Optimal Equity - Frequently Asked Questions

Optimal Equity is headed by Robert Shaar, a 15-year veteran in this business who has seen virtually every loan situation out there. Even if you feel that it might be impossible to secure a loan, Robert and his team will work with you to repair your credit, help you understand all your options, and take you through the process step-by-step until you make it to the closing table. Our team is committed to your well-being and we will do whatever we can to make sure you are completely comfortable with the entire process. Only if you pass the "pillow-test" (meaning you can sleep soundly at night), do we consider we have done our job well. Because we work with over 100 lenders, we are able to get people the best loans possible. We do business mainly by referral, which means that we will make sure you are as satisfied as the person who referred you.

The length of the process varies, depending upon your personal situation and the chosen lender. In today's economy, variables can also affect speed. For a client who doesn't need credit repair and for whom the transaction is relatively straightforward, the loan could be closed in as little as two weeks from the moment that the application is submitted.

PMI stands for Private Mortgage Insurance. This is extra insurance that many lenders require from homebuyers who obtain loans of more than 80% of the home's value. Its purpose is to protect the lender in case a homebuyer defaults on their loan, and also to increase the amount of people who can qualify for loans. 

We have acces to over a 100 different lenders nationwide, depending on your specific needs. Once we agree on an interest rate, we go online and submit your rate for an approval.

There are a few differences between an FHA and a conventional loan. FHA loans require the buyer to put 3.5% down at closing, as opposed to 5% with a conventional loan. Conventional loans are typically for buyers with excellent credit (720 FICO score or higher)- if you are close, credit repair can help get you to where you need to be for this type of loan. FHA loans are a good choice for people with less than perfect credit scores because it is easier to get approved. There is also a maximum annual family salary associated with FHA loan qualification. For more information, please feel free to contact us.