Frequently Asked Questions

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Next, you will complete an application where we will pull your credit and confirm your loan eligibility. Then, we can lock in your rate and get the process moving! Our goal is to complete this entire process, from loan application to closing, in three weeks or less.

In order to move forward with the loan process, we’re going to need a copy of your government issued photo ID, paystubs from the last 30 days, up-to-date mortgage statements on all property you own, Housing Insurance Policies (HOI) on all property you own, W2 forms, and your credit report.

We’ll order a final payoff on your existing mortgages and will share a copy of that statement with you along with a summary of your final closing costs. With this information on hand, we will consult with you to set the final loan amount and get you all squared away!

We specialize in finding low rates for every person we work with and will only ever come to you with the lowest possible rates we can find. This rate is an estimate based on the information you have provided. Once we pull your credit, we can get you a more definitive loan estimate.

An annual percentage rate or APR is the amount of interest on your total mortgage loan amount that you’ll pay annually (averaged over the full term ofthe loan). Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such asmortgage insurance, most closing costs, discount points and loan origination fees.

All monies in your existing escrow account with your current mortgage lender will be refunded to you within 30 days of settlement on this refinance.Upon funding this new refinance, monies will be collected to fund your new escrow account, the amounts collected will be determined based on whenyour next property tax payment and property insurance premium are due.

Closing costs and fees come from a myriad of transactions that occur during the mortgage process. They include origination fees, required validation fees, title insurance and settlement charges, and recording and government fees. Typically, closing costs and fees calculate out to be around 2% - 5% percent of your total home cost, so plan accordingly.

Based on the timing of the settlement on this refinance, payments may be due for property taxes and property insurance within the time periodbetween the settlement date and the first mortgage payment due date on this new mortgage. These payments are collected as "Prepaids" at the timeof settlement on this refinance to insure timely payment. Monies collected to fund your new escrow account are for the purpose of making all futureproperty tax and property insurance payments.

Yes! Until the funding of your refinance is done, you still are required to make your mortgage payments.