Q: Why isn't my bank listed?
A: Our list of banks grows daily. Some banks do not respond to our data providers' surveys; your bank may be one of them. Check with your bank to see if it receives or responds to iMoneyNet's loan rate survey. If the bank doesn't receive the survey, let us know and we will add it to iMoneyNet's list.
Q: What does 'rate lock' or 'lock-in' mean? Why does it vary from one institution to another?
A: A "rate lock" or "lock-in" is a mortgage lender's commitment and written agreement to guarantee a certain interest rate to the homebuyer, usually with the provision that the loan closes within a set period of time. If rates go up during this period, the homebuyer pays only the agreed-upon rate.
The rate lock also states the number of points to be paid at closing. Most lenders will not lock a rate unless you have made an offer on the property and the property has been appraised. For the opportunity to lock in the rate in advance of the closing of a loan, you may have to pay a small premium. Talk to your mortgage lender.
Q: What is the difference between a fixed and adjustable mortgage?
A: A fixed rate mortgage has the same interest rate during the entire term of the loan. Typical fixed rate loans are for 15 or 30 years. An adjustable rate mortgage typically has the same rate for a few years, but then adjusts to a rate of interest that changes according to a standard rate index. Most ARMs have caps on how much the interest rate may increase. Talk to a mortgage lender for more details.
Q: What is the difference between a 'Jumbo' and an 'FHA' mortgage?
A: Jumbo Mortgages exceed the lending limits set by Fannie Mae and Freddie Mac ($252,700 this year; $379,050 in Alaska and Hawaii). An FHA mortgage is insured by the Federal Housing Administration (FHA).
Q: Where can I find mortgages at the best rates, or more information about mortgages in general?
A: Domania has partnerships with a number of online resources that can help you with mortgage information; please see our Financial Services section for more information.
Q: Are there any conditions placed on the mortgage rates quoted?
A: Quotes for Conventional/Conforming 15-year and 30-year fixed-rate mortgages and for Jumbo 30-year fixed rate mortgages are based on quotes for a single-family, owner-occupied home and a 20% down payment. Total points include discount and origination points. Rate locks are stated in days.
Some institutions base APRs on an individual's credit history and other factors, and do not provide APRs. Rates are updated at least weekly, though some institutions provide rate changes to us on a daily basis. Rates are subject to change without notice. Contact your lender directly for latest offers.
Still need help?
Please ask us. We pride ourselves on maintaining the most timely, reliable and consumer-friendly site of its kind, but are always learning from our users. Check out all the FAQs in Expert Advice and Using Domania, and if you're still stuck, contact customer service.
> Using My Domania
> Using Home Price Check
> Using Value Check
> Using Property Tax Tool
|
