Majestic Mortgage offers several kinds of mortgage services as a direct retail lender. In addition to the traditional conventional, FHA, VA and USDA loans, construction loans, home equity loans, refinancing and debt consolidation loans based on property ownership. This company seems to appeal to potential homeowners who value efficiency and digital application processes. They offer to lock your interest rate in for the period of application. Rate locks can carry a fee, which varies from lender to lender and depends on how long you want to lock the rate. Rate locks usually range from 30 to 90 days. You may also pay a fee if you extend your rate lock past the initial period (such as your closing date is delayed).
Majestic Mortgage is All About the Pace
Majestic Mortgage is less than 20 years old and seems to emphasize that the whole process can be completed on line. This company’s terms can look attractive to young folks with a steady income who prefer to apply for the loan without ever leaving their computers. Normally this is a good sign that a company is moving with technology and is no doubt the future of the loan application process. However, there are a few indications that customers should be wary of their products. Appeals to speed and ease tend to ignore details and fees that are part of the process. Majestic hasn’t been around long enough for any of their borrowers to have completed a 30-year mortgage with them.
Majestic Mortgage is a young company that is shaped by current digital technology. Their website provides a series of calculators to evaluate your financial situation. There is an APR calculator, a mortgage calculator and a renting calculator that is provided to help potential borrowers decide if they can afford to buy a home..