further expedite the process if you fill out all the fields on our On-line Request form. Then, our mortgage consultants will be able to match you with the best programs before your consultation. Also if you respond to all requests within 24 hours, the process will be processed considerably faster.
Can I avoid mortgage insurance?
Yes! If the loan amount you are seeking is less than 80% of the loan to value of the property or you have 20% or more to put down, mortgage insurance does not apply.
If you are seeking more money then a possible alternative is a second trust loan. The most common type is an 80/10/10 where a first mortgage is taken out for 80% of the home's value, a down payment of 10% is made and another 10% is financed in a second trust at a higher interest rate.
Can I get cash out of my home by refinancing?
Yes! You can leverage the equity you have built up in your house to draw money out.
Is the interest on my home equity loan deductible?
In most cases the answer is yes. The interest on home equity loans or lines of credit can be tax deductible (please consult your tax planner for exact details). That's why many people choose to get a home equity loan or line of credit to finance cars, boats or other high ticket items.
Interest on your credit cards or auto loans is not tax deductible. And because you're borrowing against an asset (your house), the interest rate is generally lower than other loan types.
In general, the interest is deductible on a home equity loan or line of credit up to $100,000. If you are married and filing separately, interest is tax deductible on a loan or line of credit up to $50,000. Again, it's important to consult a professional tax planner for the specific tax laws that apply to you.
What is the difference between a loan and a line of credit?
A loan has an initial balance and fixed monthly payments. A line of credit only requires payments when there is an outstanding balance, much like a credit card. The minimum payment each month is based on a percentage of the balance and is generally only the interest.
What can I use a home equity loan or line of credit for?
Very simple, anything you like!
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