Are any fees collected when I lock?
Empire of America does not collect application, credit report or rate lock fees, ever. There are no fees or costs associated to rate locking, and you have the option of rate locking 7 days a week. If your transaction requires an appraisal, that will only be collected from you once you have decided to move forward with the processing of your mortgage loan and electronically signed initial disclosures. Initial disclosures include a credit card form that will be used to directly to order the appraisal from one of our approved Appraisal Management Companies.
Related FAQs
- What is an ARM?
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- What is the maximum debt-to-income ratio allowed?
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- What is a three-day right to cancel?
- What is title insurance and why do I need it?
- What is prepaid interest?
- What is the difference between an Interest Rate and an APR?
- What should I do if I’m not sure about the annual real estate taxes?
- What steps should I take if I become a victim of identity theft?
- How can I obtain a free credit report?
- Do you have any programs that don’t require income documentation?
- What supporting documentation is required?
- How quickly can you close my loan?
- What is your rate lock policy?
- What if rates drop after I’ve locked?
- What happens if the loan process takes longer than my lock period?
- Can I choose a different program or rate after I’ve locked?
- Can I relock my rate if I cancel and reapply?
- If rates fall after I’ve locked, will you lower my rate?
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- What is an escrow/impound account?
- What are included in your closing costs? What are pre-paids & are they different from closing costs?
- Why do you charge a Lender Fee?
- Should I pay discount points?
- What is a rebate/credit?
- Can I prepay the loan without a penalty?
- What is your minimum credit score requirement?
- How can you offer such low rates?
- Is there a fee or any obligation if I apply?