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Faq

Frequently Ask Questions

Find answers to frequently asked questions home loan. See the most common topics and more.
  • What documents do I need to prepare for my loan application?
    Below is a standard list of documents that are necessary to begin the qualifying process. Since every situation is unique, please know that it is not unusual for your mortgage professional to ask for additional ...
  • What is an APR?
    The annual percentage rate (APR) is an interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on ...
  • What are points?
    A point is a percentage of the loan amount, or 1-point = 1% of the loan, so one point on a $100,000 loan is $1,000. Points are costs that need to be paid to a ...
  • What does it mean to lock the interest rate?
    Interest rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment ...
  • Should I pay points to lower my interest rate?
    Yes, if you plan to stay in the property for a least a few years. Paying discount points to lower the loan’s interest rate is a good way to lower your required monthly loan payment, ...
  • When should I refinance?
    It’s generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% ...
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