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FREQUENTLY ASKED QUESTIONS

I know how hard it can be to secure a loan for a house, which is why I want to provide you with the best information and resources at all times. Below you’ll find answers to some of my clients’ frequently asked questions. Still have a question? Feel free to get in touch with me with additional comments and queries.
When does it make sense to refinance?

Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation: Calculate the total cost of the refinance Calculate the monthly savings Divide the total cost of the refinance (#1) by the monthly savings (#2). This is the "break even" time. If you own the house longer than this, you will save money by refinancing. Since refinancing is a complex topic, consult a mortgage professional.

What is a rate lock?

A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.

What is a loan estimate?

It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.

What is a jumbo mortgage?

A mortgage larger than the maximum eligible for conforming purchase by the two Federal agencies, Fannie Mae and Freddie Mac.

What is a pre-qualification?

This is the process of determining whether a customer has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant.

What is a conforming loan?

A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.

More questions?
Our team is here to help!

*By submitting a request to be contacted, you agree that Delmar Mortgage Company, Limited Partnership may contact you at the telephone number or email address you have provided for purposes of fulfilling this inquiry about mortgage financing, even if you previously registered on a corporate, state, or federal Do Not Call registry or requested Delmar Mortgage Company, Limited Partnership not send marketing information to you by use of phone, email or text message. You agree Delmar Mortgage Company, Limited Partnership can use automated dialing systems and prerecorded voice messaging in connection with calls or texts made to any telephone number provided even if call or text results in a charge by your provider. Consent to receiving autodialed calls or texts is not required as a condition of purchasing any Delmar Mortgage Company, Limited Partnership products or services and you may choose to contact a Loan Originator by calling 1-855-561-4944.

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