Mortgage FAQ’s

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We are here to serve you by answering your questions and assisting you in a friendly, courteous manner as you navigate through the mortgage loan process.
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Will my credit be damaged by getting a mortgage?

There is no hard and fast rule as to the effect of any one hard inquiry on your credit score, although you can expect to see five points or less per hard inquiry. This shouldn’t be enough to ruin your credit for the loan.

While it is possible for each hard inquiry to ding credit another five points, most mortgage loans should be entered into the system and coded the same way. This means shopping the loan through a course of 45 days should not have any additional negative effects on credit beyond the first inquiry. It is considered the same inquiry. However, if lenders are structuring different loan programs, it is possible to see multiple dings to your credit.

What does it mean to “lock in” your rate?

A lock-in or rate lock on a mortgage loan means that your interest rate won’t change between the offer and closing, as long as you close within the specified time frame and there are no changes to your application.

Mortgage interest rates can change daily, sometimes hourly. If your interest rate is locked, your rate won’t change between when you get the rate lock and closing, as long as you close within the specified time frame and there are no changes to your application. Rate locks are typically available for 30, 45, or 60 days, and sometimes longer. If your rate is not locked, it can change at any time.

When should I lock in my rate?

Locking in an interest rate is one of the most talked about topics anywhere and quite frankly, I believe in locking the rate in when a contract goes live and we know a closing date. The reason for this is: We generally have very little predictive knowledge of what will happen with interest rates over time, unless we know something that is drastic on the horizon,
which can mean an uptick in interest rates. The old quote, “A bird in hand is worth two in the bush” applies here. It’s better to know what your payment will be when you close than to jeopardize not qualifying or being house poor if rates go in an upward direction during the loan process.

What’s the difference between a home inspector and an appraiser?

A home inspector is one who has a background in home building/remodeling who inspects the home to determine its structural integrity and if any repairs or deficiencies need to be corrected. These are performed after first going under contract to make sure the home is in a condition that is suitable to follow through with the purchase.

An appraiser conducts the appraisal after the home inspection is found to be suitable. The appraisal report determines the market value of the home using comparable sales, market data, size of your home, condition, and amenities to verify that the value is in line with the purchase price.

When is closing?

Closing takes place typically on the agreed upon closing date on the contract and is usually about 30 days from the accepted offer from both the seller and buyer. Closing is when the seller and buyer legally change ownership of the home.
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