Pyramid Capitol Group, Inc.

1. Will using Pyramid Capital Group cost more than dealing with my bank?

No. In fact, Pyramid Capital Group can save you money. As a NYS registered mortgage broker and Connecticut Banker, we are recognized by lenders and given wholesale discounts on our rates and points, which we pass on to you. For example, a hardware store sells a hammer for $10.00, and a builder buys it at wholesale for $6.00 then sells it to you for $8.00. You get the same hammer for less money.

2. How much do I need for a down payment and what are my closing costs?

Down payments vary based upon each person's own financial situation. Some people put down as little as 3% or as much as 50%. We can even provide you with 100% financing as well as finance portions of your closing costs.

Closing costs are based upon your loan size, location and type of home, points (if any), loan program and other factors. At Pyramid Capital Group we will provide you with a customized estimate of closing costs at the time of your application. Let us customize a loan program for you.

3. What documentation do I need in order to apply?

The standard documentation includes:

• Last two years W-2 forms
• Last two months financial statements (checking, savings, IRA, CD, Mutual Funds, Stocks, etc.)
• Most recent month of pay stubs
• Copy of contract of sale if purchase
• Last twelve consecutive rent checks (if presently renting)
• Last two years personal tax returns and corporate returns if self-employed

In most cases, we can streamline your loan application and avoid much of the above paperwork.

4. How long does it take to get my loan approved?

After obtaining your credit report, an appraisal of the property, and the necessary documents, many mortgage applications can be approved in as little as 24 hours. With our Desktop Underwriter, we can now approve your loan in as little as 10 minutes without any up front paperwork. Once you are approved, we will collect the documents requested. This eliminates gathering any unnecessary paperwork and saves you time.

5. What are 'points' and must I pay them?

Points are considered to be prepaid interest and a cost in obtaining a loan. One point represents one percent of the mortgage amount. Points are not mandatory, however, a zero point loan will carry a higher interest rate. The longer you plan on holding on to the property, the more cost effective it is for you to pay points and obtain a lower interest rate. In the long run, up front points will save you money. (Talk to your tax advisor about the tax-deductibility of points).