Clear Answers to Common Questions

From start to finish, our team will go above and beyond to ensure all your questions are answered.

piggy bank house

What are the common mortgage fees?

When buying a home, you’ve probably calculated a rough ballpark of what you need to save and maybe even estimated how much your monthly payment will be. But many people forget to consider some of the typical fees that come…

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What are Discount Points (or Points)?

A one-time charge imposed by the lender to lower the rate at which the lender would otherwise offer the loan to you. Each point is equal to one percent (1%) of the mortgage amount. For example, if a lender charges…

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What is a Loan To Value Ratio (LTV)?

A ratio determined by dividing the sales price or appraised value into the loan amount, expressed as a percentage. For example, with a sales price of $100,000 and a mortgage loan of $80,000, your loan to value ratio would be…

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What is the difference between Interest Rate & APR?

Interest Rate – The interest rate is the cost of borrowing the principal loan amount. It can be variable or fixed, but it’s always expressed as a percentage. Annual Percentage Rate (APR) – The cost of credit on a yearly basis,…

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What is a Truth-in-Lending Disclosure and why do I receive it?

The Disclosure is designed to give you information about the costs of your loan so that you may compare these costs with those of other loan programs or lenders.

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Mortgage Timeline

What are the steps in the Mortgage Process?

The Loan Approval Process is relatively simple but can seem very mysterious if it is never explained to you. The best news ever is that it takes less and less time these days. No matter how fast, however, every mortgage…

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Private Mortgage Insurance CDN

What is Private Mortgage Insurance (PMI)?

Private Mortgage Insurance is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Private Mortgage Insurance is generally required for a loan with an initial loan to value (LTV) percentage in excess of…

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lender

What is the difference between a Mortgage Broker & Mortgage Banker?

Mortgage brokers are federally licensed firms or individuals who sell loan programs on behalf of lenders. Mortgage brokers facilitate your search for the most suitable mortgage product – but do not process any loans – every loan is sent to…

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What is a Rate Lock or Lock In?

A commitment you obtain from a lender assuring you a particular interest rate or feature for a definite time period. Provides protection should interest rates rise between the time you apply for a loan, acquire loan approval, and, subsequently, close…

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How does an escrow account work?

An escrow account is a separate account that holds funds for the purpose of paying bills such as homeowner’s insurance and property taxes. Funds to cover these expenses are deposited into the account each month along with your monthly payment…

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Genisys Mortgage Professionals

Since 1999, Genisys Mortgage has provided a wide variety of mortgage loan options, offering personalized & knowledgeable service with a strong attention to detail to borrowers and Realtors all across Northern and Central Michigan.

Cadillac
116 E. Nelson St.
Cadillac, MI 49601
(231) 779-9817

Traverse City
1603 Barlow Street Ste 2
Traverse City, MI 49686
(231) 779-9817

Petoskey
116 E. Nelson St.
Cadillac, MI 49601
(800) 382-0035

Genisys Mortgage is a registered trademark of Mortgage300 Corporation.  2000 PGA Blvd Suite 3220A Palm Beach Gardens, FL 33408