20% Rebate for Buyers
$3,500 Flat Fee for Sellers
2% Full Service for Sellers
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Q1: What is Pre-qualification? A1: The process of determining how much money a prospective homebuyer will be eligible to borrow before a loan is applied for. Back to top Q2: What is a Pre-approval? A2: This allows you the ability to get approved for a specific loan amount prior to finding the home you want to purchase. The loan is underwritten and the lender commits to a specific loan amount. This can give you a great advantage with a homeowner or realtor if someone else is interested in the same home at the same time. Also, if you're thinking about refinancing and want to payoff creditors or take cash out, but not sure you would qualify – you can apply for a pre-approval and could save on the cost of getting an appraisal on your home until you know if you qualify. Back to top Q3: What information do I need to provide when I apply? A:3 When you're ready to apply, you need the most current information on your monthly income and debt, a total of your assets, your social security number, and employment information. For a complete list, visit our Application Checklist. Back to top Q4: Is there a cost to apply? If so, how much? A4: This varies from lender to lender. Some lenders charge an application fee to cover actual out of pocket expenses and money for their efforts. Other lenders charge a reasonable credit report and appraisal fee, which cover out of pocket expenses. This could range anywhere from $50.00 (credit report only) to $500.00. Back to top Q5: Where do I close and sign for my loan? A5: Typically your closing will take place at the escrow company or your lender's office. Back to top Q6: What documents will I receive at closing? A6: At closing you will sign and receive copies of all legal documents that will be recorded and placed on record regarding the property that you are purchasing or refinancing. Also, you receive all pertinent information regarding your mortgage payment and servicing information for your new loan. Back to top Q7: How long will the loan process take? A7: Loan approval and funding time frames vary depending on the type of transaction and the complexity of your personal finances. The process can take, on average, anywhere from 14–60 days. Back to top Q8: What is a lock-in? A8: The lock-in represents the interest rate you choose and will be the interest rate used to factor your monthly payment. The lock-in secures the interest rate during the process of your loan approval as long as your loan is processed and closed prior to the rate expiration date. This date is given to you when you lock-in the rate. Back to top Q9: When can I lock-in my rate? A9: You can lock or float your interest rate at any time during the process of your loan. The Loan Officer will discuss these options with you upon taking your loan application. If you are submitting your loan application via the Internet, a loan officer will be contacting you to discuss your interest rate lock or float options. Back to top Q10: How long is my rate lock valid? A10: Depending on the type of transaction and the time you need, lock periods can be valid anywhere from 10 days up to 180 days. Back to top Q11: Can I pay my loan off early, can I pay extra each month? A11: Yes, you can make principal payments at anytime during your loan term or pay the loan in full. You can also pay a set amount each month above the normal payment due or make lump sum payments periodically. Back to top Q12: What is an escrow account? A12: An account maintained by the lender to collect funds from the borrower in order to pay the taxes and property insurance due on the loan. Back to top Q13: What is PITI? A13: This represents the accounts your money is applied to when you make your monthly mortgage payment: P – Principal I – Interest T – Taxes I – Insurance Back to top Q14: How do I know what loan is best for me? A14: Review your current situation and future goals, then answer the following questions to help determine the direction you may wish to take. Also, discuss these questions with your loan officer to help determine the type of loan you need.
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