Section 13 _Questions
with Answers That May Surprise You!
___New
Qs
& As
Updated Frequently!
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Your Question?
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Question:
Mr. D. Weber,
Memphis, TN: "What's
a 'Rate Lock'?"
Answer: Rate Locks
are typically defined as securing the interest rate on a loan
for a specified period of time; however, it comprises not only
the interest rate, but the loan program, points paid (if any)
and the length (term) of the Lock. Further, it's a binding contractual
agreement between the borrower(s) and the lender which guarantees
the Lock components if the mortgage is closed and funded within
the Lock term.
Question:
Mrs. L. Fisher,
Covington, TN: "What's
a 'Point'?"
Answer: A fee
paid to the lender upon closing your loan to increase the effective
yield of the mortgage. 1 Point =1% of the loan amount and is often
called a Discount Point. Borrowers often prefer to pay "cash
at closing" to secure an interest rate lower than the prevailing
market rate, especially if they intend to stay in the subject
property for some time and want a lower mortgage note overall.
Question:
Mr. T. Gaines,
Collierville, TN: "How
Does an Underwriter Look at Me?"
Answer: Believe it or
not, over the years, Underwriters have told us repeatedly that
they try to "Look beyond the Paper" of a borrower(s)
to see the real person, and that such an understanding of the
individual(s) is essential in their true assessment of the submission.
Credit history & Credit scores rank highest; the Property
Appraisal follows a close second.
As such, we complete an overview of the borrower(s) for the
Underwriter's review called "The StoryLine"sm
which presents who you really are to insure that you are presented
in the most favorable light possible & utilize professional
appraisers who really know your neighborhood through experience.
It's all in "going the extra mile" for you!
E-MAIL: Questions&Answers@1stopmortgage.net
