Encore Mortgage

Encore Mortgage Availability

Encore Mortgage is licensed to do business in nine states:

• Alaska
• Colorado
• California
• Florida
• Indiana
• Michigan
• Minnesota
• Nevada
• Wyoming

Although there are not mortgage consultants located locally in each of the above states, Encore has consultants available over the phone and via e-mail. The Encore Mortgage website lists the phone numbers and e-mails for mortgage consultations.

Before Applying

Encore Mortgage features a section on their website entitled The Product Knowledge Database. This portion of the website offers introductory information regarding the various mortgage products offered by the company. This section also gives broad recommendations for loan products based on general information. Applicants should not make a final decision on a mortgage loan product based solely on the information listed on the page, but should instead speak in depth with a qualified mortgage consultant prior to deciding on a product.

Applicants should definitely take the time to peruse The Product Knowledge Database prior to speaking to a mortgage consultant with Encore, because the information contained on the site will give the applicant a good starting point from which to begin applying. The consultant will ask further questions in order to decide which loan terms are best for each particular applicant.

Mortgage Prequalification

Prospective applicants can apply for prequalification over the phone or by using the website. The application is directed to the nearest mortgage consultant who will call the applicant to discuss the application and pull a credit report if the applicant wishes to proceed with a loan. The prequalification questionnaire requires various information from the applicant:

• Name, address, and phone number
• Employment information
• Estimate of credit history and score
• Information regarding mortgage loan sought
• Current debt information

Since a prequalification is not a loan approval, it is used as a tool to estimate how much money an applicant may be eligible to borrow. Approval of a mortgage loan is contingent upon several factors, including creditworthiness, employment history, and amount of savings in the bank.

Products Offered

Encore Mortgage offers several different loan terms. The best loan term depends on several factors, including the amount of time the applicant will live in the house and the amount of money available for a down payment. Some of the loans offered through Encore include, but are not limited to:

• First Mortgages
  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages
  • Balloon Mortgages
• Second Mortgages
  • Equity Loans
  • Equity Lines of Credit
• Buyer Programs
  • First Time Buyer
  • Buyers with Bad Credit
  • No Documentation (For applicants who do not have documentation to prove their income)
• VA Loans
• FHA Loans

Interest Rates and Terms

Encore Mortgage offers interest rates which are comparable to other mortgage lenders. The various terms they offer are also comparable to other lenders, although Encore does feature some adjustable rate mortgage terms which are not offered by many lenders. Potential buyers should contact an Encore representative to find out the latest interest rates offered for mortgages, or they can check on the Encore interest rate website.

Applicants should also take care to not get carried away with the amazingly low interest rate advertised on the Encore main webpage. For example, if the teaser interest rate is listed as 1.25%, applicants should read the fine print and realize that this rate is not for a fixed rate loan, and the annual percentage rate (APR) is actually closer to 6%, not 1.25%. This is an effective marketing method used by many mortgage companies, but it can cause confusion for borrowers who are not familiar with mortgage loan terms.

The Customer Comes First

Encore Mortgage claims to always put the customer first, and also takes pride in the individual attention each applicant is afforded. For more information regarding Encore, visit the website.