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Impounds
Is the impound payment a one-time charge at the time of refinance or is a charge will occur every month going forward?
Can I use my existing insurance company?
Your tax and insurance estimates in your GFE are too high/low - what will actually be collected?

Rate Lock
Can I re-lock at lower rates if rates go down after I lock?
Is the 30 days lock in period usually long enough to close my loan?

Impounds

Q: Is the impound payment a one-time charge at the time of refinance or is a charge will occur every month going forward?
A: At close you will establish an impound account (see your GFE for the number of months collected for taxes and insurance) and then pay 1/12 of your tax and insurance expense in each mortgage payment

Q: Can I use my existing insurance company?
A: Yes, you may use any insurance company you like as long as the coverage meets the minimum lender requirements

Q: Your tax and insurance estimates in your GFE are too high/low - what will actually be collected?
A: You impound account and monthly escrow payment will be 1/12 of your current tax and insurance bill.

Rate Lock

Q: Can I re-lock at lower rates if rates go down after I lock?
A: When you lock your rate you will have the option to purchase lock insurance. The cost of the insurance varies according to market volatility and is added to the total points you pay.

Q: Is the 30 days lock in period usually long enough to close my loan?
A: Yes, 30 days is sufficient as long as you are available during the escrow period. If you are subordinating a 2nd mortgage a 45 day lock is recommended




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Copyright 2021 Loan Republic Financial, Inc. Interest rates and fees change frequently without notice until you apply online and request a rate lock. We arrange but do not make loans. Licensed in CA - Department of Real Estate Broker License 01845942; CO - Division of Real Estate Broker License MB100009282; FL - Office of Financial Regulation Mortgage Broker Business License 550427; OR - Division of Finance and Corporate Securities Mortgage Broker License ML-4361; UT - Division of Real Estate Broker License 7004449-MLCO; WA - Department of Financial Institutions Mortgage Broker 510-MB-36934; Nationwide Mortgage Licensing System License #24796 | nyc-rpt



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