Frequently Asked Questions
Here are answers to some commonly
asked questions. If you have questions that aren't listed,
contact us at 716-799-0846. You can email us at .
It shouldn't be a problem. There are many programs available today that
require less than 5% down payment. The best thing to do would be to call
us and we can find the right program for you.
Yes, the different types of loan programs being offered are changing
every day. We find the best loan scenario for all of our clients.
Unlike big banks that are restricted to using loan programs and
rates being offered at that time by the bank, we have access to
many lenders. What we do is find the lender that best fits your needs.
Call us today and let us show you what we can do for you.
Yes you can. However, the rules regarding this issue are constantly
changing. Your best bet would be to contact your accountant.
Your accountant can inform you of your best options in regards to this.
With a fixed rate mortgage, the interest rate and the amount you
pay each month remain the same over the entire mortgage term,
traditionally 15, 20 or 30 years. A number of variations are
available, including five- and seven-year fixed rate loans with
balloon payments at the end. With an adjustable rate mortgage
(ARM), the interest rate fluctuates according to the indexes.
Initial interest rates of ARMs are typically offered at a discounted
("teaser") interest rate lower than fixed rate mortgage.
Over time, when initial discounts are filtered out, ARM rates
will fluctuate as general interest rates go up and down. Different
ARMs are tied to different financial indexes, some of which fluctuate
up or down more quickly than others. To avoid constant and drastic changes,
ARMs typically regulate (cap) how much and how often the interest
rate and/or payments can change in a year and over the life of the
loan. A number of variations are available for adjustable rate
mortgages, including hybrids that change from a fixed to an
adjustable rate after a period of years.
It depends. Because interest rates
and mortgage options change often, your choice of a fixed or
adjustable rate mortgage should depend on: the interest rates
and mortgage options available when you're buying a house, your
view of the future (generally, high inflation will mean ARM rates
will go up and lower inflation that they will fall), and how
willing you are to take a risk. When mortgage rates are low,
a fixed rate mortgage is the best bet for most buyers. Over the
next five, ten or thirty years, interest rates are more apt to
go up than further down. Even if rates could go a little lower
in the short run, an ARM's teaser rate will adjust up soon and
you won't gain much. In the long run, ARMs are likely to go up,
meaning most buyers will be best off to lock in a favorable fixed
rate now and not take the risk of much higher rates later. Keep
in mind that lenders not only lend money to purchase homes; they
also lend money to refinance homes. If you take out a loan now,
and several years from now interest rates have dropped, refinancing
will probably make sense.
Private mortgage insurance (PMI) policies are designed to reimburse
a mortgage lender up to a certain amount if you default on your loan.
Most lenders require PMI on loans where the borrower makes a down
payment of less than 20%. Premiums are usually paid monthly or can
be financed. With the exception of some government and older loans,
you may be able to drop the mortgage insurance once your equity in
the house reaches 22% and you've made timely mortgage payments. The
Servicing Lender will have the requirements for canceling the mortgage
insurance.
Our Happy Clients
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Sam Coho was absolutely amazing to work with! From start to finish, he made the lending process so much less stressful. He’s extremely knowledgeable, explained everything clearly, and was always just a call or text away — no matter the time or day. His dedication and responsiveness made us feel supported every step of the way. We couldn’t have asked for a better lender and would recommend him to anyone in a heartbeat!
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This was my first ever experience with purchasing a home. The service provided was exceptional. Any questions that arose I was able to pick up the phone and talk it through with Aaron. At some points I did need a little “hand holding” and Aaron was so wonderful every single step of the way. If I could recommend Aaron to anyone whether that be your first time buying or you’re looking to retire/downsize, I will always do so! Aaron is the best in Buffalo to work with and I say that with pure confidence. Thank you for making this process as seamless and simple as it could be. I’m forever grateful for the team I had purchasing my first home!
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I wanted to take a moment to sincerely thank you for the exceptional service you provided throughout the entire mortgage and closing process. From securing a great rate to personally taking care of the home inspections, correcting issues, coordinating everything seamlessly, and even communicating directly with the lawyer’s office, you truly went above and beyond every step of the way. Your professionalism, responsiveness, and dedication made what could have been a stressful process smooth and efficient. I genuinely appreciate the time and effort you put in to ensure everything was handled properly.
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Aaron is by far the best lender I could have hoped for to help my wife and I purchase our first home. Personally I work as a lender and I was extremely impressed with Aaron's work. If we had not decided to go with Aaron we would have paid several thousand more dollars in closing, had a higher interest rate, and I am sure our closing would not haven taken place as quickly as it did. If you are looking for someone who is truly dedicated to you and your goals Aaron is the man for the job. Highly.. highly recommend him!
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Steve Umstead has been a great resource to us ever since we bought our first home. And he's helped us grow our portfolio since then. Steve is super personable, thorough, and prompt. Mary is also very genuine and easy to work. Their portal makes things a smooth process. Really appreciate this team and definitely would and have recommended! They've even helped our friends out when buying their first home!
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WOW! I would recommend Queen City Funding to anyone that needs a home loan or financing. I went through a very long process with Wells Fargo only to be disappointed 4 months later, not because of financing but for all the red tape from Corporate. I was introduced to Chris Corica at Queen City Funding and BAM! Within 2 weeks of starting the process I was able to close on my Condo. They make it happen and I am so appreciative of Chris and Tammy. I can assure you any future investments I will be using Queen City Funding!
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Mark E was knowledgeable, professional, and capable. Mark took time to explain everything in detail and he truly does “work” for you as the customer. I had an A+ experience with Mark and his team and would use them again in the future!
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I refer many of my client's to Steve Umstead at Queen City Funding. They are always, hard working, responsive, friendly, and looking out for the client. Their turn around time can't be beat! I know my client's are in good hands when they are working with Steve.
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Steve and his team were great and helpful in helping me to secure my loan in a quick fashion! He is friendly, super supportive and was on top of everything throughout the process! Love my new home and grateful for all he did to help me! :)
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"Chris was absolutely fantastic to work with. He closed on my mortgage efficiently and for exactly what he quoted me for. He answered my phone calls and emails immediately and got me a fantastic deal! I would totally recommend him to anyone looking to get a mortgage, you can't go wrong!"
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"I had a terrific experience with Queen City - it couldn't have been better! Chris answered all of my questions, and was always available over the phone - even once in the early evening and another on Saturday. He had a great attitude also, not pushy like others I contacted. I used Queen City for a refi, and was surprised by how easy the whole process was. I would definitely recommend this lender to friends and family."
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"I was ready to lock in with another lender but saw on Zillow that Chris could get me a much better rate. He was able to begin my application and get the 30 day lock that same day. The other broker didn't believe that the rate was real, or that the other bank would be able to complete the application process in 30 days, but Chris came through. We closed on time and the rate and fees were as promised. Chris was always available to talk and was a huge help throughout the process; I don't see why anyone would go anywhere else with a higher rate."