Acquire Mortgage has the mortgage programs to meet your individual needs.

Ask our experienced staff  about any of our many mortgage programs.

(603) 485-7727  -  Toll Free (877) 900-8002

LOAN PROCESS QUESTIONS 

Good Faith Estimates

On the Good Faith Estimates what are the meanings of the 'PFC','S','F' and 'POC' columns? 
Typically the only columns that are checked are:

   - PFC (Paid Finance Charge) – are fees paid by the borrower that, based on government guidelines, are added into the total that “could”

      be paid over the life of the loan and are then used to calculated the APR (Annual Percentage Rate).

   - S (Seller) - these are fees specific to and paid by the Seller.

   - POC (Paid Outside of Closing) – are fees calculated into the Good Faith but paid prior to the actual closing. Typically you will find the

      appraisal, credit report and/or application fees in this category.

It helps to remember that the Good Faith Estimate we see today was established by the federal government with the intent that it estimate and not guarantee the total cost of the loan.

 Is there significance to items with a check in one of the columns but no fee listed?
     If there is no fee listed on any given line it means that there is no fee estimated for that line item.

Loan Locks

What is needed to lock a loan?

   - A completed application and copy of drivers license.

   - In the case of a purchase a copy of the purchase contract is needed.

   - Preliminary approval ... which generally for us takes only about an hour.

The standard lock period is 30 days but 45, 60 and 90 day locks are available.

Is a 30 day lock the same as 45 or 60 days?
     As said, the standard lock period is 30 days however 45, 60 day and even longer locks are available. A person wants to lock their loan because of the possibility that mortgage rates will rising and the longer the lock period the greater probability. The actual mortgage note rate does not actually go into affect until the day of closing and actually it used to be people did not know what their mortgage rate was until they closed. It is for this reason that the extended (30, 45, 60 and 90 day) locks are "risk" calculated. This means that the risk of the rate rising is factored into the rate quoted and the longer the period the higher the rate. This is why the 45 day lock is a higher interest rate than the 30 day lock and with each longer period the rate rises.

90 Day Locks ... geared to the home buyer who is still looking.
     Acquire Mortgage & Finance will lock your rate today at an adjusted rate and permit a free float-down without the need of a property address for 90 days.

120 to 270 Day Locks ... geared to the home under construction or extended contract terms.
     - A refundable fee of 1% of the loan amount is deposited at time of lock-in.
     - An option to float the rate down (to reduce it) exists with locks of this length.
     - If the rate remains at the original locked rate the fee is refunded to pay closing costs.
     - If the borrower chooses to float their rate down the fee is retained and not refunded.
     This extended lock feature makes it possible to guarantee a rate ceiling while having the option to reduce the mortgage rate should they decline.

When should a loan be locked?
     No one can foretell what tomorrow's financial markets and mortgage rates will be. History has shown us however that mortgage rates tend to go up fast and down slow. It is important to know that on a $100,000 30 year fixed rate mortgage a rise of the rate by 1/8th of a percent will result in an increase in the payment by $8.00; $100,000 at 6.000% = $599 and at 6.125% = $607.

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