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Frequently Asked Questions
Straight answers to the questions we hear most.
When inflation rises, central banks often raise interest rates to combat it. If you have a fixed-rate mortgage, your rate and payment are locked in and will not increase, even if new mortgage rates soar. You are effectively shielded from the impact of rising interest rates in the broader economy.
Use negative reviews to form specific, direct questions. For example:
“I saw some reviews mentioning closing delays. What is your average time to close, and what is your process for ensuring deadlines are met?“
“Some customers reported unexpected fees. Can you walk me through all the costs on your Loan Estimate and guarantee no hidden fees at closing?“
“I saw some reviews mentioning closing delays. What is your average time to close, and what is your process for ensuring deadlines are met?“
“Some customers reported unexpected fees. Can you walk me through all the costs on your Loan Estimate and guarantee no hidden fees at closing?“
No, a pre-approval is a conditional commitment. The final loan approval is contingent on a satisfactory home appraisal, a clear title search, and no material changes to your financial situation (like job loss or new debt) between pre-approval and closing.
If you cannot afford your original payment even after forbearance ends, you should immediately contact your servicer to discuss a long-term solution. The most common option is a loan modification, which permanently alters your loan terms to create a more affordable monthly payment based on your current financial situation.
The process involves applying for a new mortgage that is greater than your current mortgage balance. At closing, the old loan is paid off, and you receive the excess funds. For example, if your home is worth $400,000 and you owe $200,000, you might refinance into a new $300,000 loan. After paying off the $200,000 old loan, you would receive approximately $100,000 in cash (minus closing costs and fees).
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