How often do mortgage interest rates change?
Interest rates change daily and sometimes several times daily. Rates are also dependent on the type of mortgage loan, the loan balance, loan to value ratio, credit worthiness of the customer and other factors.
What is a point?
Points are prepaid interest which may be charged by the lender for the purpose of reducing the interest rate. If points are paid, they are normally payable at the time of closing. Each point is equal to 1% of the principal loan amount. For example, $1,500 equals one point on a $150,000 mortgage. By paying points, your interest rate will be reduced, with you monthly payment usually being lowered as a result.
Do I need to pay an Loan Origination Fee?
The origination fee is a percent of the loan amount and covers the cost of originating your mortgage loan.
Can I finance all of my closing costs?
Most of our products allow you to finance closing costs into your new mortgage loan as long as there is enough equity in the loan.
How much are closing costs?
Closing costs vary from state to state, and title insurance varies from area to area. These variances, along with your loan balance, will affect your final closing costs. Upon completion of your application, your Mortgage Loan Originator will send you a Good Faith Estimate. Your Good Faith Estimate will give you an estimated breakdown of closing costs related to your refinance.
Should I lock in an interest rate now?
You have the option to lock in an interest rate or float. Since no one person can accurately predict what rates will do, the decision to lock or float must be yours.
Will you sell my loan?
MortgageSaver does not retain the servicing on the majority of loans, which it originates. Transfer of servicing is a common business practice in the mortgage industry and is not based on personal or payment history reasons.
What is the best way to compare rates from lender to lender?
When shopping for rates, we suggest that you get a Good Faith Estimate from all lenders you are shopping and compare rates and fees (i.e. apples to apples). This ensures that there are no hidden costs or fees and allows for a fair comparison between lenders. You may also want to compare the APR on the Truth in Lending Statement. This indicates the total cost of doing the loan.
How long will the loan process take?
It will take approximately 45 – 60 days to process your loan. Once we receive your loan application, the Client Coordinator assigned to your loan will be in continual communication with you regarding your loan status.
Can I pay my own taxes and insurance?
For FHA and VA loans the government requires the lender to escrow for those fees. On Conventional loans you may pay your own taxes and insurance. However, there is an additional fee if you do not maintain an escrow account.
Why do I need new title work; I live here already?
A new title search is required to ensure there are no obstacles (liens or lawsuits) to obtaining clear title to the property.
What if I make less money than I did or have changed jobs since I first obtained my mortgage?
MortgageSaver does offer a variety of mortgage refinance products that require no credit qualification.
I want to borrow more money to use for repairs to my home. Can I do that?
Yes, most of our loan types do allow for cash out refinance. However, there must be sufficient equity in the property to cover the cost of the repairs and the property must appraise at an acceptable value before the repairs have been completed.
To speak to an upfront mortgage professional contact us now:
