Frequently Asked Questions

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At The Expert Mortgage Store, we pride ourselves on being a family-owned and operated business that provides expert knowledge and customer service to clients. So when Robert Hussey (NMLS #1780398) decided to begin providing customers with mortgage services — he founded a company based on customer-oriented values. 

Since its founding, The Expert Mortgage Store distinguished itself from its big-bank competitors through its dedication to excellence and commitment to customer service.

We have grown over the years, but our values have stayed the same. It remains a family company that cares about its clients and employees.

1. What is the advantage of using us as mortgage broker instead of your bank?

WE SHOP THE BANKS FOR YOU…….. A mortgage broker acts as a representative between you and potential lenders. The broker’s job is to compare mortgage lenders on your behalf and find loan that best fit your needs. Mortgage brokers have many lenders they work with, which can make your life easier…… your bank probably just has their rates/fees, and that’s your only choice.

2. How do we get paid?

We are most often paid by lenders. However, if we can get you a better deal, it may be better for you to pay us directly. We don’t know until we shop for you. The Dodd-Frank Act prohibits mortgage brokers from charging hidden fees or basing their compensation on a borrower’s interest rate.

We will be fully transparent and research the market to make sure we are the lowest price deal for you (GURANTEED).

3. What makes mortgage brokers different from loan officers?

Loan officers are employees of one lender who are paid set salaries (plus bonuses). Loan officers can write only the types of loans their employer chooses to offer.

Mortgage brokers, who can work within a mortgage brokerage firm or independently, deal with many lenders to find loans for their clients. Mortgage brokers may be able to give borrowers access to a broad selection of loan types.

4. Is a mortgage broker right for me?

You can save time by using a mortgage broker; it can take hours to apply for preapproval with different lenders, then there's the back-and-forth communication involved in underwriting the loan and ensuring the transaction stays on track. A mortgage broker can save you the hassle of managing that process.

5. How do I choose a mortgage broker?

Well… you are here, and that’s a good start. Chances are you were referred by a friend, family member or a real estate agent. The person that referred you has either experienced us in action or have seen us in action. 

A mortgage is a loan that a lender extends to a home buyer to help finance the purchase of a property. The monthly mortgage payments are made up of:

Principal – the amount that goes towards the equity;
Interest – the rate you are charged to obtain the loan;
Insurance – required by the mortgage company to protect you and them from a catastropic loss;
Taxes – calculated based on the property’s value.

The purchased house acts as collateral in exchange for the borrowed funds. swer to this item.

There are various options out there in the world of mortgages:

Fixed-rate mortgages – The interest rate on a fixed-rate mortgage remains constant throughout the term of your loan, which means your payments will always be the same. You lock into a specific interest rate, which will not change until the term is up. The amount you pay towards interest will be large at first, but will gradually decrease as you make payments. This option is generally favorable if the current rates are low.
Adjustable-rate mortgages – The interest rate on an adjustable-rate mortgage will fluctuate, which means the interest portion paid on your monthly payments will change.

Government-insured loans – These loans are insured by the government, and typically include FHA, USDA and VA loans.
Conventional loans – These mortgages are not guaranteed by the federal government. 

The interest you’ll be charged will depend on a number of factors such as the prime rates, your credit score and debt-to-income ratios. 

Borrowers with a high credit score and solid financial positions will typically be offered the lowest rate. But those with poor scores and volatile financial histories will often be charged much more. This is because lenders will want to protect themselves against the higher risk of mortgage default.

That depends on how low your score is. Typically, anyone with a score under 520 will likely be denied a conventional mortgage. 

However, there may be private lenders out there willing to extend a loan for those with a lower score, although the interest rate charged will be very high.

Generally speaking, the lower your credit score, the higher interest you’ll be charged, if you get approved. Lenders need to protect themselves in the event of a mortgage default. They typically see borrowers with a low credit score as being less likely to be capable of making payments in full and on time, which is why a higher rate is typically tacked onto riskier mortgages.

Usually, the answer to this question is yes. The faster you pay off your mortgage, the less interest you will have paid at the end of the mortgage term (use our early payoff calculator to get the sums). Paying a mortgage off faster can translate into tens of thousands of dollars saved, depending on the interest rate and the loan amount.

For instance, a $200,000 mortgage at 3.5% paid over 30 years will cost $123,312 in interest over the life of the mortgage. Shaving 10 years off the mortgage lifespan will cost $78,381 in interest, a savings of $44.925.

However, many homeowners choose to hold onto their mortgages if they have a low-interest rate, and put their money towards higher-interest investments. If, for example, money is placed in an investment that pays out 7% per year, it might make sense to keep the mortgage ongoing while using capital to earn more money on higher-interest investments.

 Yes, depending on your credit score and financial history. With 100% home financing loans, there’s no need to put a down payment towards the purchase. New and repeat buyers may be eligible for 100% financing through various government-sponsored programs.