Here is some helpful information you will need to help you make the right decisions and understand the process. If you have any questions or concerns, call is at (330) 305-1996.
Demand a Written Estimate of All Closing Cost Before loan application.
Most loan officers get cute and only mention the lending fees ($900 -$1500) as closing cost. The truth is there are title related fees that can be an additional $1500 or more depending on your loan size. Stay far away from lenders who only tell part of the story. Not a good sign!
Do Not Give Your Credit Card Information until you a comfortable with your decision to move forward.
Internet Lenders are “QUICK” (hint – hint) to get your $500 credit card deposit before you have any idea of your final rate and cost of your loan. Stay away from high pressure – closers in the industry. Not a good sign!
Demand a Written Rate Lock Disclosure that insures your negotiated interest rate is locked for a period of atleast 30 days BEFORE you make your Deposit or Application.
A written rate lock disclosure is critical for holding your lender accountable. Always – Always – Always get something in writing that is signed and dated of not only the interest rate but how long the rate is protected. Some lenders will not lock your rate until after they get your appraisal or near the closing date. They quote something low in the beginning and jack the rate higher in the end. Not a good sign!
As your home loan partner, Signature Mortgage is here to help find the right loan for you. Please call us at 1-800-241-1996 to speak to a licensed mortgage banker.
* Rate displayed assumes that you are buying or refinancing an owner-occupied single family home, all borrowers have credit scores of 740 or higher, debt-to-income ratios of 35% or lower, asset and reserve requirements are met, and your property has a loan-to-value of 80% or less. The Annual Percentage Rate (APR) is based on a loan amount of $200,000 and may include up to 3 points. (Points include any origination, discount and lender fees.) On adjustable-rate loans, interest rates are subject to potential increases over the life of the loan, once the initial fixed-rate period expires.
