FAQ's


Q: Do I have to fill out an online loan application?

A: No. There are no online loan applications to fill out. This is a personalized service that connects you with a highly credentialed mortgage loan officer. Your loan officer will start with an initial phone consultation to understand your specific mortgage needs and to give you information about the current market. Your loan officer will take your loan application over the phone to streamline the process for you. You can communicate with your agent by phone, email or in person at their office. Most people communicate with their agent by phone and email, and then FedEx documents as necessary.


Q: Is my information private and secure?

A: Yes. The privacy and security of your information is of critical concern. Even though there are no online loan applications and you are not sending sensitive financial data through our network, we have still taken extreme measures to make our system secure and private.


Q: Do you use secure web pages with encryption?

A: When you send any personal information through our system, such as contact information, it is protected by SSL (Secure Sockets Layer) Technology. SSL does not allow anyone to intercept and read your personal information. When you send your information, SSL encrypts and only we can decode the encryption.


Q: What is you policy on privacy?

A: We DO NOT sell or share any personal information about you to or with any person or organization except: as authorized by you, to other parties involved in your transaction, or as may be required by law or court order. The Millennium Mortgage Benefits Program assures you of receiving an expert mentor through the complex mortgage process, and ultimately the benefits are VIP service, guaranteed discounted pricing, superior product choices and convenience.


Q: How do I get Started?

A:Start with Step 1, Complete the Contact Form – it takes 60 seconds and there is no cost. Once completed, you can move to Step 2, Follow the Loan Process – The Millennium Mortgage Benefits Plan provides you with a highly credentialed loan officer who will begin with an initial phone consultation, help you get pre-approved, take your application (you do not have to fill out an online application) and guide you through the loan product selection process.

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All the loan officers use the "automated underwriting" software, the most advanced product comparison tool in the industry. Your loan officer will handle every detail of the loan process on your behalf. Use Millennium's 5-step loan process to help you follow your loan through its progressive stages. Step 3, Receive Your Discounts. Click on this section and see an example of how to calculate how much money you have saved by having an employer sponsored mortgage benefits plan. 


Q: Are my Family Members and Friends eligible to receive benefits of this Plan?

A: Yes. All family members and friends of the employee are eligible to receive benefits of this program. You do not lose any of your own benefits by extending coverage to family members, friends or a domestic partner.


Q: Should I refinance?

A: There are two main benefits to refinancing your home. First, it can save you money on your monthly payments and cut years off the remaining term of your loan, saving thousands in interest payments. The longer the remaining term on your loan, the more interest you have to pay. Even if rates are just a half point lower than your current mortgage, refinancing can save you a lot of cash.


Also, you can leverage the equity in your house and get immediate cash in your pocket. You can use that money towards a new car, that vacation you've been talking about or home improvements to increase your home's value. Refinance your mortgage today and free up the money you need to do the things you want. Request a call from one of our loan specialists to lock in and cash in today.


Q: What is a FICO score?

A: A FICO score is a credit score developed by Fair Isaacs Company as an aid to help determine a consumers overall credit quality and ability to repay a loan.


Q: How can I improve my credit score?

A: Your FICO score is constantly changing to give lenders an accurate picture of where you are right now. You can always take steps to improve your score and change the way lenders view your credit. We've listed a few of the fastest ways to improve your score.

Pay all your bills on time. This is the number one thing you can do to positively improve your FICO score. Even letting your accounts roll over to the 60 day allowance will usually negatively affect your score, even if you pay it off.

Keep your balances on all of your credit cards as low as possible. This means you need to pay off as much as you can afford to keep your ratio of outstanding balance to total available credit low.

Credit accounts that you have regularly paid off and have a lengthy, clean history will help your score. Research shows that consumers with longer credit history have a lower risk of default than those with shorter credit histories.

Don't close unused cards to try and raise your score. This may backfire and actually hurt your score since it will cause your ratio of balance to available credit to increase. Too many credit inquiries can negatively affect your credit score. Every time you apply for a credit card, an auto loan or a mortgage; an "inquiry" is made. If you do need to apply for credit for an auto or mortgage loan, then do your shopping within a short time period. FICO scores usually identify a group of inquiries as rate shopping and will only count the group as one inquiry.

It is good to have a mix of credit products. Whether they are credit cards, installment loans, automobile loans or a mortgage. Having a healthy mix will generally increase your score. Although, having too much of one could be detrimental.

Get Help. If your credit situation seems overwhelming or unmanageable you may want to call a credit counselor. You can reach one by calling the National Foundation for Credit Counseling at 800-388-2227 or look for them on the Web at www.nfcc.org


Q: How are interest rates determined?

A: Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth and Federal Reserve policy. Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation's central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.


Q: Should I pay points in exchange for a lower interest rate?

A: Points are considered a form of interest. Each points is equal to one percent of the loan amount. You pay them, up front, at your loan closing in exchange for a lower interest rate over the life of your loan. This means more money will be required at closing, however, you will have lower monthly payments over the term of your loan.


To determine whether it makes sense for you to pay points, you should compare the cost of the points to the monthly payments savings created by the lower interest rate. Divide the total cost of the points by the savings in each monthly payment. This calculation provides the number of payments you'll make before you actually begin to save money by paying points. If the number of months it will take to recoup the points is longer than you plan on having this mortgage, you should consider the loan program option that doesn't require points to be paid.


Q: What does it mean to lock in a rate?

A: When you lock in a rate, you are asking the lender to guarantee the current interest rate for a certain period of time. By locking the rate you are guaranteed that rate for your loan regardless of whether or not the rates go up the next day or not.


Q: How do I know if it's best to lock in my interest rate or let it float?

A: Mortgage interest rate movements are unpredictable. If you have a hunch that rates are on an upward trend then you'll want to consider locking the rate as soon as you are able. Before you decide to lock, make sure that your loan can close within the lock in period. It won't do any good to lock your rate if you can't close during the rate lock period. If you're purchasing a home, review your contract for the estimated closing date to help you choose the right rate lock period. If you are refinancing, in most cases, your loan could close within 30 days. However, if you have any secondary financing on the home that won't be paid off, allow some extra time since we'll need to contact that lender to get their permission.

If you think rates might drop while your loan is being processed you may want to let your rate "float" instead of locking.


Q: Can I really borrow funds to use towards my down payment?

A: Yes, you can borrow funds to use as your down payment! However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it's a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.


Q: What if I do not have any money for a down payment?
A: There are programs that offer a no down payment option and in conjunction with seller contributions, can make it so that you will not need to spend any money to buy a home. Please discuss your options with one of our loan specialists.


Q: I'm self-employed. How will you verify my income?
A: Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period. However, based on your entire financial situation, we may not need full copies of your tax returns.


We'll review and average the net income from self-employment that's reported on your tax returns to determine the income that can be used to qualify. We won't be able to consider any income that hasn't been reported as such on your tax returns. Typically, we'll need at least one, and sometimes a full two-year history of self-employment to verify that your self-employment income is stable. GreenPoint also offers a host of loan programs that either do not require verifications of income or in some cases do not even require you to list it. This type of loan is called the True NoDoc mortgage. We suggest you contact us by phone to apply for this type of loan if you are interested.


Q: What is a Loan-to-Value ratio?

A: The Loan-to-Value ratio, or LTV, is simply the loan amount divided by the value of the property. The LTV is important because it determines your equity in the property. For example, your home is worth $100,000 and the lender will lend up to 80% of that value or $80,000. Your LTV would be 80%.


Q: How can I find out how much my home is worth?

A: You can contact a local realtor and ask them for a free market analysis on your home. The realtor can show you recent sales of homes like yours that have sold in the last six months. This will give you a good indication of what homes like yours are selling for in your neighborhood. However, Millennium will require an appraisal be performed by a licensed real estate appraiser.


Q: What is title insurance?

A: There are two types of title insurance policies. A lender's policy insures that the lender holds an unencumbered first lien position. This coverage is required when obtaining a mortgage loan. An owner's policy is a separate policy that ensures that the borrowers hold a marketable title to the subject property. An owner's policy would ensure against ownership claims against the property that were not identified during the title search.


Q: What are escrow accounts?

A: Escrows are payments made by the homeowner to the mortgage company for the purpose of paying the homeowner's taxes, insurance and any other payment that is associated with the loan. Escrows are added onto the monthly payment amount that the homeowner pays. This makes it easier on the homeowner because it spreads the tax and insurance payments over the full year.


Q: How will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?

A: If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require that 2 to 4 years have passed since the bankruptcy or foreclosure. It is also important that you've re-established an acceptable credit history with new loans or credit cards.

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