Russell Pulliam of VIP Mortgage

Russell Pulliam of Overland Mortgage

Mortgage Specialist & Credit Analyst

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Our goal is to provide you with superior products and services that match your unique situation before, during, and after your closing.

Our desire is for you to feel so good about your experience that you refer us clients just like yourself with confidence! We will utilize our knowledge and expertise to get the loan package that is right for you and your family.

1.	What should I know before I start shopping for a home? Answer
2.	How do I get a free credit report? Answer
3.	How do I know how much house I can afford? Answer
4.	What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer
5.	How is an index and margin used in an ARM? Answer
6.	How do I know which type of mortgage is best for me? Answer
7.	What does my mortgage payment include? Answer
8.	How much cash will I need to purchase a home? Answer

Q :	What should I know before I start shopping for a home?
A :	There are a number of things you need to be aware of so that you are in the best position for purchasing a home. Credit Scoring is critical. Attending one of our free "Homebuyer & Credit Seminars" will give you a great start. Send an email to seminar@pulliamteam.com to get information on our next seminar.

Q :	How do I get a free credit report?
A :	You can request your reports in one of these three ways: (1) Go to www.annualcreditreport.com. This is the only authorized source for consumers to access their annual credit report online for free. (2) Call toll free 877-322-8228. (3) Complete the form on the back of the "Annual Credit Report Request" brochure, available from the FTC, and mail it to: Annual Credit Report Request Service P.O. Box 105281 Atlanta GA, 30348-5281 You'll be able to order all three credit reports at one time, or you may order at different times throughout the year. It's your choice. Be sure to order from the centralized agency. If you go directly to the credit reporting agencies, you will be charged a fee unless you fit another criteria for a free report. The new ruling doesn't replace the other ways to receive a free credit report. You're still entitled to a free credit report if: you've been denied a loan, insurance policy or job based on your credit report; you're applying for unemployment or receive public assistance; or you currently reside in a state that already offers one or more annual free credit reports.

Q :	How do I know how much house I can afford?
A :	Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.

Q :	What is the difference between a fixed-rate loan and an adjustable-rate loan?
A :	With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.

Q :	How is an index and margin used in an ARM?
A :	An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).

Q :	How do I know which type of mortgage is best for me?
A :	There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. The Pulliam Team of Cross Point Funding can help you evaluate your choices and help you make the most appropriate decision.

Q :	What does my mortgage payment include?
A :	For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowed Interest: Payment to the lender for the amount borrowed Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

Q :	How much cash will I need to purchase a home?
A :	The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply: Earnest Money: The deposit that is supplied when you make an offer on the house Down Payment: A percentage of the cost of the home that is due at settlement Closing Costs: Costs associated with processing paperwork to purchase or refinance a house

We hope you find our website useful. This site is a tool, but our industry is very much service oriented. We strongly encourage personal interaction and look forward to visiting with you in person soon.