Frequently Asked Questions

If you are refinancing your home, the average time frame is about 30 days. A home purchase time frame is tied to the closing date set by the seller and the buyer in your Purchase and Sales agreement. We will do our part to make sure your closing takes place on time.

Because market conditions constantly change. Lenders will typically accept an appraisal if it is 120 days old or less prior to your closing date. After 120 days, a lender will require a new appraisal to reflect current market value and property condition.

A traditional refinance will require an appraisal. However, if your home is underwater and you had a problem in the past refinancing due to lack of equity, ask us about programs designed for borrowers with limited equity.

Closing costs include items like appraisal fees, attorney fees, title insurance fees and documentation fees, to name a few. These items are usually different for each customer due to differences in the type of mortgage.

If you are refinancing, you can either pay the fees in advance or roll them into the closing costs. If you have extra funds it can make sense to pay them out of pocket for a lower monthly payment; if not, rolling them in usually changes the payment only nominally. (If you are purchasing, first-lien mortgages typically do not permit fees to be included in the loan amount.)

Points are a one-time fee that a borrower pays to lower the interest rate. One point equals one percent of your loan amount.

The interest rate is the cost to borrow the money disbursed in the loan. The APR is the total cost of the loan over its life, including costs, points and fees.

Common reasons include lowering the monthly payment, lowering the interest rate, switching between an adjustable and a fixed rate, taking cash out to pay off other debts, or changing the remaining term of the loan. Whatever your needs, we can help you decide what makes the most sense for you.