How do I know how
much I can borrow for my home improvement project?
A :
The amount that you
can borrow will depend on a loan-to-value (LTV) calculation that
your lender will perform when you apply for a loan. Unlike many
traditional banks, Viking Capital gives you credit for the
swimming pool towards the value of your home. We add the cost
of your pool to the value of your home in this calculation
thereby reducing your LTV. Most banks limit the loan amount so
as not to exceed an 80% LTV. Viking Capital will often allow
the LTV ratio to reach 100% or higher! Give us a call and we
will help you determine exactly how much you can borrow.
Q :
Do you offer both
fixed-rate loans and adjustable-rate loans?
A :
We offer both types
of loans. Our fixed-rate mortgage loans come with a fixed
payment for up to 25 years. With an adjustable-rate mortgage
(ARM), the interest changes periodically, typically in relation
to an index. There are advantages and disadvantages to each type
of mortgage, and the best way to select a loan product is by
talking to your lender.
Q :
How long does the
loan process take?
A :
Viking Capital has
in-house underwriters and loan processors which enable us to
better manage and control the loan cycle. Barring unforeseen
circumstances, we can usually get your funds to you in under two
weeks.
Q :
What's the
difference between a Mortgage Bank, like Viking Capital, and a
Mortgage Broker?
A :
A Mortgage Banker is
a Direct Lender. A Broker is a middle-man between a borrower
and a Direct Lender. As a Mortgage Banker and not just a
Broker, Viking Capital has much more flexibility throughout the
loan process. We often make adjustments or exceptions to our
approval guidelines and processing procedures to meet the needs
of our borrowers. We are also better able to keep costs down
which result in lower loan fees than most Brokers charge. If
you give us a chance, we know that we will exceed your
expectations for great loan products and personalized service.
Q :
Will I receive
the total loan amount when the loan funds?
A :
No. In most cases,
you will receive a set of two-party checks made payable to both
you and your pool contractor. The checks will be tied to the
draw schedule that is outlined in your project contract. If you
have opted for a cash-back loan, a check payable to you will be
included at the time of funding.
Q :
Is my Home
Improvement Loan tied to my property?
A :
Yes. Viking Capital
loans are typically 2nd or 3rd mortgages. As such, these loans
usually have lower interest rates than personal loans and the
interest on the loans may be tax deductible. Since every
borrower has unique financial circumstances, we recommend that
you consult with your Accountant to understand the tax
implications of a new loan.
