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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.
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, whereas a less percentage can be applied to still achieve savings over time.
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 often complete an overview of the borrower(s) for the Underwriter's review called "The StoryLine" 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!