What happens if the loan process takes longer than my lock period?
If the delay was caused by us, or a third-party service provider selected by us, we will extend your lock for the additional days required at no cost to you.
If the delay was caused by you and current rates are the same or lower than your lock, we will extend your lock for the additional days required at no cost to you.
If the delay was caused by you and current rates are higher, your loan will be extended at current daily lock extension fees. Please contact your Empire consultant if you wish to discuss current extension pricing.
Examples of possible delays caused by a client:
- An unknown second mortgage causing a subordination request with the second mortgage lender halfway through the process.
- Lack of available to schedule the appraisal in a timely manner.
- Delays in providing conditions requested from the processing department. A delay would be more than three business days passing without responding to the request from our team. We will always remind you of any outstanding request, and assist you in providing what we need.
- Can Empire of America finance the purchase of a property through a short sale?
- Do you have any programs that don’t require income documentation?
- Can I apply before I find a property and get pre-approved?
- 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?
- If my loan application isn’t pre-approved, does that mean you can’t provide me with financing?
- What is your minimum credit score requirement?
- 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?
- What is an ARM?
- 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?
- Can I prepay the loan without a penalty?
- What happens after I apply?
- 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?
- 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?
- 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?
- When will I hear from someone after my inquiry/application?
- How can you offer such low rates?
- Is there a fee or any obligation if I apply?