Frequently Asked Questions
Welcome to the Fortress Home Mortgage FAQ page. We designed this FAQ page to help our clients better understand the process of mortgage financing, and we provide answers to the most frequent questions we come across from our borrowers. Fortress Home Mortgage understands that every loan scenario is unique to each loan application, and if you do not see an answer to your particular question then do not hesitate to contact us for further discussion. We are very confident in our ability to find the right program for each borrower’s individual needs.
FAQ # 1 : Does Fortress Home Mortgage charge an application fee ?
Fortress Home Mortgage never charges an application fee, or pre qualification fee, which many companies will enforce prior to taking the loan application. We understand the nature of application fee’s are to cover the cost of overhead, but over the years we have learned how some companies simply charge the fee because “they can.” Whenever we can cut a cost we will give the benefit to the consumer.
FAQ # 2 : Is Fortress Home Mortgage a broker ?
Fortress Home Mortgage table funds each loan application at the time of closing. In other words, we do not lend our own money or service mortgages on the secondary market. We have the advantage of working with multiple lenders that offer a wider array of programs to fit the needs of clients with varying credentials.
FAQ # 3 : How does Fortress Home Mortgage make money ?
Answer : BY CLOSING LOANS !
Fortress Home Mortgage does not earn any profit until a borrower’s loan has closed and funded; lenders then pay us a premium for each closed loan. Furthermore, we are using our time, resources, and working capital, in order to take loan applications, and only when a loan closes is a profit gained. We adhere strictly to all of the RESPA laws and compliance rules that are set forth by the state and federal regulating agencies.
FAQ # 4 : Does Fortress Home Mortgage work with less then perfect credit ?
Answer : ABSOLUTELY
We understand the nature of credit, and we know how it can be improved in a very short amount of time. Furthermore, we have a lot of experience in analyzing credit reports and understand how to set up a new loan application correctly. The loan process can take many twists and turns, but we are very keen on avoiding surprises.
FAQ # 5 : Does Fortress Home Mortgage work with clients outside the state of Michigan ?
Answer : NO
We only work with Michigan residents and maintain an active license with the state of Michigan Office of Finance and Insurance Regulation.
FAQ # 6 : Will Fortress Home Mortgage provide added convenience with my loan application?
Answer : DEFINITELY
We fully understand the fluctuations in the schedules of today’s 24/7 workforce. We have all of the latest gadgetry and technology to assist our clients throughout their loan process. Communication is something we value greatly, because we know first hand how it can simply a complicated process.
FAQ # 7: What is the typical turn time from start to finish for funding a new loan application?
The loan process is lengthy and thorough; lenders are vetting each client with laser like precision. Each loan applicant must pass through a series of checks and balances, which are documented on a case by case basis. Every borrower is unique. The length of time can vary from client to client, because no two people are the same. Fortress Home Mortgage has the ability to zero in on the crucial aspects of each loan application, then clearly communicate the details to our clients. Ultimately, we cut down our turn times, and more importantly we get everyone to their destination quicker.
FAQ # 8 : What type of borrower does Fortress Home Mortgage prefer ?
Answer : ALL BORROWERS
Fortress Home Mortgage is an equal opportunity lender. We are proud of our past track record, and have a wide variety of loyal clientele. We do not discriminate in any way, and we treat each and every client with the same amount of fairness and respect.
FAQ # 9 : Does Fortress Home Mortgage offer incentives for first time home buyers ?
We specialize in low down payment programs for all first time home buyers, and we are experts in explaining the techniques to reducing the cash out of pocket requirement. In many cases our clients come to the closing table with no money down, or a minimum of 3.5% of the sale price. Time and time again, our borrowers are happy to learn how little it costs to buy a new home.
FAQ # 10 : Does Fortress Home Mortgage protect my privacy ?
We maintain our licensing annually and we take our compliance seriously. Furthermore, we are very careful when handling sensitive client information. We scan our documents using Nuance software, and we password protect every file in our pipeline. Any paper copies are shredded once they have been scanned, and we absolutely do not sell our clients information to third parties. Your personal information is private.
ORIGINATOR – NMLS ID # : 136596