mortgage loan originator

Common Loan Questions

Q: Will the rates that you quote me today be the same tomorrow?
A: Our competitive rates are subject to change on a daily basis. However, you can lock in a rate at the time of application. This means we will stand by the rate through a specified expiration date. Ask us for further details.

Q: How much will it cost me to close the loan?
A: Closing costs vary based on a number of factors. We will quote an estimate of the out-of-pocket costs, prepaid expenses, application fees, title insurance, origination fees and discount points. These costs do not include the amount of down payment.

Q: How much is my application fee and is it an additional expense?
A: There is an application fee which is quoted as part of the out-of-pocket costs and is credited to you at closing.

Q: How long will it take to process my loan?
A: Depending on the type of loan, processing time will vary. We offer a rapid approval on our conventional loans. We use local, experienced processors, underwriters and appraisal professionals to expedite the processing of your loan.

Q: Is there a minimum down payment requirement?
A: We offer up to 95% financing on our conventional loans in addition to FHA and VA loans. We also have programs available with zero down payment requirements and 100% financing.

Q: Do you provide loan counseling?
A: We are available to counsel you free of charge. You are always encouraged to seek legal representation at your own expense.

Q: When are Loan Originators available and how easily can they be reached?
A: You will find your Loan Originator easily accessible via the phone and e-mail. Appointments are scheduled at your convenience. Weekend and evening hours are available.

Q: What is the experience level of your Loan Originators?
A: Years of experience make our Loan Originators experts in suggesting a payment structure affordable to your own personal budget. They are highly trained with a broad based knowledge of mortgage products.

Q: Will my loan be sold to another company?
A: Fifth Third's intent is to service the majority of its loans and, therefore, maintain a long-term relationship with you.

Q: What is a construction loan?
A: A construction loan is a loan made to a builder or individual to facilitate construction of a dwelling. At Fifth Third, we make construction-permanent loans on a fixed or adjustable rate basis. To determine the plan best for you, we recommend that you talk to one of our loan officers.

Q: How does a construction loan differ from a mortgage loan?
A: Both loans are actually mortgage loans. The term "mortgage" applies to a loan on real estate. The primary difference in terms of lending is that the term "mortgage loan" most often is used in connection with an existing dwelling. A construction loan is made with the expectation that a dwelling will be built on a lot.

David Owens

• Email: David.Owens@53.com
• Office Phone: 734-214-7903
• Cell Phone: 734-223-8122
• Fax: 734-214-7953
• 5th 3rd, 215 E. Washington Suite 202, Ann Arbor 48104