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Frequently Asked Questions
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What does it cost to submit a loan package? |
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Nothing. You can submit your loan application and become pre-approved for your loan without incurring any costs. Later on, an appraisal fee may be required and when the loan closes you may have to pay closing costs associated with your loan. |
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Do I need to have a property picked out before I fill out and submit my loan application? |
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No. You can submit your loan application for pre-approval without having a property picked out. Once you have picked out a property to purchase we can make the necessary adjustments to your loan application to reflect the precise information for that property. |
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What happens after my loan application is submitted? |
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Once your loan application has been submitted, one of our loan representatives will be assigned to your loan and will be contacting you with additional information about your loan. |
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Can I change my loan program after the application has been submitted? |
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Yes. You can change your loan program to fit your needs up until the time your loan is locked and ready to close. |
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What is a lock? |
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A lock is a guarantee of a specific interest rate for a specific time period. Lock periods can range from 7 days to 180 days or longer at times. Each loan program has different lock periods available. |
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When can I lock my loan? |
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Once you have selected a property and the closing date has been set or you have a reasonable time frame for closing on the property, the loan can be locked. |
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Does it cost anything to lock my loan? |
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No. There is no charge to lock a loan for a standard lock. However, there are instances where locks for long periods of time may require a deposit. |
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