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Home loan rates are subject to change daily, and even multiple times a day in some cases. When you lock in your mortgage rate, you are saying “I choose the rate that’s in effect right now.” This can protect you from an increase in the rate between now and closing, but may also prevent you from getting a lower rate if interest rates drop before closing. It’s always a good idea to talk to our Home Loan Guides before locking in your rate.
To lock your rate, simply notify your Home Loan Guide that you’re ready to lock your rate, AND receive confirmation from him or her that the lock is complete. We will be happy to walk you through the locking process and the lock options available to you.
Your appraisal may look different depending on the type of property being appraised. Here are some samples provided by Fannie Mae for different home types:
- For a typical home (uniform residential)
- For a condominium (individual condo unit)
- For an income property (small residential income)
Points and credits are tools you can use to adjust your home loan rate up or down to suit your needs. “Taking credits” means accepting a higher interest rate on your loan in exchange for lower costs at closing. The opposite of taking credits is “paying points,” which involves paying more at the time of closing in exchange for a lower interest rate (and lower monthly payment).
When do these strategies make sense? Every buyer’s situation is unique, but one common scenario is that people who expect to refinance or sell their house within ten years often find it beneficial to take credits, while those who expect to stick with their home loan for the long haul can save money over time by paying points up front in exchange for a lower monthly payment.
At Solarity, our expert Home Loan Guides have your best interests at heart, and will help you explore your options and figure out what approach works best for you.
No! While some lenders will charge a penalty if you pay down (or pay off) your home loan early, Solarity does not.
Yes! We dedicate our expert Home Loan Guides to work with you from start to finish. They are the point of contact but you will be backed by an entire team who will be familiar with your home loan and can provide any support along the way.
To get an accurate mortgage payoff amount, please reach out to us at 800.347.9222.
Your credit score should never prevent you from applying for a home loan. While it’s always a great idea to try to improve your credit score, the right time to apply for a home loan is when you need a home loan. Your credit score is an important factor in the loan approval process, but it is only one of multiple factors.
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If you aren't able to find the answers you need, reach out to us. We are happy to help!