Can I choose a different program or rate after I’ve locked?
Yes! You may move to a different loan product, whether or not you have rate locked, at no cost to you. Please contact an Empire consultant for rates and pricing if you are moving to a different product group. The rates and pricing available to you will be those rates and pricing that were in effect on the date and time that you initially rate locked. Note: rate locks are specific to property not borrowers, so if in fact you end up cancelling a residential purchase, and end up purchasing a new property, your previous rate lock will not be in effect and you will be subject to current rate sheet pricing; good or bad!
Its important that clients obtain the mortgage product that best fits their financial needs, and sometimes that can mean changing the loan product while in process.
- What is an ARM?
- Should I consider a loan with private mortgage insurance (PMI)?
- What is the minimum down payment required on a purchase mortgage?
- What is the maximum percentage of my home’s value that I can borrow on a refinance loan?
- What is the maximum debt-to-income ratio allowed?
- Is paying off an existing second mortgage or home equity line considered cash out?
- Can I keep my existing second mortgage or home equity line and refinance my first mortgage?
- Can Empire of America finance the purchase of a property through a short sale?
- Am I able to refinance a property that was recently listed for sale?
- What is the difference between a conforming loan, a super conforming loan and a jumbo loan?
- Can I apply before I find a property and get pre-approved?
- What is a subordination agreement?
- 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?
- Are any fees collected when I lock?
- What if rates drop after I’ve locked?
- What happens if the loan process takes longer than my lock period?
- Can I relock my rate if I cancel and reapply?
- If rates fall after I’ve locked, will you lower my rate?
- Should I lock or float my rate?
- 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?