A point is a percentage of the loan amount, or 1-point = 1% of the loan, so one point on a $100,000 loan is $1,000. Points are costs that need to be paid to a lender to get mortgage financing under specified terms. Discount points are fees used to lower the interest rate on a mortgage loan by paying some of this interest up-front. Lenders may refer to costs in terms of basic points in hundredths of a percent, 100 basis points = 1 point, or 1% of the loan amount.

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Q: What does it mean to lock the interest rate?

Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.

Q: What is an appraisal?

An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.

What does it mean to lock the interest rate?

Ven Sunkara2023-04-30T23:27:24+00:00June 26th, 2020|

What is an appraisal?

Ven Sunkara2023-04-30T23:27:33+00:00June 26th, 2020|

What are points?

Ven Sunkara2023-04-30T23:27:40+00:00June 26th, 2020|

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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.
NMLS ID 2447477 | Corporate NMLS ID 320841
Licensed in: Maryland (2447477), Pennsylvania (103602), Virginia (MLO-67551VA)
Corporate Address: 2195 Tully Road, San Jose, CA 95122

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