FAQ’s
How are you different from my local bank?
Butler Mortgage is able to obtain a competitive interest rate for you with no origination points. Our overall closing costs are low too, and we won´t surprise you at closing with unexpected charges. Many of our competitors “lowball” their Good Faith Estimate of Closing Costs in order to attract customers, but where is the loan officer when you’re sitting at the closing table looking at an additional $2,000 in costs? Our Loan Officers attend closings!
Butler Mortgage doesn’t play games. We never play “bait and switch” which sometimes hurts us. In other words, some customers veer toward the lenders that tell them what they want to hear. We may lose business by being honest, but we’d rather shut our office doors for good than mislead a customer!
How long will it take?
While every loan is different, a borrower can speed up the process by providing necessary documentation such as pay stubs, W2’s, and bank statements quickly to their Loan Officer. Also, there are times when an Underwriter will review the loan file and request additional items from customers. If we can get these items to the underwriter quickly, that will go a long way toward getting your loan to the closing table in a timely fashion. Typically, from origination to closing takes from 2 to 4 weeks.
Where can my property be located?
Butler Mortgage is licensed to do business anywhere in the states of Florida and Georgia. If the home you’re looking to refinance or the one you want to buy is in either state, we can help you.
Why do we need credit reporting?
Credit reporting is needed because it provides the information that helps consumers make purchases, secure loans, pay for college educations, and manage their personal finances. Credit reporting makes it possible for stores to accept your checks, banks to offer credit and debit cards, businesses to market products, and corporations to better manage their operations to benefit the world’s economy.
What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) is the federal law regulating credit-reporting companies like Equifax, Experian, and Trans Union. It has been in effect since 1971. A revised FCRA became effective October 1, 1997. This law protects consumers’ rights, such as the right to review and contest information in their credit profiles. It also specifically defines who can access the information in a credit profile, and how you are notified of this activity. You may obtain a copy of the FCRA from the Federal Trade Commission.
I’ve had a Short Sale / Foreclosure / Bankruptcy in the past. Can I still buy a new home?
You may be surprised to learn that in many instances, you can purchase a new home much sooner than most people expect after completion of a short sale, foreclosure, or even a bankruptcy. Contact one of our experienced Loan Officers today to find out when you can get a new mortgage. Even if it is months or years away, our Loan Officers can help put you back on the path to homeownership.
How does divorce affect consumer credit?
A divorce decree does not supersede the original contract with the creditor, and does not release you from legal responsibility on any accounts. You must contact each creditor individually and seek their legal binding release of your obligation. Only after that release can your credit history be updated accordingly.
Should I use one of those companies that promise to help correct my credit?
It’s your choice. However, beware of companies that promise to remove accurate information from your credit file. Accurate information cannot be removed from a credit file. There is nothing they can do for you that you cannot do for yourself by contacting the credit reporting agencies directly. Only time will heal a delinquent credit history.
What if an item on my credit profile is correct, but I disagree with it being reported?
For those items in your credit profile that you feel deserve further explanation (such as an account that was paid late due to the loss of job, military call-up, or unexpected medical bills), you may send a brief statement to the appropriate credit-reporting agency. The information will be placed on your credit profile and will be disclosed each time your credit profile is accessed. If you wish to dispute an item on your credit report, you will need to contact the credit repositories — Equifax, Experian, and/or Trans Union — directly.
I’ve had bad credit in the past, do I still have a chance?
Absolutely. Most people are quite surprised when we tell them that they can purchase a home even if they have had difficult times in the past.
I’ve got bad credit currently. Can someone advise me as to how toget back on track and buy a home?
Yes. We can tell you what the underwriters like to see. We’ll set you on course to get that dream home.
