First Trust Mortgage Services, Inc.
505 Northern Blvd.  Suite 305
Great Neck, NY 11021

Telephone:  (516) 466-9544
             Fax:  (516) 466-9228

FAQ

  1. The most common question asked when one  begins their mortgage search is "what are your interest rates?"
You will always be quoted interest rates.  You, the borrower, will then need to inquire further as to whether or not there are points or origination fees associated with the rate quote.   We recommend you compare the 60 days price rather then  the 10 days price.
  1. The next  question asked is "what do you think will happen with interest rates?"
No one can answer this question.  One can only offer you an opinion and that is all it is.  Interest rates in 2001 were so volatile that as mortgage brokers we were seeing rates change four to five times a day. 
  1. Should you lock in your interest rate or not?
Most lenders offer  an option to lock in their interest rate for a specified time frame, usually 60 days.  A rate lock can be effective at time application or anytime thereafter at the prevailing rate.  The choice is that of the   borrowers'.
Last years' interest rate volatility was rather unusual, rates would drop for a few hours and then they were back up.
For instance there was a day in November where interest rates went up nearly 1% in a matter of a few hours. 
So as a borrower,  questions you should consider is:  "are you comfortable with the rate and payment being quoted? Or, are you willing to float and see what happens?" 
To lock or not to lock is an emotional decision only to be made by the borrower.

4.  What are your closing costs?

Closing costs are standard costs, they are the bank/broker costs, legal fees, title charges, and escrows.  Title charges and escrows are not likely to vary.  At First Trust Mortgage Services, Inc. , all our customers are provided with a good faith estimate of closing costs and an explanation of each cost.

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