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When am I committed to borrow?

Some buyers feel like once they have signed the application, they are obligated to borrow. That is not the case. Throughout the loan process, none of the documents that our clients receive are contractual until they are actually at closing...
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What are appraisals and surveys?

An appraisal is the standard way to estimate of the value of the home you are purchasing. Professional appraisers are trained in estimating the value of real or personal property. A copy of the appraisal will be provided to you...
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What does the term “market value” mean?

Market value is the likely selling price of a home with a willing buyer and a willing seller on the open market. The location and condition of the property can affect the market value of the property.

What does the term “lock” mean?

When a lender “locks” the interest rate, a homebuyer is guaranteed a specific interest rate for a specific period of time. That period of time is called the lock period. Typical lock periods are 15, 30, 45 and 60 days....
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What are closing costs?

Closing costs can include items like title insurance fees, attorney fees, pre-paid interest and documentation fees and various other fees. Closing costs can differ for each borrower due to differences in the type of mortgage, the property location and other...
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