Purchase Loans

• Your loan application - submit here,
• we must have received your signed paperwork and all supporting documentation,
• a fully executed sales contract,
• your property inspections must be completed (if repairs are needed, this must be worked out with the seller and included in the sales contract before proceeding), and
• an acceptable appraisal has been completed.

Refinance Loans

• Your loan application - submit here,
• we have received your signed paperwork and all supporting documentation,
• an acceptable appraisal has been completed.

The interest rate quoted to you on your Good Faith Estimate is SUBJECT TO CHANGE UNTIL LOCKED.

Our wholesale lenders issue new rates every morning, usually between 9-10am, excluding holidays and weekends. These rates can change at any time during the day depending on how volatile the financial markets (bonds & mortgage backed securities) are that day. We have seen rates change as many as 5 times during one day, but this is very rare. One or two changes is the most we would normally see on a volatile day, but this is why it is so important to lock your rate right away.

The other side to that is; What if rates improve after I lock? This will depend on what type of loan we are using and how the wholesale lender treats rate float downs. Some will lower your rate one time for a cost of about 0.50% in points. If you are concerned that rates have dropped since you locked, call or email us and we will let you know what we can do for you. Many times we are already working on getting your rate reduced, but don't hesitate to contact us about it.

Why is the rate or the points on my Estimate different from the rate I see on your web site? All interest rates are associated with points, either positive(cost) or negative(premium). You will notice on the rates displayed on our web pages that rates are quoted for a specific loan amount and that some of the points are positive and some are negative.
For example, let's say a 30 year VA loan is at 5.5% with 1.000% under Pts. Our rates for VA loans are based on a $150,000 loan amount. The cost to you is 1% of $150,000 or $1500. If it was -1.000% it would be a premium or credit to you of $1500. This would be used to lower your closing costs and prepaids by $1500.

If your loan amount is only $100,000, 1.000% would only be $1000 to us. We would have to add 0.5% to your origination\points to get the same amount, $1500. If your loan amount is $200,000, we would decrease your origination\points.

Other factors can also affect your rate and points. Some of the things wholesale lenders add points for are.

• Smaller loan amounts
• Lower credit scores
• Specialty loan programs, i.e., VA loans, Rural Housing Loans, Home Equity loans, investment properties, etc.