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Frequently asked questions (by category)
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Most Common
Rates and Costs questions |
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Q.What is an origination fee??
A.Normally, the origination fee is 1% the value of your loan. This is a charge for the service of handling your loan from processing to closing.
Q.What is a discount point?
A.Points are paid upfront when you close your mortgage. One point is equal to one percent of the value of your mortgage. You can pay points upfront to lower the interest on your loan.
Q.How are your rates determined?
A.As financial markets of the world move, interest rates change. It is that same movement that directs your loan interest rate up or down. Rates can change daily or even hourly. The changes are all based on current economic changes.
Q.How do I lock-in my interest rate?
A.A Loan Officer can "lock-in" the interest rate quoted, over the telephone after you have found a property. The American Eagle Mortgage Co., LLC
will provide you a written Interest Rate and Price Determination Agreement which details the interest rate and terms of the loan you have requested, as well as the period of time the rate is locked. This may vary depending upon your projected closing date.
Q.Is there an application fee to apply with The American Eagle Mortgage Co., LLC
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A.There is no application fee and no hidden fees to apply with us. You can feel safe that you will not be charged until you, with the help of our experts, decide to proceed with the mortgage process. At that time, there will be a fee for your credit report and appraisal of your property if one is required.
Q.Why should I apply with The American Eagle Mortgage Co., LLC
?
A.Most often your home purchase is the largest transaction of your life. It is important you not only look for a lender with competitive rates but a lender that will pay attention to your individual needs. We have a branch office near you and with several loan options for many different types of borrowers, we are committed to meet the personal needs of each individual customer.
Q.Is the information I enter online safe?
A.We are committed to your privacy and the security of your personal information. For your security we have obtained a secured site certificate from Equifax Inc. allowing you to verify our internet identity every time you log on. That way you can be sure that your information is secure when you apply with The American Eagle Mortgage Co., LLC
. The entire application is on our secure server which uses Secure Socket Layer (SSL) encryption. Your information will not be shared with any party that is not directly involved with your loan process.
Q.What happens after I submit my application?
A.After you submit your application, you will be assigned a loan officer in your neighborhood who can answer all of your questions and help you choose the right loan for you. You will deal with your local branch and they will assist you through the rest of the loan process. Your loan officer will collect any additional information and documentation needed to close your loan.
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