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FAQ

These programs make it easier to purchase a home for those that otherwise may not be able to afford it. There are programs that require little down payment, are not credit score driven, and limited amounts of certain fees and charges the borrower must pay to establish the loan. These programs also have rates that are comparable to conventional loans.

Mortgage insurance protects the lender against taking a financial loss in the event the mortgagor stops making payments. It is required on mortgage programs that require little down payment and the lenders exposure is greater than 80% of the purchase price or appraised value, whichever is less. Mortgage insurance can sometimes be avoided by utilizing a 2nd mortgage taken on the property. Or, there is Lender Paid Mortgage Insurance (LPMI). With this option, the lender pays the mortgage insurance, which is offset by a higher interest rate charged to the borrower.

The documentation required for each loan differs depending on the loan program and financial portfolio of the borrower. While some programs require tax returns, employment, and all asset documentation, others require less documentation. A mortgage consultant will provide you with a list of items needed.

A home equity line of credit (HELOC) is an “open-end” line of credit that allows you to borrow repeatedly against your home equity. You “draw” on the line over time, usually up to some credit limit, using special checks or a credit card. As you repay the principal, you can draw that amount again. This part of the plan is known as the “draw period,” which usually lasts for some fixed term, such as ten years. After the draw period ends, you typically then enter the “repayment period,” during which you must pay off the outstanding balance in regular periodic payments of principal and interest. The repayment period is also a fixed term of years.

A Lender is a financial institution that makes loans directly to you. A Broker does not lend money. A Broker finds a lender. A Broker works with many lenders, therefore they are able to offer a wider array of loan products compared to a financial institution.

Brokers are usually paid a loan-specific fee for their services. Stonecastle brokers are paid by commissions for their work. This commission could be paid directly by you but is typically paid by the lender with whom the broker works.

With a fixed rate mortgage, the interest rate is set when you take out the loan and will not change.
With an adjustable rate mortgage (ARM), the interest rate may go up or down. Many ARMs will start at a lower interest rate than fixed rate mortgages. This initial rate may stay the same for months or years. When this introductory period is over, your interest rate will change and the amount of your payment will likely go up.
Part of the interest rate you pay will be tied to a broader measure of interest rates, called an index. Your payment goes up when this index of interest rates moves higher. When interest rates decline, sometimes your payment may go down, but that is not true for all ARMs. Many ARMs will limit the amount of each adjustment, and set a maximum or “cap” on how high your interest rate can go over the life of the loan. Some ARMs also limit how low your interest rate can go.

An interest-only mortgage is a loan with scheduled payments that require you to pay only the interest for a specified amount of time. The amount that you owe on the loan does not go down with each payment. Once the interest-only period ends, you may have several options:
Paying off the loan balance all at once

Refinancing the mortgage loan, if refinancing is available

Beginning to pay off the balance in monthly payments, which are higher than the interest-only payments

TIP: Don’t assume you’ll be able to sell your home or refinance your loan if your payment increases. The value of your property could decline or your financial condition could change. If you can’t afford the higher payments on today’s income, consider another loan.

Complete Secure 1003 Application

With Stonecastle, the loan approval process has never been easier. We offer a secure and convenient application for you to fill out as well as a secure link to upload your required documentation at your leisure.

Client Testimonials

Hey Chris, Thanks for all your hard work on this transaction! Most loan officers can do the easy ones. I know you were thrown some serious curve balls that were out of your control and...

Steve Hansen-J Rockcliff Realtors

“I love the day I can give my clients the key to their new home! Such an awesome couple! Congratulations to Guillaume and Jessica! Thank you Lynda D Plummer for introducing us and for doing...

Jill Norris

“I have known Janine Lewis on a professional basis for over 17 years.  She a is very professional, proficient and dedicated mortgage broker.  Janine helped my family acquire a mortgage on our home in Pebble...

Leilani Randall  

“In the past 37 years I have owned 6 homes and refinanced many times. The care and professionalism I experienced with Stonecastle Land & Home Financial surpassed any other experience. I am so grateful for...

Margaret DeTomaso

“Janine was extremely helpful and patient with us through our entire loan approval process. Her communications with us were consistent and thorough-we’d highly recommend Janine and Stone Castle Land & Home Financial in the future!”

Richard Mohr

“Rick is the best. My wife is a real estate agent and refers people to Rick all the time. We say id Rick can’t get it done no one can!”

Dale Taylor

“Rick Del Pozzo was excellent at understanding my personal situation and financing needs. First class Professionalism !”

John Resch

“Everything went very smooth! Rick Del Pozzo came to me about the refit option an me a lot of money!”

Kevin Clark

“We LOVED Olivia!! She is amazing and we will definitely refer friends to her!”

Ron & Karina Bird

“Olivia’s professional knowledge and guidance made a challenging and tedious process easy!!”

Jenny Gago

“Olivia Filion is a true professional! Not only did she make our loan a smooth process but she was a joy to work with!”

Paul Barnett & Amy Fabry

“From first contact Ann Miller communicated with confidence, knowledge, and experience. I have told everyone I know in CA to consider Ann for their next refi or purchase. Cannot recommend her more highly-Excellent!!”

Carolyn Lewis

“I have been working with Ann Miller for several months trying to refinance my existing mortgage. I have never met anybody as service oriented and customer focused as Ann. Ann has the ability to ‘think...

Alicia F

“Ann is a master at communication and making all clients feel comfortable. I have recommended her to many real estate clients. She raises the bar for good mortgage banking service. If you need a lender,...

Richard Kuhr

” We made the mistake of working with Bank of America for our last refinance. After 2 months, they turned us down for reasons we still do not understand. Chris Brent was referred to us...

Kelly McCoy and Mike McCoy

“We highly recommend Chris Brent and his team at Stone Castle. They treated us like family from start to finish and worked very hard to find us the very best loan for our situation. Thank...

Ryan and Jessica Madigan

“Chris has been our lender of choice for many years. He took great care in walking us through our first home loan almost 14 years ago and did an amazing job recently with helping us...

Chris and Aimee Knese

“Rainey handled the challenges of the transaction and my “intensity” with confidence, grace and a “can do” attitude…but more importantly she showed me that she truly cared.”

Chris R.

“Rainey Gray-Gross did a fabulous job as she’s always does finding me the best deal possible and was able to take away a lot of the stress.”

Anne H.

“I appreciate the way you went above and beyond to make the stressful and confusing mortgage process easier on me, by patiently explaining what needed to happen and answering all my questions.”

Eric N.

“Roy has helped us on several refinances of two of our properties and he has done an outstanding job for us. He is proactive in working with us and following through and has been a...

Kamal R.

“I have known Roy for Several years after having been recommended by my Real Estate Broker. My first contact with him was very congenial and helpful although I did not completed the transaction because of...

Paul B.

“Roy has helped me on several refi’s over the years I’ve known him (since 1995). He has always demonstrated a professional attitude in this crazy mortgage business. I should know I’ve been a headhunter in...

Bob Richards

“With the TRID regulation adding days to transactions, Rich and his team successfully navigated the loan from beginning to end with no surprises and we closed ahead of schedule.  I would recommend their services to...

Sari McClure and Traci Miller (Pacific Union)

“It was our pleasure working with you.  We love working with lenders such as yourself who work diligently on their buyer’s behalf. Mike and I look forward to working with you in the future.”

Wendy Flores, Tripointe Homes

“You guys did a bang up job making the process simple and straight forward. Your attention to detail and follow up was most appreciated! Bottom line, you guys rock!”

Aaron Smith & Paige Dunn

“Karen does an amazing job at explaining everything, communicating timely, and getting the job done! She has done 2 loans for us mow and we won’t go anywhere else!”

Garrett & Laurel Baker

“This was our first home purchase and Karen made us feel safe and taken care of all the way through the process! Thank You Karen!”

Jacob & Stacy Giannassi

“Karen Douglas is top notch! She works hard to find the right fit and communicates all options. Her ability to make you feel comfortable during a stressful time is second to none!”

Jeffrey Scalisi

“Jason is the best broker I have had the pleasure of working with. He treats clients courteously and he is very responsive.  Jason works fast and has the knowledge and resources necessary to get deals...

Frank Pandolfi  

“My wife and I recently just finalized our loan with Jason Brown. He found us a great rate, worked well through adversity and had an extreme sense of urgency which was greatly appreciated. Jason is...

Rob Calvin

“I wanted to take a minute to thank you for pulling together all of the required steps to get our mortgage in place and get us into our home. I was busy with my daughter...

Suzy & Rick S.

“Ken has provided us with first-class customer service over the past 5 years as our Loan Agent. He is very proactive in reaching out to us during this time and makes us aware of the...

Scott & Denisce Whitacre

“Ken Harmon was very professional. He was creative and resourceful during our refi process to help us meet our unique finance needs and requests. We have been working with Ken for 8 years. He is...

David & Abigail Ehrhorn

“Ken is the best! Every time he is on top of every possibility and every bump in the road. We will go no where else!”

Michael & Cindy Ennis

“Kyle was very helpful with all aspects of my transaction.  He is very professional and the transaction went smoothly. Thanks, Kyle!”

Jeremy 

“Kyle is very positive, knowledgeable and patient. And his support staff was very professional. We highly recommend them!”

Jim Gurule

“We recommend Kyle Davis.  He kept us informed from the beginning of the loan to the end.  He was always quick to respond to any questions we had and made us feel secure in our...

John Kunz

“Thank you so much for supporting our baseball team! We had a great season and enjoyed having your son Thomas pitch for the cubs. We look forward to sending loans your way and again thank...

The Cubs

“Thank you so much for all your hard work on our refinance Lynda. With the savings, we can put away extra funds to assure Kayla gets to college one day! We appreciate all the efforts on our...

Tim and Leslie Keller

“Lynda Plummer made buying our first home together a great experience. She was always on top of everything and went above and beyond the call of duty. Lynda drove our packet 3 hours away the...

Mr. & Mrs. Kelsey

“Nick has been a great support through this process. he helped us quite a few years ago. Knowing his skills and professionalism we came back again-and will again!”

Richard & Mary Johnson

“Nick Rosen was fantastic! He answered all of my questions in a timely and courteous and clear manner. I really appreciate all of his help. ”

Anne Gordon

“Nick is extremely professional and thorough! I never worried that anything would fall through the cracks and I knew he had my best interests in mind!”

Stephanie Bruzzese

“Susan Woodhams is the best loan agent we have ever used! She is thorough, knowledgeable and very proactive. We would use her for anything in the future!”

Michael & Stephanie Olson

“Several years ago a real estate agent gave me Susan’s business card and when I decided to refinance my home I gave her a call and I am so glad that I did! She is...

Sylvia Mcdougall

“Very happy to work with Susan Woodhams. Always very professional and understanding!”

Jason & Shalika Noriega

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