Frequently Asked Questions

At ArchieBurton, we are committed to keeping you informed and in control. To help you in your loan process, we have provided you with answers to your frequently asked questions, which will provide you with useful Mortgage, Home Equity Loan and Lines of Credit information. For our comprehensive glossary of mortgage terms click here.
Features and Benefits

The Process

Home Equity

Features and Benefits

How can I benefit by using archieburton.com by ArchieBurton®?
Our site is for anyone who knows what type of loan they want and who is looking for a low cost loan with fast and easy approval. Check out the rates on the other Web sites, and then come to us for a low cost, efficient loan on the Web! It's fast, it's easy, and it's totally online.

Why are rates on this Web site different from those in the newspaper or branch office?
Rates on this site are discounted due to the streamlined process we have for online approvals. If you need to talk to a loan officer about a loan at one of our affilliate banks or other lending offices, the rates quoted may be different. Rates listed and quoted on this site are only available to those individuals who apply and are approved for a mortgage loan through this site.

In which states do you lend?
ArchieBurton® offers mortgage loans for any property in the 50 United States. We do not make cash out refinance loans in the state of Texas.
The Process

How much must I have for a down payment?
Depending on the loan program selected, we may require at least 5% of the lesser of the purchase price or appraised value of the property as a down payment amount. Some special loan programs allow up to 100% financing with a minimum down payment of $500 on 1-unit properties.

What happens after I apply with ArchieBurton® on this Web site?
You will receive an e-mail within 24 hours of submission of your application. This e-mail will indicate the status of your application and the next steps you need to take.
You will also receive application disclosure documents in the U.S. mail within three business days of your loan submission.

What happens after I receive a loan approval via e-mail?
You will be instructed to return to archieburton.com by ArchieBurton® to complete the following steps:

  • Pay a Good Faith Deposit of $300 (if applicable), which will be credited back to you at closing.
  • Provide additional processing information.
  • Lock your interest rate and Fee.
  • Schedule your closing.

When can I lock in an interest rate and Fee for myMortgage?
You can lock in your interest rate and Fee after:

  • You have been approved.
  • You have paid your Good Faith Deposit (if applicable).
  • You have provided us with the required additional processing information.

What if I need help after regular business hours?
Our sales office regular hours of business are Monday - Friday 8:00 a.m. - 8:00 p.m. ET, and Saturday 9:00 a.m. - 5:00 p.m. ET. If you need help after regular business hours, please send us an e-mail at webcomplete@archieburton.com. You will then be contacted by an ArchieBurton® representative the next business day.

What if I receive an e-mail, or I am notified by the site that I will be contacted within one hour during regular business hours and the current time is not during your regular business hours?
You will be contacted by an ArchieBurton® representative the next business day.

Why am I asked to complete a survey when I didn't apply with archieburton.com by ArchieBurton®?
To help improve our service to you. The information we collect through our survey will only be used by
ArchieBurton®. This information will NOT be shared with a third party.
Home Equity

 
1. Why might a Home Equity Loan or Line of Credit be right for me?

 

You can use a Home Equity Loan or Line of Credit to consolidate your debt. If you have credit cards and other high interest debt, you may be able to reduce your monthly payments with a Home Equity Loan or Line of Credit.

2.

You can make home improvements. Adding an extra bedroom, updating your kitchen or replacing an old roof is all smart ways to increase your home’s value and protect your investment.

 

 

3.

You can use the funds for a variety of other uses, such as college tuition, vacation expenses, or large purchases.

 

 

4.

You may save at tax time. The interest on your Home Equity Loan or Line of Credit may be tax deductible* which can save you money year after year.

*Consult your tax advisor concerning the deductibility of interest.

What's the difference between a Home Equity Loan and a Home Equity Line of Credit?
Generally, a Home Equity Loan is for a fixed dollar amount, for a fixed period of time, with fixed monthly payments, and the borrowed amount is received as a single lump sum.

With a Home Equity Line of Credit, you can take out the amount of money you need, when you need it. Payments are required only when there is an outstanding balance, and you pay interest only on the outstanding balance. Further, with ArchieBurton®, if you do have an outstanding balance, you can make your monthly payment on the interest alone (and not against the principal) if you like. Because the Line of Credit is revolving, you can borrow, repay and borrow again.

How much can I borrow?
Several factors determine how much you can borrow including the available equity in the home, income, prior credit history, and our loan limits. If you qualify, the minimum Home Equity Loan or Line of Credit amount is $5,000 and the maximum is $500,000.

Is the interest on my Home Equity Loan or Line of Credit tax-deductible?
In many cases, the interest on a Home Equity Line of Credit or Home Equity Loan may be tax deductible*.
*Consult your tax advisor concerning the deductibility of interest.

Is the interest rate fixed or variable?
Home Equity Loans may offer a fixed interest rate and the principal is amortized over the term, while Home Equity Lines of Credit feature a variable rate. Interest rates are based on the amount you borrow and the loan term.


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