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Most consumers aren't aware that interest rates are set by Wall Street, and that they change and fluctuate all day long just like a stock price would.
This is very important for two reasons.
1. When shopping for a mortgage you can only compare quotes from different lenders that are received on the same day. If you get a quote from lender A. on Monday and lender B. on Thursday, you are not making an accurate comparison because the interest rate market could have moved substantially since the first quote was given.
2. Until you lock your interest rate, it can change. This means if you received a quote on Monday, and you call back to lock on Wednesday, you would have to first get an updated quote on Wednesday and then you would be able to lock based on whatever the rates are on Wednesday.
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All rates quoted on our website are 30 day rate locks. This means that you must close and fund your loan within 30 days of locking the rate. Longer-term rate locks are available in certain circumstances. Contact us with any questions.
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In all mortgage financing transactions there are certain services that must be performed for you to be able to close you loan. These are called third party services. These services include such things as a title search, title insurance, and the closing where you sign the papers. These services are required on all home mortgage transactions. There are lots of companies out there that perform these services. However, the costs for these services will vary substantially from one company to another. To make things more complicated, a lot of mortgage brokers or lenders own their own title companies and try to steer you to these higher-priced third-party service providers. Third-party title costs are some of the most overpaid for services of the mortgage transaction.
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Purchase Loans
In order to lock a rate for purchase loan the following documentation must be submitted:
a. Signed, and accepted purchase contract
b. Income verification documents (W-2s, tax returns, pay stubs)
c. Asset verification documents showing down payment
d. Payment for the appraisal (credit card form completed, or check)
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Refinance Loans
In order to lock a rate for refinance loan the following documentation must be submitted:
a. Income verification documents (W-2s, tax returns, pay stubs)
b. Asset verification documents showing down payment
c. Payment for the appraisal (credit card form completed, or check)
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If you would like to see a personalized rate quote based on up-to-the-minute pricing complete the mortgage rate quote form in the right-hand sidebar of this page.
If you would like to lock a rate proceed here to get started Lock My Rate.
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