FREQUENTLY ASKED QUESTIONS
Answers To All Your Questions
WHEN SHOULD I REFINANCE?
There are a multitude of reasons to refinance. For some it will be simply lowering their interest rate to avoid thousands of dollars in unnecessary fees while others may use the equity they have built in their home to send a child to college. Whatever your reason, let me make sure the loan product fits your unique situation best.
SHOULD I GET A FIXED RATE OR ADJUSTABLE RATE LOAN?
Another question I get asked frequently. With the average American only owning their home for 7 years, an Adjustable Rate Mortgage can absolutely make sense for someone who knows a move or relocation is on the horizon for them in the near future. This allows you to take advantage of a short-term interest rate lower than current 30-year rates and sell that home before the rates adjust.
WHAT IS A LOAN ESTIMATE?
This 3-page form provides you with important information, including the estimated interest rate, monthly payment, and closing costs of your loan. It’s a standard form that all lenders are required by law to provide you within three business days of submitting your application.
A Loan Estimate is important for comparing pricing across lenders, and because this document commits a lender to certain fee tolerances it reduces the risk of a bait-and-switch offer.