Q and A

Q:            What’s the best way to make loan application?

A:             The best way to make loan application is to phone us at (800) 679-5689.  Our experienced staff will be able to answer any questions you may have, as well as get the necessary information in order to process the application.

Q:            Is there an up-front application fee?

A:            PMC does not charge an up-front application fee.  However, the cost of the appraisal ($340-$650) is the only fee paid prior to settlement and will be charged 3 days after application.

Q:            What are other fees associated with obtaining a loan through your company?

A:            If you choose a zero cost loan, you will not be paying any settlement charges.  If you do not choose a zero cost loan, there is a flat $195 processing fee which is paid to PMC.  Lender fees and attorney fees are also charged and are variable depending on the size of your loan and what state you are located in.  PMC will provide you with an estimate of closing costs prior to application so that you will know exactly what your fees will be.

Q:            How much paperwork is involved?

A:            Thanks to modern technology, the mortgage industry has streamlined the processing procedure.  In most cases, the paperwork required will consist of signed application and necessary disclosures, income information (W2’s, paystubs), and asset information (bank statements, 401k statements).

Q:            How long does it take to settle?

A:            From beginning to end, about 45-60 days.

Q:            When do I know when I’m approved?

A:            When we receive your preliminary approval, your loan officer or processor will contact you to let you know the status of your loan.  In some cases, we will need a small amount of additional paperwork from you.  After your loan is fully approved, we will contact you to schedule settlement.

Q:            I’ve never heard of your company.  Do you have the proper licenses necessary to conduct business?

A:            PMC Mortgage is licensed and in good standing in Virginia, Maryland, Washington DC, and South Carolina.  Our licenses are as follows: Virginia, License #MC-456, by the Virginia State Corporation Commission; Maryland, License #2284; Washington, DC, License #MLB-3681; South Carolina, License #MB-0906300-0906300

Q: I want to know more.  What do I do next?

Send us an email at info@pmcmortgage.com or give us a call at 1-800-679-5689. We look forward to hearing from you!