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Frequently Asked Questions

The following are the most frequently ask questions that are common during the loan process. If you have any additional question please contact us.

ESCROW PAPERS

After we receive your initial documentation, Escrow is opened. Among Escrow’s functions is to send out the preliminary information pertaining to the proposed transaction. i.e., Loan Amount, Lender, etc. This information is preliminary and will change as the transaction progresses. It is important that the Escrow Company receives, in a timely manner, the Statement of Information filled out completely.

MAKING YOUR MORTGAGE PAYMENT DURING THE LOAN PROCESS

Mortgage payments are normally due on the 1st of the month. If it is the 10th of the month and you have not made the mortgage payment, you have three options:
  • Make the payment in person at your bank or by Cashier’s Check.

  • Pay a late payment fee.

  • Bring the payment into Escrow at signing of your loan documents.

If you send a payment, the Lender has to post the payment, clear the check and then give Escrow an updated payoff statement. This can result in unnecessary delays.

MORTGAGE LOAN PAYOFF

The amount shown on your current mortgage statement is not the payoff amount. The payoff will have 30 days interest (in arrears) added plus any reconveyance fees, recording fees, etc.

RATE LOCK

It is possible to lock the rate initially; however, if the rates go down, we would like to take advantage of the lower rate for our clients.

If you signed an Agreement with your Loan Officer regarding the interest rate, then the loan will be locked at that rate or better!

TIME FRAMES

Turn around time frames vary depending on the market and demand. Currently, with the interest rates the lowest since 1966, the industry is overwhelmed. Plan on at least 30 days for your refinance. Normal turnaround time frames are 24 to 48 hours for loan documentation – 24 to 48 hours for funding and 24 to 48 hours for recording. Also, remember after you sign your loan documents, there is a “Three Day Right of Rescission” period.

TRUTH AND LENDING DISCLOSURE STATEMENTS

Federal Regulations require the Lender to send these documents to you. It is a function of “opening the file”. The file has not gone to Underwriting; a Loan decision has not been made. If the interest rate is not the rate you have discussed with your Loan Officer – do not be alarmed – again, this is only preliminary information.

The APR shown on this form IS “NOT YOUR NOTE RATE” For a detailed description – see APR under Tools in the Mortgage Loan Glossary.

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