Legacy Prime Lending - Resources , FAQ

Frequently Asked Questions About Rezzy

Mon, 24 Jan 2022 13:43:26 -0600

Is my data secure?

The security of your data is our highest priority. All information transmitted to and from our website is encrypted in line with industry standards. In addition, we have in place physical, technical, and administrative security measures to protect personal information against loss, misuse, unauthorized access, or improper disclosure. For more details, please refer to our Privacy Policy.

In which states does Rezzy do business?

We currently help home-buyers find the best mortgage rates in the following states: California, Colorado, and Texas. We’re working on expanding into more states in the near future.

Will Rezzy service my mortgage?

No. We are a mortgage broker and will fund your mortgage loan through one of our premier lenders, who then may retain the servicing or transfer ownership of your loan to a secondary investor.

Why does Rezzy broker loans?

We're a mortgage broker for one reason — it's better for you. By shopping for you, we can offer you the best rates, products and services available on the market.

We shop the top lenders in the country for the best wholesale mortgage rates, and we offer them to you.
We know what to look for and how to structure the best deal for your particular home-buying goals.
We guide you to make decisions that are not only going to benefit you today, but also put you in the best financial position, no matter what your goals are.

Why choose Rezzy?

When you work with Rezzy, you get a team that’s committed to providing a fast, transparent mortgage experience backed by superior customer support.

As a Rezzy customer, you can expect:

Industry-leading rates — no exceptions
A mortgage preapproval that is as good as gold
100% online application process
Zero fees for origination and loan officer commission
A family of professionals dedicated to your finances, not our sales

Frequently Asked Questions About the Rezzy Guarantee

Mon, 24 Jan 2022 13:43:26 -0600

What is the Rezzy Guarantee?

We will shop the best mortgage rates on the market for you and put you in the absolute best financial position possible for your goals.

Is there fine print?

Because our guarantee is based on professional opinion, Rezzy reserves the right to rescind or modify the terms of this guarantee without prior notice.

How does Rezzy consistently beat its competitors?

We're not like any other mortgage company — plain and simple.

We're not just dedicated to our process to make it easy on you. We know that having a great process, great technology and amazing people allows us to utilize every saved dollar to give you a better price on your mortgage.

Click here to see what your mortgage would look like.

What is a Loan Estimate?

This three-page form provides you with important information, including the estimated interest rate, monthly mortgage payment, and closing costs of your mortgage loan. It's a standard form that all lenders are required by law to provide you within three business days of submitting your application.

A Loan Estimate is important for comparing pricing across mortgage lenders, and because this document commits a lender to certain fee tolerances, it reduces the risk of a bait-and-switch offer.

Frequently Asked Questions About Interest Rates

Mon, 24 Jan 2022 13:40:34 -0600

How does Gapital determine my mortgage interest rate?

We don't. Based on a wide range of factors, such as market conditions, credit history and property characteristics, we shop the through our array of lenders to find you the best program and interest rate for your particular scenario.

Will I get the same rate I was quoted?

Yes. If you provide accurate information, the mortgage rate quote you receive will be available to you in almost all cases.

Keep in mind that rates change constantly, so the sooner you apply and get us all the needed documentation, the sooner you can lock in your rate.

What is included in the monthly payment?

Your monthly payment generally consists of the following:

Principle and Interest
Homeowner's Insurance
Property Taxes
(if applicable) Homeowner's Association Due

Depending on the loan product, you may be able to waive impounds, which just means you can pay your insurance and taxes when they are due rather than adding them to your monthly payment.

What are points and credits?

Points represent a percentage of your mortgage loan amount (1 point = 1%). You might choose to pay points at closing in exchange for a lower interest rate on the loan. In other words, by pre-paying some interest, you are "buying down" your mortgage rate.

Conversely, you might choose to receive a credit (or rebate) at closing to help cover other costs and fees. This would correspond to a higher interest rate on the loan.

Frequently Asked Questions About Purchase Costs

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How much will it cost me to buy a home?

Great question. Here are the upfront costs to expect when you purchase a home:

Down payment: This is the portion of the purchase price you agree to cover.
Third-party fees: These are fees paid to third parties, not Better. These services are required to get a purchase loan no matter which lender you use and we don't mark up the prices. Some of those fees may be paid by the seller. Examples include the appraisal fee, title insurance, and transfer taxes.
Escrow deposit: If you choose to pay for your homeowner's insurance and taxes as part of your monthly loan payments, you will need to pay an initial deposit so the account can cover future payments. The number of months required will depend on when these items are due for payment relative to your closing date.
Pre-paid interest: This is a one-time upfront interest payment due at closing. It covers interest from the day of closing through the end of the month.
(optional) Loan points: We allow you to get a lower interest rate by paying points.

When will I need to pay these costs?

After your offer is accepted and you sign a purchase agreement, you will pay an earnest money deposit. This shows the seller you are serious about the transaction and typically ranges from 1-2% of the purchase price. This deposit will be applied toward your down payment.

At closing, you will be expected to pay for all remaining costs, including the down payment, third-party fees, and pre-paid costs.

Which third-party fees will I be charged?

Here are the third-party fees associated with a home purchase loan. This does not include other costs that might be negotiated into your purchase contract (ex: pest inspection fee).

Appraisal fee: A home appraisal must be done by a licensed appraiser to determine the value of the property. You will get a copy of the final report.
Credit report: We need to check your credit in order to determine your creditworthiness and monthly debt obligations.
Flood certification: We need to determine if your property is in a flood zone to ensure appropriate insurance coverage is in place.
Lender's title insurance: This fee ensures we're protected if someone later makes a claim against the title of the property.
Other title fees: You will see several miscellaneous title fees. These are charged by the title company for things such as document processing and paying the notary.
Real estate transfer taxes: Local and state governments charge a transfer tax when real-estate is sold.
Recording fees: A fee charged by your city or county to officially record the sale.
Settlement: This fee is paid to the settlement or escrow agent for coordinating the handling and disbursement of funds between the buyer and seller.
(optional) Owner's title insurance: This is an optional fee. It ensures you are protected if someone later makes a claim against the title of the property.

Which third-party fees does the seller pay?

Regional customs and laws typically determine who pays for what in a home purchase transaction. The seller might pay some of the third-party fees, like the transfer taxes or settlement costs, for instance. Consult your real estate agent to determine which party is responsible for each cost throughout the mortgage process.

Frequently Asked Questions About Refinance Costs

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How much will my closing costs be for my refinance?

Your exact closing costs will be based on the circumstances of your loan.

Closing costs include:

Points or credits, as determined when you select your mortgage rate
Third-party settlement fees, which are noted on all mortgage loan estimates and disclosures
Per diem, which is pre-paid interest from the day of closing through the end of the month prior to your first payment
Escrow payment, if applicable

Within three days of submitting your application, we'll send you a loan estimate that outlines your expected closing costs. If anything changes before closing, we'll send you an updated loan estimate.

At least three days prior to closing, we'll provide a closing disclosure that gives a fully itemized list of closing costs and gives you the ability to rescind your loan if you're not completely happy.

When will I be expected to pay fees?

There are a couple of possible fees that you may need to pay before closing. We will not charge any fees until after we have sent you disclosures and you have provided intent to proceed.

Appraisal fee: The vast majority of borrowers need to pay a third-party appraisal fee. The amount will vary based on the loan type, but is generally between $550 and $700. This does not apply to streamline loans or mortgage loans on which you receive a property inspection waiver (PIW).
Re-inspection fee: For any reason, if the appraiser needs to revisit the property, they will charge a re-inspection fee, which usually is between $150 and $225.

All other fees will be paid at closing. We'll send you a loan estimate within three days of submitting your application that lists the expected fees. At least three days prior to closing, we'll send you a final closing disclosure that includes the exact breakdown of your closing costs.

What will be the payoff amount of my current mortgage?

You should continue to pay your current mortgage as scheduled until we close your new mortgage loan. We will coordinate with your current mortgage bank prior to closing to determine the final payoff amount. At least three days prior to closing, we'll provide a closing disclosure that gives a fully itemized list of costs, including your loan payoff amount, to complete the mortgage refinance.

Frequently Asked Questions about the Loan Process

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Am I committing to Gapital by getting pre-approved?

No. Our mortgage preapproval is meant to make your home-shopping experience easy and seamless and allow you to understand the types of mortgage loans and rates available to you. Completing the preapproval mortgage application does not mean that youâ€™re required to continue with Gapital.

Will I have a point of contact at Gapital?

Yes. As soon as you complete your initial preapproval process, we'll introduce you to your mortgage loan originator. You can contact your loan originator anytime throughout the process.

How quickly can I close my loan?

Gapital usually closes mortgage loans within four weeks of disclosing a loan. The exact timing depends on a few factors, including how quickly you can submit all required documents, as well as the timing of third-party services. The most common situation that requires a longer time is when a seller has made the closing contingent on closing on their new home. If your mortgage loan happens to have more complicated circumstances and will take longer to close, your mortgage loan originator will discuss this with you when it's time to lock your rate, and you may agree to a longer lock period.

Do I need to have an escrow account?

An escrow account is not required for most borrowers. However, having an escrow account usually helps in getting the best mortgage rate and maintaining your peace of mind.

If you choose to have an escrow account:

The annual amount of your property taxes and homeowners insurance will be divided by 12.
Your monthly mortgage payment will be increased by the monthly amount of your taxes and insurance.
Your mortgage provider will pay your taxes and insurance for you out of the escrow account.
Your total mortgage payments are the same, and you may get a better rate.

Without an escrow account, you are responsible for paying your tax and insurance bills directly.

Can I transfer my current escrow account?

No. Any balance in your current escrow account at the time of new mortgage loan funding will be refunded to you by your current mortgage servicer. This typically happens within three weeks from time of closing.

What do I need to do to lock my rate?

After you get preapproved and find a property, we will present you with the day's current mortgage rate options. At that time, you can request your loan originator to lock your rate. Your loan originator will help guide you through the decision if you're not sure.

Frequently Asked Questions About Loan Servicing

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Gapital does not service loans. We are mortgage brokers who broker the loan to a lender. Depending on the lender we use to fund your loan, they may service the loan for a short period of time or sell the loan immediately.

After that, they will transfer your loan to a permanent servicer. We have a large roster of reputable lenders who sell to mortgage investors, including government-sponsored entities, publicly-traded mortgage companies, and specialized servicing firms.

How do I make my first payment?

After your loan closes, you will receive instructions by email and in writing on where to direct your first payment. In some cases, your first payment will be made to the lender. In others, your mortgage loan may be transferred quickly enough that your first payment will be to the permanent servicer.

Official notification of your loan transfer and new payment instructions will come via U.S. mail and should arrive no fewer than 10 calendar days before your payment is due to your permanent servicer.

Will Gapital help me if there are concerns with my transfer?

Yes, of course. Email info@gapital. We will get in touch with the permanent servicer and resolve the issue on your behalf.

Frequently Asked Questions About Preapprovals

Mon, 24 Jan 2022 13:10:35 -0600

After applying for preapproval online, you will be asked to upload documentation to verify the information you submitted. Once you do that, one of our Gapital mortgage originators will verify your preapproval amount. You can then generate a verified preapproval letter to send to your real estate agent and/or submit with your offer.

How long does it take to get a preapproval letter?

For a verified mortgage preapproval letter, you will need to upload needed documentation such as W2s, paystubs, tax returns, and bank statements. Based on your individual criteria, we may require more documentation. You can upload all of it directly into our online portal, so it will only take a few minutes. Then, we will review them and generate your letter. We may require additional processing time if the documentation you submitted is incomplete or if we need to verify overtime, bonus, or commission earnings with your employer.

Does it cost anything to get preapproved?

No. We will provide you with a verified mortgage preapproval letter free of charge.

Is a hard credit pull required to get a verified pre-approval letter?

Yes. This helps us determine your exact FICO score and monthly debt obligations so we can be sure you qualify for a mortgage loan.

Frequently Asked Questions About Locking an Interest Rate

Mon, 24 Jan 2022 13:08:27 -0600

What exactly does "locking" mean?

After you lock, we'll hold your mortgage rate for you while we work together on the loan process. This gives you time to complete your application with peace of mind, knowing that your rate and monthly payment won't change due to market movements.

You can lock in your rate for up to 90 days with Gapital, even if you haven't found a property yet.

Can I choose a different rate or loan product after I lock?

Yes. You'll be locking in that day's pricing for all loan products associated with the particular lender you choose. This means you can change your rate, your rate type (fixed-rate mortgage vs. adjustable-rate mortgage), or your loan term (15-, 20-, 30-year, etc.) until you close.

What if my lock expires before my loan is complete?

We will extend your lock if it expires before your loan closes. If the loan delay was caused due to any complications on our end, we will waive the lock extension fee.

What exactly does "locking" mean?

Frequently Asked Questions About Loan Products & Options

Mon, 24 Jan 2022 12:36:01 -0600

We currently offer fixed and adjustable rate FHA loans, VA loans, USDA loans, conventional loans, Non-QM loans and jumbo loans.

We finance properties including:

Single-family homes
Multi-family homes (up to four units)
Townhouses
Condominiums
Planned Unit Developments (PUD)
Manufactured/modular homes

Do you offer loans for investment properties?

Yes, we do offer loans for investment properties.