Foundation Financial Group

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F.A.Q.

You've got questions, we've got answers.

Q. What is the difference between interest rate and APR?
A. Your interest rate is the monthly cost you pay on the unpaid balance of your loan. An annual Percentage Rate (APR) includes both your interest rate and any additional cost or prepaid finance charges such as the origination fee, points, private mortgage insurance, underwriting and processing fees. (Your fees may not include all of the items mentioned.)

Q. How current are the publicized rates on this site?
A. Rates on this site are real time, meaning that you can see what is being quoted to customers like you within minutes of our professionals speaking with them. *These Rates Vary depending on individual circumstance; you should contact us so that we can quote a rate based on your situation.

Q. Why are your rates different from those in newspapers and other printed materials?
A. Keep in mind that rates on printed publications are usually outdated, depending on how that article is (sometimes older than a week!), so those rates may no longer be available. Rates shown on this site are within minutes of availability. Our customers that have shopped around have told us that we offer some of the most competitive rates.

Q. What types of mortgage loans are available through this website?
A. For a detailed description of the types of loans we offer please visit our Mortgage Types page.

Q. What is the difference between a mortgage broker and a direct lender?
A. Foundation Financial Group is a direct lender. When you work with a direct lender, you interact with people from the same company throughout the entire process, from application to closing. This ensures the attention to detail you expect and deserve. A direct lender approves the loan, and can usually offer lower rates and costs, as well as provide a fast overall experience from initial contact to close. With a mortgage broker, you are dealing with a middleman that leads you to the lender who approves the loan, which can result in a longer process and higher costs.

Q. What is LTV and how important is it?
A. The loan-to-value (LTV) ratio is an indication of how much equity you have in your home. Equity is the difference between how much your home is worth and how much you owe on it. For example, let’s say your home is worth $150,000, and you owe $100,000 on your mortgage. In this scenario, you have $50,000 worth of equity in your home. To calculate your LTV, divide your current loan amount by your home’s value. In this example your LTV would be 66%. A higher loan-to-value (or lower equity) means there is a greater risk the borrower may default on the loan. LTV is important in determining qualification for loans and rates. In general, the lower your LTV, the lower your rate.

Q. How much does it cost for the pre-qualification and pre-approval services?
A. There is no charge for getting pre-qualified or pre-approved. You are under no obligation to use this site to apply for a loan, even if you use it to review interest rates and terms for loans, or use it to get pre-approved or pre-qualify for a loan.

Q. What is “Your Foundation Deposit”?
A. We accept a deposit for all of our customers. This money is utilized to cover the costs incurred to process your loan, and used for items such as your credit report, appraisal, and title work. When you close your loan, you will see your deposit as a credit against the total of your closing costs on your closing documents. Learn more about Your Foundation Deposit.

Q. What if I don’t find what I’m looking for?
A. There are many ways to find the answer, simply contact us via a no obligation general inquiry on our Contact Us page.