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PURCHASE

Frequently Asked Questions

Find quick answers to some of the most popular questions.
How fast can a purchase loan close after the offer is accepted?
We can close most conventional purchases as fast as 14 calendar days – from signing your purchase contract to funding your loan. More difficult loans such as VA and FHA loans require slightly longer periods of time. However, 30 days is a realistic closing window for some of the more complex loans.
When can I lock my rate?
We can lock your loan the same day we have our initial conversation. Locking your rate is possible as long as all necessary documentation is received by cutoff time and you qualify for the loan. Rates change like the stock market, so the sooner we receive all the necessary documents, the sooner we can lock. We also offer locks for up to 90 days.
Can I roll my closing costs into my loan?
Yes! This option allows you to bring no money to closing. There will be no added costs, as you provided your loan to value to cover the financed costs.
What is the lowest down payment available?
3.5% for FHA
5.0% for Conventional
10% for Jumbo

Percentages stated above can differ depending on loan amount, credit scores and other factors. Your payment may include mortgage insurance based on these stated percentages.
What are impounds (also called escrow account)?
Impounds, also referred to as an escrow account, can be part of your monthly payment. They are used to pay your property taxes and homeowner insurance. Some borrowers prefer to do this as opposed to making lump sum payments themselves. We can set up the account through your purchase or refinance on your behalf.
What is the difference between an interest rate and the APR?
The interest rate is the yearly cost you will pay to borrow the money, and it’s expressed as a percentage rate. The interest rate does not reflect fees or any other charges you may have to pay for the loan. An annual percentage rate (APR) is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any points, mortgage broker fees, prepaid interest, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
What are Points?
A point is a percentage of the loan amount or 1-point = 1% of the loan. One point on a $100,000 loan is $1,000. Points are costs that need to be paid to a lender to get mortgage financing under specified terms. Discount points are fees used to lower the interest rate on a mortgage loan. Origination points are fees charged to cover the lender’s fees or profit. Lenders may refer to costs in terms of basis points in hundredths of a percent. 100 basis points = 1 point, or 1% of the loan amount.
What is cash to close or funds to close?
Cash to close is the amount of money required to complete the transaction of buying a house. This term doesn't refer to actual cash. Also, it is not recommended to pay with cash in this situation as it often won't be accepted.
Do you offer alternative income-based purchase loans?
Yes, but rates and fees are generally higher for these types of loans. For program details please speak with a loan consultant.

Do you have other questions?

We're here to listen and to help at any time.