This Cookies Policy explains what Cookies are and how We use them. You should read this policy so You can understand what type of cookies We use, or the information We collect using Cookies and how that information is used. Cookies do not typically contain any information that personally identifies a user, but personal information that we store about You may be linked to the information stored in and obtained from Cookies. For further information on how We use, store and keep your personal data secure, see our Privacy Policy.We do not store sensitive personal information, such as mailing addresses, account passwords, etc. in the Cookies We use.Rates are determined by your credit score, loan-to-value (LTV) ratio, the amount of equity you have, your debt-to-income (DTI) ratio, and the overall perceived risk of the loan. Because they are in second position, rates are almost always higher than first mortgage rates.
Most conventional loans do not have prepayment penalties, but it is crucial to check your original loan documents or contact your mortgage servicer to confirm, as some specific loan types or older contracts might include them.
It is very difficult, but not always impossible. If market rates have fallen substantially after your lock, you can ask your lender for a “float-down” option. However, this is typically a feature that must be agreed upon and sometimes paid for at the time of the initial rate lock. Don’t count on being able to negotiate a locked rate after the fact.
Your lender is legally required to provide you with the Closing Disclosure no later than three business days before your scheduled closing date. This “three-day rule” is designed to give you sufficient time to compare the CD with your initial Loan Estimate, ask your lender questions, and ensure everything is correct before you sign the final paperwork.
This depends on your goals and current interest rates. Refinancing is often better if you can get a lower overall rate on your entire balance or want a single monthly payment. A subsequent mortgage is usually preferable if you want to access equity without disturbing a low-rate first mortgage or need funds quickly, as the process is often faster.
