• Note rate is the actual interest rate used to calculate your monthly mortgage payment.
  • APR, annual percentage rate, is used to compare the cost of money borrowed from that lender on a specific transaction. APR will consider all finance charges associated with that loan. Things like mortgage insurance, origination fees, and discount points are all factored into the APR.
  • The higher the APR vs the note rate – the higher the cost of that transaction. To ensure you are getting a loan with low closing costs make sure your APR is not much higher than the note rate.

We do not charge any out-of-pocket fees. You may, however, have an appraisal fee that is paid directly to the appraisal management company.

No, we NEVER charge the borrower any fees to lock in interest rates.

Yes, you can cancel your loan anytime before recording regardless of interest rate being locked. So, if we are not doing a good job you can always fire us.

Less than 30 days. This is assuming you are quick to provide the requested documents.

FHA streamline refinance or VA IRRRL:

  1. Copy of photo ID
  2. Copy of current mortgage statement
  3. Proof of insurance
  4. Copy of current note

For full doc loans:

  1. Most recent W-2
  2. Most recent 30 day pay documentation (pay stub)
  3. Most recent two months of banks statements of a savings, checking or retirement account.
  4. If self-employed, have a commissioned position, rental income, or earn interest and dividend income, we will need most recent full federal tax returns.

Mortgage insurance is an insurance policy to protect your lender if you default on your loan. It is required when you are financing more than 80%. Note – VA does not have any mortgage insurance.

If the home is a primary residence or second home, federal regulations require PMI (private mortgage insurance) be automatically be cancelled when you loan balance reaches 78% of the original property value at the loan was financed.

Note – Different rules apply for FHA loan as the mortgage insurance on FHA loans is not private mortgage insurance.