Legacy Prime Lending - Resources #Rates

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 Loan Servicing

Mon, 24 Jan 2022 13:12:26 -0600

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.