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How will my new loan amount be determined?

We’ll order a final payoff on your existing mortgage 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!

Is this the lowest rate I can get, and is it final?

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.

What is APR?

An annual percentage rate, or APR, is the rate of interest per year that is paid to a mortgage lender. APRs can be fixed or adjustable depending on the loan.

What is the difference between Prepaids and the Escrow account?

Based on the timing of the settlement on this refinance, payments may be due for property taxes and property insurance within the time period between the settlement date and the first mortgage payment due date on this new mortgage. These payments are collected as “Prepaids” at the time of settlement on this refinance to ensure timely payment. Monies collected to fund your new escrow account are for the purpose of making all future property tax and property insurance payments.

What happens with my existing escrow account, and how is my new escrow account funded?

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 when your next property tax payment and property insurance premium are due.

Where do closing costs and fees come from?

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% of your total home cost, so plan accordingly.

Do I need to make payments on my existing mortgage?

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

How long will this process take and what's next?

Our goal is to complete this entire process, from loan application to closing, in under three weeks or fewer. The next steps to making this happen are pulling your credit and getting all your details confirmed. Then, we can lock in your rate and get the process moving!

As a result of refinancing, your total finance charges may be higher over the life of the loan.

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