Frequently Asked Questions

We’re Lock It Mortgage, a team of experienced mortgage professionals dedicated to making home financing simpler, more accessible, and less stressful.

Founded in 2022 by Billy Nguyen, who brings over 22 years of experience in the mortgage industry, Lock It Mortgage was built around his passion for helping homebuyers and homeowners find financing solutions that fit their needs. Throughout his career, Billy has remained committed to understanding each borrower’s circumstances, working through financing challenges, and helping people move forward with greater confidence.

That same commitment shapes the team he’s built. Our loan officers share his passion for helping others, bringing strong mortgage knowledge, loan origination experience, and a willingness to go the extra mile for every borrower. We believe a well-structured mortgage starts with listening, understanding your financial situation, and taking the time to find an approach that makes sense for your goals.

With access to 40+ wholesale lending partners, we help homebuyers, homeowners, and real estate investors shop traditional and specialized mortgage programs. Above all, we prioritize your experience through clear communication, thoughtful guidance, and ongoing support to make the mortgage process as smooth and stress-free as possible.

Lock It Mortgage operates as a mortgage company arranging residential loans through third-party wholesale lending partners. We’re not a traditional depository bank.

The main difference is how we help you find financing. A bank generally offers mortgage products through its own lending channels, while we can explore options across multiple wholesale lenders.

That allows us to look at differences in pricing, program availability, qualification guidelines, and loan structure before helping you choose how to proceed.

Lock It Mortgage is a registered trade name of Swift Home Loans, Inc., NMLS #2075228. You can verify our company and applicable state licensing information through NMLS Consumer Access.

We believe finding the right mortgage involves more than checking your credit score, calculating your income, and offering the first loan program that appears to fit.

Every borrower has different circumstances and goals. Before recommending a loan, we want to understand what you’re trying to accomplish, how your finances are structured, and which factors may affect your qualification.

Our approach focuses on:

• Personalized guidance: We take the time to understand your situation rather than assume the same loan works for everyone.
• More lending options: Our network of 40+ wholesale lenders allows us to explore different rates, fees, programs, and loan structures.
• Thoughtful problem-solving: When a loan doesn’t fit one lender’s guidelines, we look deeper to understand the issue and determine whether other options are available.
• Clear communication: We explain your options, lender requirements, and next steps throughout the process.
• Support beyond closing: We’re still here when you have future questions about your mortgage or home-financing needs.

Our goal isn’t simply to help you submit an application. It’s to help you understand your choices and make informed decisions about your home financing.

We operate with a focus on efficiency, maintaining lower overhead expenses and choosing to build our business through higher closed-loan volume rather than relying on larger profit margins from each individual transaction.

Combined with our network of 40+ wholesale lending partners, this approach allows us to shop available mortgage options and look for competitive rates, lender fees, and loan structures based on your situation.

But mortgage pricing involves more than the interest rate. Two loan options may have different discount points, lender credits, closing expenses, or repayment terms, even when their advertised rates appear similar.

We want you to understand the overall loan terms and costs before making a decision. We’ll explain the available pricing choices and the tradeoffs between them.

Actual rates, fees, and loan terms vary depending on your credit, income, property, loan amount, selected lender, and market conditions. Lower rates or fees are not guaranteed.

When you work directly with a bank, the mortgage options you review are generally limited to the products and pricing available through that institution.

With Lock It Mortgage, we can shop relevant options through our wholesale lending network and help you evaluate the differences.

For example, one lender may offer more competitive pricing for a particular credit and down-payment combination, while another may have guidelines better suited to a self-employed borrower or a specific property type.

We’ll help you compare important factors such as:

• Interest rates and APR
• Discount points and lender credits
• Closing costs
• Loan-program eligibility
• Down-payment requirements
• Mortgage insurance
• Monthly payment and loan term

You work with our team to explore these options instead of having to approach every potential lender on your own.

We work through a network of 40+ wholesale lending partners, giving our team access to a broad selection of mortgage programs and available pricing.

Different lenders can have different strengths. Some offer conventional or government-backed mortgage options, while others specialize in self-employed income, investment properties, jumbo financing, or more complicated scenarios.

Having access to multiple lenders doesn’t mean every lender will be suitable for every borrower. We’ll review your situation and identify the programs and lending options that may be relevant.

Our goal is to shop efficiently and help you understand the options that actually fit your needs.

Your first conversation is about understanding your goals and financial situation, not rushing you into an application.

We’ll discuss what you’re looking to accomplish, review the information needed to evaluate your scenario, and help you understand which mortgage options may be worth exploring.

As you move forward, our team can help you:

• Prepare and review financial documents.
• Understand different loan programs and pricing options.
• Identify potential qualification issues early.
• Respond to lender requests and underwriting conditions.
• Review important loan disclosures and closing figures.
• Stay informed about your loan’s progress.

If something changes or you have questions during the process, we encourage you to reach out. We want you to understand what’s happening rather than feel like you’re simply waiting for an answer from the lender.

At Lock It Mortgage, we believe more people deserve access to home financing that fits their needs and financial goals. That means helping borrowers explore competitive mortgage rates, compare loan costs, and find financing options that make sense for their situation.

We understand that not everyone has traditional W-2 income, perfect credit, or a large down payment. That’s why we continue to explore different mortgage programs for a wide range of borrowers, including:

• First-time homebuyers
• Military veterans and eligible service members
• Self-employed borrowers and business owners
• Real estate investors
• Borrowers with non-traditional income
• Homeowners looking to refinance or access home equity
• Borrowers with more complex financial situations

A “no” from one lender doesn’t always mean you’re out of options.

We don’t rush to turn borrowers away simply because their situation is complicated or doesn’t fit the first program we consider. We take the time to understand what’s holding the loan back and look into other lenders, loan programs, or financing structures that may work.

Sometimes, a borrower simply isn’t ready to qualify yet, and that doesn’t mean the conversation has to end there. We’ll help identify what needs attention, work with you on a plan to prepare for a future application, and stay in touch to review your progress so you know where you stand and what steps may come next.

Whether you’re ready to move forward today or need more time to prepare, our commitment remains the same: to help you understand your options, work through challenges, and take meaningful steps toward your homeownership goals.

Since our establishment in 2022, we’ve helped borrowers close over 1,700 mortgage loans, funded more than $630 million in loan volume, and earned 1,100+ five-star reviews across review platforms.

Behind those numbers are real borrowers with different financial situations, homeownership goals, and financing challenges.

Our team works with a wide range of loan scenarios, from straightforward home purchases to more complex situations involving self-employment, investment properties, or additional underwriting requirements.

That experience helps us recognize potential issues, explain available options, and guide borrowers through the decisions involved in getting a mortgage.

We believe trust is earned through consistent communication, practical guidance, and the work we put into each transaction, not numbers alone.

Our clients frequently recognize our team’s mortgage knowledge, professionalism, patience, and dedication to helping them throughout the loan process.

Many reviews highlight how our loan officers take the time to explain financing options, compare mortgage rates and closing costs, answer questions thoroughly, and provide regular updates so borrowers know what to expect.

Clients also appreciate specific parts of their experience, including:

• Responsiveness: Loan officers who answer questions promptly and remain accessible when borrowers need guidance.
• Clear explanations: Help understanding loan estimates, closing costs, documentation requirements, and changes during the process.
• Competitive Rates & Pricing: Many borrowers express satisfaction with the mortgage rates and loan terms they received, including those who compared our offers with other lenders.
• Attention to detail: Team members who help identify what documents are needed and follow up on outstanding items.
• Willingness to help: Additional time and effort spent working through complicated loan scenarios or unexpected challenges.
• An organized experience: Regular communication and coordination between loan officers, processors, lenders, and other professionals involved in the transaction.

From first-time buyers to real estate investors, borrowers have described positive experiences with competitive mortgage pricing, efficient closings, knowledgeable support, and smoother, less stressful loan process.

Many also recommend our team to friends and family or express interest in working with us again.

Read Our Customer Reviews

Our office is located in Garland, Texas, and we are licensed in 45+ states.

You don’t have to live near our office to work with us. Our team can assist borrowers remotely in states where we’re authorized to conduct mortgage business.

Because mortgage requirements can differ by state, we’ll review the location of your property and the applicable lending guidelines when evaluating your options.

For example, state-specific rules, local loan limits, property requirements, and available assistance programs may affect your financing.

You can explore our States We Serve page or speak with our team about a property in a particular location.

Yes. Much of our mortgage process can be handled remotely, including initial consultations, application steps, financial-document collection, and communication with our team.

Depending on your property and transaction, certain closing steps may still require an in-person signing or another approved arrangement.

We also offer assistance in English, Vietnamese, Spanish, and Thai.

If you prefer communicating in another supported language, let us know when you contact us so we can connect you with appropriate team support.

The best time to speak with a loan officer can be before you actually need a mortgage.

You don’t have to wait until you’ve found a home or are ready to submit an application.

Speaking with us early gives you time to understand your financial situation, explore potential mortgage programs, and identify anything that may need attention before you begin shopping.

For example, if you’re planning to buy six months from now, we can help you understand how your credit, income, debts, savings, or employment history may affect qualification.

Preparing early may also give you more time to collect documents or address potential concerns before you’re working against a purchase-contract deadline.

Absolutely. You can reach out simply because you have questions or want to understand your future mortgage options.

Maybe you’re considering buying your first home, thinking about refinancing, or wondering whether your current income would qualify.

We can discuss your goals, explain what lenders generally review, and help you identify the information needed for a more detailed assessment.

If you aren’t ready to move forward, that’s okay. You can use the conversation to build a clearer plan for when the time comes.

Yes. We offer a free initial mortgage consultation to help you discuss your situation and explore potential options.

You can ask questions about qualification, mortgage programs, rates, refinancing, or preparing for a future purchase without being required to proceed with an application.

If you later decide to move forward with a loan, we’ll explain the next steps and any applicable lender or third-party charges.

Our goal is to help you understand what may be available before making a commitment.

Yes. In fact, we encourage borrowers to start preparing early when possible.

During an early review, we can help you understand which factors may affect your ability to qualify, including credit, income history, current debts, available funds, and the type of mortgage you’re considering.

Depending on your situation, we may recommend:

• Reviewing your credit information for potential issues.
• Understanding how existing monthly debts affect your borrowing capacity.
• Preparing employment or income documentation.
• Organizing bank statements and available down-payment funds.
• Exploring programs that may fit your financial profile.
• Planning when to begin the full pre-approval process.

Not every borrower needs to make changes. Sometimes the review simply confirms that you’re already in a reasonable position to start shopping.

You don’t need to have every document ready for your first conversation, but having a general understanding of your finances can help us provide more useful guidance.

Helpful information includes:

• Your approximate income and employment situation
• Existing monthly debt payments
• Estimated credit score, if known
• Available savings or down-payment funds
• The home price or loan amount you’re considering
• Whether the property will be a primary home, second home, or investment
• Your expected purchase or refinance timeline

If you already own a home, knowing your estimated property value, remaining mortgage balance, and current interest rate is also helpful.

Once we understand your goals, we’ll tell you which documents are needed for a more detailed review.

A useful starting point is to compare your income, existing debts, available down payment, and estimated housing expenses.

Your housing payment may include more than principal and interest. Depending on the property and loan, you’ll also need to consider:

• Property taxes
• Homeowners insurance
• Mortgage insurance, if applicable
• HOA dues
• Other ongoing homeownership expenses

Our Home Affordability Calculator can help you explore different scenarios.

But there’s an important difference between the maximum loan amount you may qualify for and the monthly payment you’re comfortable managing.

We can help you review both, so your home search reflects your financial goals rather than simply the highest possible approval amount.

Start by contacting our team and telling us what you’re trying to accomplish.

Whether you’re purchasing, refinancing, exploring home equity, or preparing for a future application, we’ll ask a few questions to understand your situation and determine the next appropriate step.

That may involve an initial consultation, a rate comparison, a preliminary financial review, or a formal pre-approval.

If you aren’t sure which step you need, that’s exactly what we’re here to help you figure out.

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A mortgage pre-approval is an initial assessment of your financial situation to help determine how much you may qualify to borrow and which mortgage programs may fit your needs.

At Lock It Mortgage, we review information such as:

• Income and employment
• Credit history
• Monthly debts
• Bank accounts and available funds
• Down payment
• Your homebuying goals

We also review supporting financial documents so we can better understand your qualifications before issuing a pre-approval letter.

Your pre-approval can help you establish a homebuying price range and demonstrate to sellers that you’ve already started preparing your financing.

However, pre-approval is not final loan approval. Your loan will still need to meet the selected lender’s underwriting and property requirements.

Pre-qualification is generally an early estimate based on financial information you provide. Depending on the process, it may involve limited verification.

Pre-approval involves a more detailed review of your financial profile and typically includes supporting documents and credit information.

At Lock It Mortgage, we focus on reviewing your actual financial information rather than relying entirely on unverified estimates.

For example, two borrowers may report the same annual income, but their qualifying income could be calculated differently depending on employment history, overtime, commissions, or self-employment.

Reviewing those details early can help us identify potential questions before you’re ready to make an offer.

We take a more detailed approach to understanding your financial profile before issuing a pre-approval letter.

Our team provides a free preliminary review of your actual financial documents, sometimes referred to as pre-underwriting, to help identify potential qualification issues early.

This may include reviewing income documentation, credit, debts, bank statements, available funds, and the requirements of the loan program you’re considering.

The benefits of reviewing these items upfront can include:

• Identifying missing or inconsistent information before you’re under contract.
• Helping you understand your potential qualifying loan amount.
• Preparing documents that may be needed later.
• Addressing potential concerns before they create time pressure.
• Making your pre-approval letter more useful when you’re ready to submit an offer.

This preliminary review is not the same as the selected lender’s formal underwriting approval.

Our goal is to help you enter your home search better prepared and with a clearer understanding of your financing.

Yes. Our mortgage pre-approval service is free.

We review the information needed for your pre-approval, discuss potential financing options, and help you understand the next steps without charging for the pre-approval itself.

This allows you to begin preparing for your home search before making a financial commitment to a particular mortgage transaction.

If you later proceed with a full loan application, some lender or third-party services may involve charges. We’ll explain applicable expenses and when they may become due.

In many cases, we can complete an initial pre-approval within 24 hours after receiving the required information and documents.

However, timing depends on your situation.

A borrower with straightforward salaried income and complete documentation may be easier to review than someone with multiple businesses, variable income, or other circumstances requiring additional analysis.

To help avoid delays, we recommend providing accurate information and the requested documents as early as possible.

If anything is missing or needs clarification, we’ll explain what we need and work with you to complete the review.

The documents depend on your income, employment, assets, and the mortgage program you’re considering.

Common items include:

• Identification: A government-issued photo ID.
• Income: Recent pay stubs, W-2s, or tax returns when applicable.
• Employment: Information about your current employer and work history.
• Assets: Bank statements, investment-account statements, or other relevant records.
• Debts: Information about outstanding loans and financial obligations.
• Additional records: Documents related to self-employment, rental income, gift funds, or other relevant circumstances.

You won’t necessarily need every item listed.

For example, a self-employed borrower may need business documentation that a salaried employee wouldn’t.

We’ll review your situation first and provide a document list based on what the applicable loan program requires.

We can often begin with a soft credit inquiry, which doesn’t affect your credit score.

A formal mortgage application may require a hard credit inquiry, which can have an impact on your score.

If you’re comparing mortgage lenders, credit-scoring models generally provide special treatment for certain mortgage inquiries made within a designated shopping period, although the exact treatment depends on the scoring model.

We’ll explain which type of inquiry is needed for your review and when a hard credit check may be required.

You can also ask us about beginning with an initial consultation before authorizing a formal mortgage credit inquiry.

Getting pre-approved early can help you make more informed decisions and prepare for a purchase before you find the right home.

Some important benefits include:

• Make your offer more competitive: A pre-approval letter demonstrates that your financing has already received an initial review.
• Identify potential issues early: Credit, income, or documentation concerns may be discovered while you still have time to address them.
• Establish a realistic budget: You’ll have a better understanding of what you may qualify for and can focus your search accordingly.
• Prepare for the next stages: Some of the initial financial-document review is already completed before your offer is accepted.

A strong pre-approval doesn’t guarantee that a seller will accept your offer or that your loan will receive final approval.

However, it can help you approach the homebuying process with greater preparation and clarity.

A mortgage pre-approval letter is commonly used for approximately 2–3 months, although the exact period depends on your loan scenario and the information used for the review.

If your home search continues beyond that period, we may need updated income documents, asset statements, or credit information before issuing a refreshed letter.

It’s also important to understand that your financial situation can change before the letter expires.

For example, a new car payment, employment change, or significant reduction in available funds could affect your qualification even while the letter is still valid.

If you’re actively shopping for a home, stay in regular contact with your loan officer so we can review important changes and keep your pre-approval information current.

Yes. A pre-approval is based on your financial circumstances and the information available at the time of review.

If those circumstances change, the amount or loan program you qualify for may also change.

Examples include:

• A decrease or change in income
• Starting a new job or becoming self-employed
• Opening a new loan or credit account
• Increasing existing debt balances
• Significant changes to your available savings
• New information appearing on your credit report

Some changes may have little impact, while others may require us to revisit your financing options.

The important thing is to tell your loan officer about significant changes promptly. We can assess the situation and help you understand whether any action is needed.

Absolutely. We encourage every borrower who’s pre-approved and actively shopping for a home to stay in touch with their loan officer.

Your pre-approval is based on a particular financial picture, but that picture can change between the time you receive your letter and the day your loan closes.

If you’re considering a major financial decision, it’s better to ask us first rather than assume it won’t affect your mortgage.

For example, buying a car, changing employment, or transferring a large amount of money could have implications for your credit, debt-to-income ratio, or asset documentation.

By communicating early, we can review the potential impact and help you address concerns before they become more complicated during underwriting.

One simple rule: When in doubt, ask before you act.

We recommend discussing significant financial changes before making them, especially while you’re actively shopping or already under contract.

Examples include:

• Financing a vehicle or major purchase: A new monthly payment may affect your debt-to-income ratio.
• Opening or closing credit accounts: Changes can affect your credit profile and potentially your qualification.
• Changing jobs or compensation: Lenders may need to reevaluate how your income is documented.
• Making large transfers or deposits: Funds may need to be traced or documented.
• Withdrawing substantial savings: This could affect the money available for your down payment, closing costs, or reserves.
• Taking out a personal loan: Additional debt may affect your borrowing capacity.

Not every change is a problem, and we’re not suggesting that you must avoid every financial decision.

We simply want to understand what you’re considering so we can help you make an informed decision before it affects the loan process.

Yes. We understand that real estate transactions don’t always happen during normal business hours.

You may find a home on a Saturday, need to submit an offer on Sunday, or have a real estate agent requesting an updated pre-approval letter for a particular purchase price.

Our team offers weekend assistance when available to help with pre-approval requests and updates.

If you expect to make an offer, contact your loan officer as early as possible. Providing the property details, proposed offer amount, and deadline helps us understand what needs to be reviewed.

Weekend support doesn’t eliminate any necessary financial verification, but we do our best to help you prepare in time.

No. A pre-approval is not a final approval or a commitment to lend.

Even after you’ve been pre-approved, the selected lender must complete underwriting and review the applicable borrower and property requirements.

Final approval may depend on:

• Verification of current income and employment
• Updated credit and debt information
• Acceptable documentation of assets
• Property valuation and eligibility
• Satisfaction of underwriting conditions
• Compliance with the selected loan program’s guidelines

Our preliminary review helps identify potential concerns early, but it cannot replace the lender’s final decision.

Learn More About Mortgage Pre-Approval

Yes. We work with first-time homebuyers and understand that purchasing your first home involves many decisions beyond choosing the property.

You may have questions about how much you can afford, how much money you need, which mortgage programs are available, or what happens after your offer is accepted.

Our team can help you understand:

• Your potential homebuying budget
• Mortgage pre-approval
• Available low-down-payment programs
• Down-payment assistance opportunities when eligible
• Monthly payments and upfront expenses
• The steps from application through closing

You don’t need to know everything about mortgages before reaching out. We’ll explain the process and help you prepare for each stage.

Start by considering both how much you may qualify to borrow and how much you’re comfortable spending each month.

Your estimated housing payment can include principal, interest, property taxes, homeowners insurance, mortgage insurance, and HOA dues.

You should also think about ongoing homeownership expenses that may not be included in your mortgage payment, such as maintenance and repairs.

Our Home Affordability Calculator can help you explore a potential home price based on your finances.

For a more personalized review, we’ll help you consider your income, debts, available funds, estimated loan terms, and monthly budget.

Being able to qualify for a particular loan amount doesn’t necessarily mean you need to borrow that much.

No. A 20% down payment isn’t required for every mortgage.

Depending on eligibility, available programs may include:

• Conventional loans: Some programs permit as little as 3% down.
• FHA loans: Eligible borrowers may qualify with a 3.5% down payment.
• VA loans: Eligible borrowers may qualify without a down payment.
• USDA loans: Eligible borrowers purchasing qualifying properties may also have no-down-payment options.

The appropriate choice depends on your qualifications, property, and financial goals.

A smaller down payment can affect mortgage insurance requirements, interest rates, monthly payments, and your overall cash needed.

We’ll help you compare those differences before selecting a program.

Yes. Depending on your location and qualifications, we can explore available programs designed to help eligible homebuyers with down-payment or closing expenses.

Some programs may provide grants, deferred-payment assistance, or separate assistance loans.

However, not all assistance works the same way. Programs can have requirements involving income, purchase price, occupancy, homebuyer education, or how long you must keep the home.

Some assistance may eventually need to be repaid, particularly if you sell or refinance.

We’ll help you understand the available options and their requirements so you can evaluate the complete financing arrangement.

Potentially, yes. We work with borrowers financing different property types and occupancy situations.

However, the requirements for these properties are different from those for a primary residence.

For example, a second home may have different down-payment and occupancy requirements, while an investment property may involve additional reserves or rental-income considerations.

We also offer specialty programs such as DSCR financing for eligible investment properties.

Tell us how you intend to use the property and whether you plan to rent it out. Those details can affect which programs are available.

Once your offer is accepted, we’ll help you transition from pre-approval into the full mortgage process.

This generally includes reviewing your purchase contract, completing or updating your application, confirming the loan details, and preparing the documents needed by the selected lender.

Several things may happen during this period:

• Your loan is submitted for underwriting.
• An appraisal may be ordered if required.
• You’ll begin arranging homeowners insurance.
• We can review available rate-lock options with you.
• The lender may request additional documents or explanations.
• The closing agent begins coordinating title and settlement matters.

We’ll help you understand what is needed and keep you informed as the transaction progresses.

Your real estate agent focuses on helping you find a home, prepare offers, negotiate contract terms, and manage the real estate side of the transaction.

Our team focuses on your financing.

With your authorization and when appropriate, we can coordinate with your agent regarding:

• Pre-approval letters for offers
• Estimated financing terms
• Important contract deadlines
• Appraisal and loan-status updates
• Outstanding financing requirements
• Expected closing timelines

Good communication between the buyer, agent, mortgage team, and closing professionals can help everyone understand what needs to happen and when.

We respect each professional’s role and work to keep the financing side organized.

We work with a broad network of lending partners offering conventional, government-backed, and specialized mortgage programs for different borrowing situations.

Available categories may include:

• Traditional mortgages: Conventional, FHA, VA, USDA, and jumbo loans.
• First-time homebuyer financing: Low-down-payment options and eligible assistance programs.
• Self-employed and non-QM mortgages: Bank statement, P&L, 1099, WVOE, and asset-based programs.
• Investment financing: DSCR loans and other eligible investment-property programs.
• Specialty financing: Construction, renovation, ITIN, foreign national, and certain commercial loan programs.
• Refinancing: Rate-and-term, cash-out, FHA Streamline, and VA IRRRL options.
• Home equity: HELOC and HELOAN financing.

Not every program is available in every state or for every borrower.

We’ll review your specific situation and explain which options may apply rather than simply provide a list of loan products.

We begin by understanding your financial situation and what you want the mortgage to accomplish.

For example, a borrower with strong W-2 income may qualify for several traditional programs. A business owner with significant cash flow but lower income reported on tax returns may need a different approach.

We’ll consider factors such as:

• Income and employment
• Credit profile
• Existing debts
• Available down payment and assets
• Property type and occupancy
• Loan amount
• Interest-rate and payment preferences

Then we’ll compare the available programs, including their qualification requirements, costs, mortgage insurance, and loan terms.

Our goal is to help you understand why a particular program may fit—not simply tell you which loan to choose.

A conventional mortgage is a home loan that isn’t insured or guaranteed by a federal government agency such as FHA, VA, or USDA.

Conventional mortgages are commonly used for primary homes, second homes, and investment properties, depending on the program.

Some conventional programs allow eligible first-time buyers to purchase with as little as 3% down, although mortgage insurance may be required with a smaller down payment.

Conventional loans can also have advantages for certain borrowers, such as different mortgage insurance cancellation provisions compared with FHA financing.

We’ll compare the available conventional terms with other programs to help you understand which structure may be appropriate.

These are government-backed mortgage programs designed for different borrowing situations.

• FHA loans: May provide flexible qualification options and low down payments for eligible borrowers. FHA mortgage insurance requirements apply.
• VA loans: Available to eligible veterans, service members, and certain surviving spouses. Qualified borrowers may receive no-down-payment financing without monthly mortgage insurance, although a VA funding fee may apply unless exempt.
• USDA loans: Available to eligible borrowers purchasing qualifying homes in designated areas, subject to household income and other program requirements. No-down-payment financing may be available.

These programs have different requirements, fees, and benefits.

We’ll review your eligibility, estimated payment, and overall costs before helping you compare them.

Yes. Jumbo mortgages generally involve loan amounts above the applicable conforming loan limits.

Because these loans are outside standard conforming limits, lenders may use different underwriting requirements.

Depending on the program, borrowers may need:

• Stronger credit qualifications
• A larger down payment
• Additional cash reserves
• Detailed income and asset documentation
• A qualifying property valuation

However, requirements differ among jumbo lenders.

We’ll review your property, loan amount, finances, and goals to explore the available lending options.

Self-employed borrowers can qualify for mortgages, but the way income is evaluated may differ from that of traditional salaried employees.

For conventional and certain government-backed mortgages, qualifying income may rely heavily on tax returns and other business documentation.

If that calculation doesn’t reflect your financial situation well, we can explore eligible alternative-documentation programs, such as:

• Bank statement loans
• Profit-and-loss programs
• 1099-income programs
• Asset-based financing
• Other non-QM options

Each program has its own rules for calculating qualifying income and verifying repayment ability.

We’ll review how your business operates, how you’re paid, and which records are available before evaluating potential options.

A non-qualified mortgage (non-QM) is a mortgage that doesn’t meet the standard definition of a qualified mortgage under applicable lending rules.

Non-QM programs can provide alternative financing structures for eligible borrowers whose financial circumstances don’t fit traditional underwriting methods.

For example, a lender may evaluate bank deposits, eligible assets, or investment-property income using program-specific guidelines.

Non-QM doesn’t mean no documentation or automatic approval. Lenders still evaluate credit, assets, property details, and repayment ability under their requirements.

Because pricing and terms can differ from traditional programs, we’ll explain the qualification method and potential costs before you decide.

These programs provide different methods for documenting or calculating qualifying income.

• Bank statement loans: May use eligible bank deposits and a lender’s business-expense methodology to calculate income.
• P&L programs: May evaluate an acceptable business profit-and-loss statement under specific guidelines.
• 1099 programs: May accommodate borrowers whose income is documented through eligible 1099 earnings.
• WVOE loans: May use written verification of employment and income in place of some traditional documentation.
• Asset-based programs: May use eligible savings, investments, or other qualifying assets in the lender’s calculation.

A program’s name doesn’t mean that income or repayment ability goes unverified.

We’ll help you understand which records are needed, how the lender calculates income, and whether the program may fit your financial situation.

A Debt Service Coverage Ratio (DSCR) loan is an investment-property financing option that evaluates the property’s qualifying rental income relative to its debt obligations.

Rather than relying primarily on the borrower’s traditional personal employment income, the lender may consider whether the property’s rent supports the required debt payments.

For example, a real estate investor purchasing a rental home may prefer a program that emphasizes the property’s income potential.

However, DSCR financing still has eligibility requirements involving the property, credit, down payment, available reserves, and other factors.

We’ll help you review the property’s expected rental income, estimated financing expenses, and lender requirements to determine whether DSCR financing may be appropriate.

Yes. We can explore eligible construction and renovation loan programs, including one-time-close construction financing.

A one-time-close construction loan may combine the construction phase and permanent mortgage into one financing arrangement, reducing the need for separate loan closings.

Requirements may involve:

• The land and property
• Construction plans and budget
• Builder qualifications
• Appraisals and inspections
• Construction timelines
• Down payment and financial qualifications

Renovation financing may follow different rules depending on the property and work being completed.

We’ll review your project first and help determine which programs may be available.

We offer access to specialty financing options that may accommodate eligible borrowers and properties outside standard residential mortgage situations.

For example, certain programs may be available to qualifying borrowers using an Individual Taxpayer Identification Number (ITIN), foreign nationals purchasing eligible U.S. real estate, or borrowers financing certain commercial properties.

Requirements vary significantly.

A foreign national program may have different documentation and down-payment requirements from a traditional mortgage, while commercial financing may evaluate property income, business financials, and the intended use of the building.

Tell us about your citizenship or residency documentation when relevant, property type, and financing goals so we can review appropriate options.

Explore Our Mortgage Programs

There isn’t one credit-score requirement that applies to every mortgage program. 

The minimum score and available pricing depend on factors such as the loan type, lender, down payment, loan-to-value ratio, and your overall financial profile.

For example, some government-backed programs may offer different credit requirements from conventional mortgages, while specialty lenders may evaluate borrowers under separate guidelines.

Your credit score can also affect the interest rate, mortgage insurance, or other loan terms available to you.

We’ll review your credit profile and help you understand which programs may be worth exploring.

If your score isn’t where you want it to be, we can discuss the factors that may be affecting your qualification and what steps could be useful before applying.

Possibly. Less-than-perfect credit doesn’t automatically mean you can’t qualify for a mortgage.

Lenders evaluate several factors, including your income, monthly debts, available savings, down payment, and overall credit history.

For example, a borrower with a lower credit score but stable income and sufficient funds may have different options from someone with a similar score and significant recent credit problems.

We’ll look at your complete situation rather than focus only on one number.

If an available program doesn’t fit today, we can help you understand what may need to change before moving forward.

Potentially. The answer depends on the type of credit event, how much time has passed, your current financial circumstances, and the loan program.

Different programs may have different waiting periods or documentation requirements for events such as bankruptcy, foreclosure, short sale, or other significant credit issues.

We’ll review when the event occurred, the circumstances surrounding it, and how you’ve managed your finances since then.

From there, we can explore whether a program may be available now or whether additional time or preparation is needed.

A previous credit event doesn’t necessarily mean your future homeownership plans are over.

Mortgage lenders don’t always use the same income figure that appears on your paycheck or bank deposits.

Qualifying income is calculated according to the loan program and the type of income you receive.

For example:

• Salaried income: May be evaluated using your regular salary and employment history.
• Hourly income: May require a review of hours worked and earnings history.
• Overtime or bonuses: May require evidence of consistency and continuation.
• Commission income: May require additional history or averaging.
• Self-employment: Often involves tax returns, business records, or an eligible alternative documentation method.
• Rental income: May be calculated using leases, tax records, or other program-specific methods.

We’ll review how you earn your income and explain which amounts may be considered for mortgage qualification.

Yes, these types of income may be eligible, depending on the loan program and how they’re documented.

Lenders often need to determine whether the income has an acceptable history and is reasonably expected to continue.

For instance, a borrower who recently began receiving commissions may be evaluated differently from someone with several years of consistent commission earnings.

Rental income also has specific calculation requirements, and lenders may not count the full amount of rent collected.

We’ll review your income history and supporting documents to determine how the selected lender may calculate it.

Potentially. You may have a primary job along with part-time employment, contract work, rental income, or another source of earnings.

The lender will review each income source under the applicable guidelines, which may include requirements for employment history, consistency, and documentation.

For example, income from a second job may need an acceptable history before it can be counted for certain loan programs.

We’ll help you identify which income sources may qualify and explain what records are needed.

The goal is to make sure your loan is evaluated using income that can be properly documented and accepted.

Your debt-to-income ratio, or DTI, measures how much of your qualifying gross monthly income goes toward required monthly debt payments.

Lenders commonly evaluate two ratios:

• Front-end DTI: Compares the proposed monthly housing payment with your gross monthly income.
• Back-end DTI: Compares the proposed housing payment plus other qualifying monthly debts with your gross monthly income.

For example, if you have car payments, student loans, or credit-card minimum payments, those obligations may affect how much mortgage debt you can qualify for.

Acceptable DTI levels vary by lender and loan program. Your credit, assets, down payment, and other factors may also influence eligibility.

Use our Debt-to-Income Ratio Calculator to estimate your ratios.

Yes. Many homebuyers qualify for mortgages while carrying other debts.

Lenders look at how your required monthly debt obligations compare with your qualifying income, rather than simply whether you owe money.

Different loan programs may also have specific rules for calculating payments on certain accounts, such as student loans or debts with deferred payments.

We’ll review your existing obligations and explain how they affect your debt-to-income ratio.

If your debts are limiting your options, we can discuss whether paying down a particular balance or considering another eligible program may make a difference.

Not necessarily. Paying off debt can sometimes improve your credit profile or debt-to-income ratio, but it’s important to consider the full financial impact.

For example, paying off a car loan may reduce your monthly debt obligations. However, using most of your savings to eliminate the balance could leave you short of funds for a down payment, closing costs, or reserves.

Closing a credit-card account can also affect your credit profile differently from simply reducing its balance.

Before making a large debt payment or closing an account, talk with your loan officer.

We can help you understand which obligations matter most for your proposed loan and whether a change may actually improve your qualification.

Changes in employment or income can affect mortgage qualification because the lender may need to verify that your qualifying income remains acceptable.

For example, moving from a salaried position to commission-based employment, starting a business, or reducing your working hours may change how your income is evaluated.

Some job changes may be acceptable with updated documentation, while others may require additional review or a different loan structure.

If possible, speak with us before making an employment change while your loan is in process.

We’ll review the circumstances and help you understand what the lender may need before moving forward.

The amount depends on your purchase price, loan program, down payment, and closing expenses.

Your total cash needed may include:

• Down payment: The amount you contribute toward the purchase price.
• Closing costs: Lender and third-party expenses associated with the transaction.
• Prepaid expenses: Items such as prepaid interest or homeowners insurance.
• Initial escrow deposits: Funds collected for future property taxes or insurance when applicable.
• Cash reserves: Additional funds that certain programs may require you to have available after closing.

Eligible assistance, lender credits, or seller contributions may reduce some upfront expenses.

We’ll help estimate your cash needed based on an actual loan scenario so you can plan before submitting an offer.

Potentially, yes.

Certain conventional programs offer low-down-payment options, and eligible FHA borrowers may qualify with a 3.5% down payment.

VA and USDA programs may allow qualifying borrowers to purchase without a down payment, subject to their requirements.

However, no down payment doesn’t necessarily mean no money is needed at closing.

You may still have closing costs, prepaid expenses, or other required funds.

We’ll help you compare down-payment choices alongside the monthly payment, mortgage insurance, and overall loan costs.

Many mortgage programs permit eligible gift funds, but the source and documentation requirements vary.

For example, some programs may allow gift funds from qualifying family members or other acceptable donors.

Lenders may require:

• A signed gift letter
• Information about the donor
• Documentation of the funds
• Evidence showing how the money was transferred

Certain programs also have restrictions on who can provide the gift or how the funds may be used.

If you’re expecting gift money, tell your loan officer before the transfer occurs.

We can explain the applicable requirements so the funds are documented properly and don’t create unnecessary questions later.

Possibly. Eligible funds from retirement accounts, brokerage accounts, or other investments may be used for down payments, closing costs, or reserves under certain programs.

Some programs may also consider qualifying assets when calculating income.

However, the way funds are accessed matters.

For example, withdrawing retirement funds may have tax consequences or penalties, while borrowing against an account can create additional financial obligations.

We’ll review how the lender may treat the assets for mortgage purposes, but you should also discuss potential tax or investment consequences with the appropriate financial professional.

Bank statements help lenders verify that you have sufficient acceptable funds for the mortgage transaction.

They may be used to confirm:

• Available down-payment funds
• Money needed for closing
• Required cash reserves
• Certain income or deposit information
• The source of funds when additional verification is required

Lenders may also ask about significant deposits or transfers that aren’t clearly explained by the information already provided.

We’ll help you understand which statements are needed and what the lender is trying to verify.

If questions come up, we’ll explain the supporting documentation that may be required rather than leaving you to guess.

Large deposits and transfers aren’t automatically prohibited during the mortgage process, but they may require additional documentation.

For example, if a substantial amount appears in your bank account shortly before closing, the lender may need to determine where the funds came from.

Depending on the circumstances, you may be asked for:

• Statements showing the money leaving and entering the accounts
• Gift documentation
• Records of an eligible asset sale
• Business or employment-related records
• Other evidence supporting the source of funds

If you’re already pre-approved or under contract, tell us about significant deposits or transfers as early as possible.

We can help you understand the documentation requirements before they create delays.

Cash reserves are eligible funds that remain available after you’ve paid the required down payment and closing expenses.

Some lenders require reserves as an additional measure of financial stability.

For example, a program may require reserves equal to a specified number of months of housing payments.

Requirements can vary based on:

• Loan program
• Property occupancy
• Credit and financial profile
• Number of financed properties
• Loan amount or other transaction characteristics

Not every mortgage requires the same reserve amount, and some may not require reserves at all.

We’ll explain whether reserves apply to your loan and which assets may be counted.

Possibly. Being denied by one lender doesn’t necessarily mean you’re out of mortgage options.

Different lenders and programs may have different requirements for income, credit, assets, property types, and other qualification factors.

If another lender has declined your application, we’ll first want to understand why.

For example, was the issue related to your income calculation, debt-to-income ratio, credit history, property, or documentation?

Once we understand the reason, we can explore whether another available program or loan structure may fit your circumstances.

We can’t promise that every loan can be approved, but we believe a complicated situation deserves a thoughtful review rather than an automatic assumption that no options remain.

Not every lender evaluates every loan scenario under identical guidelines.

One lender may have restrictions involving certain income sources, property types, or loan amounts, while another may offer a program specifically designed for those circumstances.

For example, a borrower whose traditional tax-return income doesn’t meet conventional requirements may have an alternative documentation option with an eligible non-QM lender.

However, some requirements apply across multiple lenders, and changing lenders doesn’t guarantee an approval.

Our job is to understand the actual qualification issue and determine whether a different available program provides a reasonable alternative.

We begin by identifying why the original financing wasn’t approved or couldn’t move forward.

Depending on the situation, we’ll review:

• How qualifying income was calculated
• Credit history and outstanding debts
• Available assets and down-payment funds
• Property value, condition, or occupancy
• Loan amount and repayment structure
• Documentation requirements
• The original lender’s program restrictions

Sometimes the issue is missing or misunderstood documentation. In other cases, the proposed loan simply doesn’t meet that particular program’s guidelines.

A different loan structure or available program may create another option.

We’ll explain what we find and help you understand whether a different approach is worth pursuing.

Strong credit and substantial savings are helpful, but mortgage approval depends on more than those two factors.

For example, a borrower may have excellent credit and investments but still have difficulty documenting qualifying income under a traditional mortgage program.

Other factors such as debt-to-income ratio, employment history, occupancy, or property eligibility can also affect qualification.

We’ll review the specific reason your loan isn’t meeting the lender’s requirements.

Depending on the circumstances, an asset-based program, alternative income documentation, or another loan structure may be worth exploring.

This is a common concern for some self-employed borrowers and business owners.

A business may generate substantial revenue, but traditional mortgage underwriting often calculates qualifying income using specific figures and adjustments from tax returns.

That calculation may differ from the amount of money moving through your business accounts.

Depending on your circumstances, we can explore programs that use eligible bank statements, profit-and-loss information, or other acceptable documentation.

We’ll review how your income is earned, which records are available, and how the selected lender calculates qualifying income.

We work with borrowers whose financial situations don’t always fit a standard salaried-income profile.

Examples include:

• Self-employed individuals
• Business owners
• Commission-based workers
• Independent contractors
• Borrowers with multiple income sources
• Real estate investors
• Borrowers with substantial assets but limited traditional income documentation

Our first step is to understand how you’re paid and what information can be documented.

We’ll then explore whether a conventional, government-backed, or alternative documentation program may fit your situation.

Some properties and transactions require specialized financing.

Examples may include investment properties, construction projects, certain mixed-use or commercial properties, homes held through eligible ownership structures, or transactions involving non-traditional borrowers.

We’ll review the property type, intended use, ownership arrangement, loan amount, and financing goals.

From there, we can determine whether a specialty lending program may be available.

Not every property or structure is eligible, but identifying the actual requirements early can help you avoid pursuing a loan program that won’t work for the transaction.

Yes. You don’t have to qualify today to benefit from talking with our team.

If we can’t identify a suitable loan option based on your current situation, we can help you understand which factors are affecting your eligibility.

Depending on the circumstances, your preparation may involve:

• Improving or rebuilding credit
• Reducing certain monthly debts
• Establishing an acceptable income history
• Preparing financial documentation
• Building additional savings
• Waiting until program-specific requirements are met

We won’t promise that following a particular plan guarantees future approval.

However, understanding what needs attention can help you prepare more effectively for another review when your circumstances change.

We shop available mortgage pricing through our network of 40+ wholesale lending partners rather than limiting your options to one institution.

Different lenders may offer different rates, points, lender credits, or fees for similar mortgage scenarios.

When comparing options, we look at more than the advertised rate. We also consider the loan term, monthly payment, upfront expenses, and other features that may affect the overall cost of your mortgage.

For example, an option with a slightly lower interest rate may require additional discount points, while another may offer lender credits to reduce eligible closing expenses.

We’ll explain those differences so you can evaluate the available options based on your goals and financial situation.

Mortgage pricing depends on several factors related to your financial profile, property, and loan structure.

Common factors include:

• Credit score: Your credit profile may affect available pricing.
• Down payment and loan-to-value ratio: The amount borrowed relative to the property’s value can influence risk and pricing.
• Property type and occupancy: Primary residences, second homes, and investment properties may be priced differently.
• Loan amount: Certain loan sizes or categories may have different pricing.
• Loan program: Conventional, FHA, VA, jumbo, and specialty programs have different structures.
• Loan term: A 15-year mortgage may be priced differently from a 30-year mortgage.
• Market conditions: Available rates can change as financial markets move.

We’ll review your specific scenario and explain which factors are affecting the available options.

Yes. You can begin exploring available mortgage rates through our online rate-comparison tool without submitting a full loan application or providing your phone number or email address at the initial comparison step.

You’ll enter basic information about the loan scenario, such as the property location, purchase or refinance purpose, estimated loan amount, property value, occupancy, and credit profile.

The results can help you explore available rate and pricing options.

However, online results are informational estimates, not a final loan offer, underwriting approval, or confirmed rate lock.

If you want to review a particular option in greater detail, our loan advisors can help verify your scenario and explain the next steps.

Mortgage rates are influenced by financial-market conditions, including movements in mortgage-backed securities, bond yields, economic expectations, and lender pricing decisions.

Because these factors change, mortgage rates can move from one day to another and sometimes more than once during the same day.

A rate you saw yesterday may not be available when you’re ready to apply or lock.

We can help you review current pricing and explain the rate-lock options available for your expected closing timeline.

Rather than relying only on headlines about rates rising or falling, it’s useful to compare what the actual market offers for your specific mortgage scenario.

An adjustable-rate mortgage (ARM) is a home loan with an interest rate that may change over time.

Many ARMs begin with an initial fixed-rate period, such as 5, 7, or 10 years. After that period, the interest rate can adjust based on the loan’s index, margin, and adjustment rules.

Unlike a fixed-rate mortgage, an ARM’s interest rate and monthly principal-and-interest payment may increase or decrease when adjustments occur.

Before choosing an ARM, it’s important to understand:

• How long the initial fixed-rate period lasts
• When future adjustments can occur
• How the adjusted rate is calculated
• The maximum amount the rate can change
• How higher rates could affect your monthly payment

We’ll help you compare available ARM and fixed-rate options, including the potential benefits and risks of each.

Your interest rate is the rate used to calculate the interest charged on your mortgage balance.

The Annual Percentage Rate (APR) expresses the cost of credit as a yearly rate and includes certain finance charges in addition to interest.

For example, two mortgage offers may have similar interest rates but different APRs because their qualifying finance charges differ.

APR can be helpful when comparing similar loans, but it doesn’t necessarily include every expense associated with the transaction.

We’ll help you review both figures alongside discount points, lender credits, closing costs, and loan terms so you understand what you’re comparing.

Not by itself.

APR is a useful comparison tool, especially when looking at similar mortgage products, but it doesn’t tell you everything about the financial impact of a loan.

You should also review:

• Interest rate
• Loan term
• Discount points
• Lender credits
• Closing costs
• Monthly payment
• How long you expect to keep the mortgage

For example, one loan may have a lower APR but require higher upfront expenses. Whether those expenses make sense can depend on how long you’ll keep the loan.

APR comparisons can also be more complicated when comparing fixed-rate mortgages with adjustable-rate loans.

We’ll help you evaluate the complete loan structure instead of relying on APR alone.

No. The lowest available interest rate isn’t automatically the least expensive option for every borrower.

A lower rate may require you to pay discount points upfront. Another option may offer a slightly higher rate with lender credits that reduce eligible closing costs.

For example, if you expect to keep the mortgage for only a short period, paying additional points may not provide enough interest savings to recover the upfront expense.

If you expect to keep the loan much longer, the calculation may be different.

We’ll help you compare the available structures, including their upfront costs, monthly payments, and estimated long-term differences.

Yes. Comparing mortgage options is an important part of our process.

We can help you evaluate different available loan terms and pricing structures, including options with discount points, no points, or lender credits.

For example, you may want to compare:

• A 30-year mortgage with a lower required monthly principal-and-interest payment
• A 15-year mortgage with a faster repayment schedule
• A loan with points paid upfront for a lower interest rate
• A loan using lender credits to offset certain closing expenses

Not every option will be available for every borrower, but we’ll explain the eligible choices and their tradeoffs.

Compare Current Mortgage Rates

A mortgage rate lock is an agreement that establishes an interest rate and certain pricing terms for a specified period, subject to the conditions of the agreement.

A rate lock can help protect your agreed pricing from market increases while your loan moves toward closing.

However, the protection generally depends on closing within the specified period and keeping the loan consistent with the applicable terms.

Important details include:

• Your locked interest rate
• The lock expiration date
• Applicable points or lender credits
• Any conditions that could affect the pricing
• Available extension policies if closing is delayed

We’ll help you understand these terms before you decide to lock.

No. A mortgage pre-approval and a mortgage rate lock are two separate things.

Your pre-approval helps estimate your borrowing eligibility based on the information reviewed. It doesn’t automatically reserve an interest rate.

Likewise, checking rates on our website or receiving an estimated mortgage quote doesn’t establish a binding rate lock.

At Lock It Mortgage, a binding rate lock requires the appropriate loan-file review and formal Rate Lock Confirmation.

We’ll explain when locking is available and what information is needed to establish the lock for your transaction.

The right time depends on your loan, closing timeline, market conditions, available lock periods, and personal preferences.

Locking your rate can protect you against increases during the lock period, but it may also mean you don’t benefit from lower market rates unless the lender offers an eligible adjustment option.

Before deciding, we can help you consider:

• Your expected closing date
• Available lock periods
• Any charges associated with different lock lengths
• The possibility of delays
• The lender’s extension and float-down policies

We’ll explain your choices and help you understand the tradeoffs so you can make an informed decision.

Rate-lock periods vary by lender and loan program.

Common lock periods may include 30, 45, or 60 days, although shorter or longer options may also be available.

The appropriate period depends on how much time your transaction is expected to need before closing.

For example, a loan with an extended construction or closing timeline may require different planning from a straightforward purchase scheduled to close in several weeks.

Your written rate-lock confirmation should identify the applicable expiration date and terms.

We’ll review those details with you and discuss any timing concerns before requesting the lock.

Once your rate has been locked, the agreed pricing generally remains in place for the lock period, even if market rates decrease.

Some lenders may offer a float-down option or another permitted way to adjust pricing when rates fall. These options aren’t available for every loan and may involve specific conditions or charges.

For example, a lender may require the market rate to fall by a certain amount before an adjustment becomes available.

If rates decrease after you’ve locked, let your loan officer know you’d like to review your options.

We’ll check the selected lender’s policies and explain whether any adjustment is available rather than assume your locked rate can automatically be changed.

If your loan isn’t ready to close before the lock expires, you may need a rate-lock extension or new pricing.

The available choices depend on the lender’s policies, market conditions, and your original lock agreement.

A delay can happen for several reasons, such as:

• Outstanding underwriting conditions
• Appraisal or property-related issues
• Missing or updated documents
• Title or closing complications
• Changes to the purchase transaction

Some extensions involve additional fees or pricing adjustments.

Let us know as soon as you become aware of a possible delay. We’ll review the anticipated closing date with the lender and help you understand the options before your lock expires whenever possible.

There isn’t one extension fee that applies to every mortgage.

The cost depends on the lender, the length of the extension, the original lock terms, and potentially the circumstances surrounding the delay.

Some extensions may involve an additional fee or pricing adjustment, while others may be available without an extra charge under certain conditions.

Because we work with multiple wholesale lending partners, we’ll review the actual extension options for your specific loan rather than quote a universal amount.

If your closing timeline changes, contact us early so we can determine whether an extension or another permitted option is appropriate.

Possibly. A rate lock generally applies to a specific loan scenario.

If important details change, the lender may need to reevaluate pricing or eligibility.

Examples include changes to:

• Loan amount
• Down payment or loan-to-value ratio
• Credit score
• Property type or occupancy
• Loan program
• Verified financial information

Not every change will affect the rate, but some may.

We recommend discussing material changes with your loan officer before making them, so we can review the potential impact on your lock and financing.

If you decide not to move forward after locking your rate, contact your Lock It Mortgage loan officer as soon as possible.

Locking a rate doesn’t automatically mean you’re required to complete the mortgage.

However, some expenses already incurred during the process, such as appraisal or other third-party charges, may not be refundable.

Certain lenders may also have specific cancellation, deposit, or other contractual requirements.

We’ll help you review the applicable terms and understand what expenses or obligations may remain.

For a formal cancellation or other time-sensitive instruction, follow the notice procedures specified in your loan documents. Don’t assume that a website message or ordinary email is sufficient.

Closing costs are the expenses associated with arranging and completing a mortgage transaction.

Depending on your loan, they may include:

• Lender charges: Origination, underwriting, processing, or other applicable lender fees.
• Third-party services: Appraisal, credit report, title, settlement, or other required services.
• Government charges: Applicable recording and other government-related fees.
• Prepaid expenses: Interest or insurance collected in advance.
• Initial escrow deposits: Funds collected for future property taxes or insurance when applicable.

Not every charge applies to every transaction, and the amounts can vary based on the lender, property, location, and loan program.

We’ll help you review your Loan Estimate and understand which expenses make up the total cash needed at closing.

We compare more than interest rates when reviewing available lender options.

Different lenders may structure their origination charges, discount points, and lender credits differently.

For example, one option may offer a lower rate with additional upfront charges, while another may reduce certain upfront expenses through lender credits.

Our team can help you compare:

• Interest rate and APR
• Lender-controlled charges
• Discount points
• Lender credits
• Estimated third-party expenses
• Total cash needed at closing

Some third-party charges may remain similar regardless of the lender, while others can vary.

We’ll explain the differences so you can evaluate the overall loan terms and costs rather than focus on one fee.

Lender fees are charges associated with originating or processing the mortgage, depending on the lender’s pricing structure.

They may include origination, underwriting, processing, or administrative charges.

Third-party costs are charged for services provided by other companies or professionals involved in the transaction.

Examples include:

• Appraisal services
• Credit reports
• Title searches
• Title insurance
• Settlement or escrow services
• Certain recording or property-related services

Some third-party services may be shoppable, subject to the lender’s requirements.

We’ll help you understand which charges are lender-related, which come from outside providers, and where you may have choices.

Prepaid interest is the mortgage interest that accrues between your loan’s closing date and the period covered by your first regular mortgage payment.

For example, if your loan closes in the middle of a month, interest may be collected at closing for the remaining days before the next payment cycle begins.

The amount depends on:

• Your loan balance
• Interest rate
• Applicable daily interest calculation
• Number of days being collected

Prepaid interest isn’t a separate lender origination fee. It’s interest on the new mortgage collected upfront.

You’ll generally see it listed among the prepaid expenses in your Loan Estimate and Closing Disclosure.

Discount points are upfront charges that can be paid to obtain a lower mortgage interest rate.

One point equals 1% of the loan amount. However, the amount by which a point reduces the rate varies.

For example, paying points may increase your upfront expenses but reduce your monthly principal-and-interest payment.

Whether that makes sense depends on how much the points cost, the monthly savings, and how long you expect to keep the mortgage.

We can help you compare loan options with different point structures and estimate how long it could take for the interest savings to recover the additional upfront expense.

Potentially, yes.

Depending on current lender pricing and your qualifications, you may have options that include:

• Paying discount points for a lower rate
• Choosing a rate with no discount points
• Accepting lender credits to offset eligible closing expenses

A no-point mortgage doesn’t mean the loan has no other closing costs.

The interest rate and other pricing terms may also differ from an option that includes points.

We’ll help you review the available choices so you understand what you’re paying upfront and how the pricing affects your mortgage.

Lender credits are amounts provided through the mortgage pricing structure that can offset certain eligible closing costs.

In many situations, a lender credit is associated with a higher interest rate than another available option.

For example, a borrower may choose a loan with lender credits to reduce certain upfront expenses, accepting a different monthly payment in exchange.

The appropriate choice depends on your cash available for closing, budget, expected time in the loan, and overall financing goals.

We’ll explain the credit amount, the corresponding interest rate, and any relevant restrictions before you decide.

Sometimes. Depending on your purchase contract and loan program, the seller may be able to contribute toward certain eligible closing expenses.

These contributions are often called seller concessions or seller-paid closing costs.

However, lenders and programs impose limits on the amounts and expenses that can be covered.

For example, contribution limits may depend on the loan type, property occupancy, and down payment.

Your real estate agent can help negotiate the purchase contract, while we’ll explain the mortgage program’s applicable rules and how the contribution may affect your cash needed at closing.

For some eligible refinances, certain closing expenses may be added to the new loan amount instead of being paid upfront.

This may reduce your immediate cash requirement, but it also increases the amount you’re borrowing and can affect your payment and total interest expense.

Another possibility is using lender credits to offset certain eligible charges, depending on available pricing.

Purchase transactions have different requirements and may involve seller contributions or other permitted arrangements.

We’ll review what’s allowed for your transaction and help you understand the tradeoffs before moving forward.

A Loan Estimate is a standardized disclosure that provides important estimated information about a mortgage you’re considering.

It includes items such as the loan amount, interest rate, projected payment, and estimated closing costs.

A Closing Disclosure provides final loan terms and closing-cost information before the transaction is completed.

For most covered mortgages, you must receive the Closing Disclosure at least three business days before consummation, subject to applicable rules.

When you receive these documents, we encourage you to review:

• Loan amount and interest rate
• Monthly payment
• Discount points and lender credits
• Lender and third-party charges
• Prepaid and escrow amounts
• Cash needed to close

Our team can help you understand the mortgage-related figures and address questions about differences between the initial estimates and the final disclosures.

A home appraisal provides an independent opinion of a property’s market value for the mortgage transaction.

The lender uses that valuation to help determine whether the property provides acceptable collateral for the loan.

For a purchase, the appraisal may help confirm whether the property’s value supports the proposed financing. For a refinance, it may affect the loan-to-value ratio and the amount you can borrow.

An appraisal is only one part of the mortgage review. Your income, credit, debts, assets, and other qualification requirements still matter.

We’ll help you understand whether an appraisal is required and what the results may mean for your financing.

When the selected lender requires an appraisal, we generally encourage addressing it early enough to avoid unnecessary delays later in the transaction.

Appraisals can involve several steps, including ordering the report, scheduling a property visit when necessary, completing the valuation, and reviewing the results.

The process may take longer if the property is unusual, access is limited, or the lender requests additional information.

We’ll help coordinate the appraisal requirements with the lender and keep you updated on relevant developments.

Ordering early doesn’t guarantee the appraisal will be completed by a particular date, but it can provide more time to address unexpected issues.

Possibly. Certain loans may qualify for an appraisal waiver or another permitted property-valuation method.

Whether this is available depends on factors such as the loan program, property information, loan-to-value ratio, automated underwriting results, and lender requirements.

For example, some eligible conventional transactions may receive an automated appraisal-waiver option.

However, not every borrower or property qualifies, and an initial waiver may change if important loan details are updated.

We’ll explain the valuation requirements that apply to your specific mortgage.

A lower appraisal can affect the amount the lender is willing to finance because the property’s appraised value may be used to calculate the loan-to-value ratio.

Depending on the transaction, potential options may include:

• Renegotiating the purchase price: Your real estate agent may discuss this with the seller.
• Adjusting the financing: A different down payment or loan structure may be considered.
• Providing additional funds: You may be able to cover part of the difference if financially appropriate.
• Requesting a review: If there are legitimate concerns about the appraisal, the applicable lender process may allow a reconsideration of value.

Not every option is available in every transaction.

We’ll explain how the valuation affects your mortgage, while your real estate agent can help you understand the purchase-contract considerations.

A home inspection and appraisal serve different purposes.

A home inspection is generally arranged for the buyer to evaluate the property’s condition and identify potential maintenance or repair concerns.

An appraisal primarily evaluates the property’s market value for lending purposes.

Although an appraiser may identify certain property-condition issues relevant to the loan program, an appraisal isn’t a substitute for a detailed home inspection.

When you’re buying a home, both may provide useful information for different decisions.

Your real estate agent can help with inspection-related questions, while we’ll explain the property’s valuation requirements for your mortgage.

For most residential mortgage transactions, the lender requires acceptable homeowners insurance before the loan can close.

The policy helps protect the property serving as collateral for the mortgage.

Depending on the property’s location and characteristics, additional coverage such as flood insurance may also be required.

The lender may have specific requirements regarding the coverage amount, deductible, effective date, and mortgagee information.

We’ll explain which insurance details are needed for your loan and help coordinate them with the lender and closing professionals.

We recommend beginning your insurance search after you’re under contract rather than waiting until the final days before closing.

Starting early gives you time to compare coverage and premiums, confirm that the home can be insured on acceptable terms, and provide the required policy information to the lender.

Insurance costs can also affect your total monthly housing payment.

For example, if the actual annual premium differs significantly from the amount originally estimated, we may need to update your payment figures.

We’ll tell you when the lender needs the policy information and help you understand the requirements.

Yes. You’re welcome to shop for homeowners insurance through your preferred agent or insurance company.

If you don’t already have an insurance professional, we can connect you with agents we’ve worked with so you can explore available coverage options.

You’re not required to use someone we introduce.

When choosing a policy, consider the coverage, deductible, premium, exclusions, and whether it meets your mortgage lender’s requirements.

We’ll help coordinate the required insurance information once you’ve selected a policy.

Flood insurance may be required when the property is located in an area subject to mandatory flood-insurance requirements or when another applicable lender or program rule requires coverage.

The lender typically reviews a flood-zone determination as part of the property evaluation.

If flood insurance is required, you’ll need to arrange acceptable coverage before closing.

An insurance professional can explain available policies, coverage limits, and premiums.

We’ll help you understand the lender’s requirements and how any required premium may affect your estimated housing expenses.

Once you’ve submitted your application, our team reviews the information and documents needed to prepare the loan for the selected lender.

We’ll check what has been provided, identify missing items, and help you understand any questions before the loan is submitted.

The process generally includes:

• Loan setup: Confirming the transaction, program, and property details.
• Document review: Collecting and reviewing relevant income, credit, asset, and other records.
• Loan submission: Sending the loan file to the selected lender.
• Underwriting: The lender evaluates the borrower, property, and program requirements.
• Conditions: Additional information may be requested before final approval.
• Closing preparation: Required disclosures, title work, insurance, and signing arrangements are coordinated.

We’ll keep you informed as the file progresses and explain what you need to do at each stage.

We’ve organized our homebuying process into eight essential steps so you can understand what happens from the beginning of your home search through funding.

1. Get Pre-Approved: We review your financial information and help determine potential financing options.
2. Find Your Home: You work with your real estate agent to shop for a home and prepare an offer.
3. Loan Submission: Once you’re under contract, we prepare your application and supporting documents for the lender.
4. Underwriting: The selected lender reviews your financial information, property, and loan requirements.
5. Approved With Conditions: We help you address the additional items needed for final approval and discuss available rate-lock options.
6. Clear to Close: The lender has cleared the required conditions, and the transaction moves toward closing.
7. Loan Closing: You review and sign the required mortgage and transaction documents.
8. Funding: The lender releases the loan proceeds once the applicable funding requirements are satisfied.

We’ll help you understand what each step involves and what information may be needed from you.

Underwriting is the lender’s formal review of the loan to determine whether it meets the applicable approval requirements.

The lender may evaluate:

• Income and employment
• Credit history and monthly debts
• Bank accounts and available assets
• Property value and eligibility
• Occupancy and loan purpose
• Loan-program requirements
• Additional documentation related to the transaction

The underwriter may approve the file with conditions, request more information, or issue another underwriting decision.

An initial underwriting review may take only a few business days in some situations, but the complete process can take longer depending on the file and outstanding requirements.

We’ll explain the requests and help you understand what happens next.

Additional documentation is a normal part of mortgage underwriting.

Lenders may need to verify that information is accurate, current, and consistent with the selected program’s guidelines.

For example, an underwriter may ask for:

• Updated pay stubs or bank statements
• Verification of employment
• Documentation of a large deposit
• A letter explaining certain information
• Additional property or insurance records

A request for more documentation doesn’t automatically mean there’s a problem with your loan.

Our team will help you understand what the lender is asking for, why it matters, and how to provide the information needed to move the review forward.

An approval with conditions means the lender has reviewed your loan and identified additional requirements that must be satisfied before final approval.

These are commonly called underwriting conditions.

Conditions may involve updated income information, bank statements, employment verification, property documents, homeowners insurance, or clarification of a particular financial transaction.

At this stage, we’ll help you:

• Understand what each condition means.
• Identify the documents or information required.
• Review documents with you when appropriate.
• Submit the requested items to the lender.
• Follow up as the lender reviews outstanding conditions.

Our goal is to help you address each condition efficiently so the loan can continue toward final approval.

Clear to Close generally means the lender has received and approved the required information and cleared the outstanding conditions needed to move toward closing.

That doesn’t necessarily mean you’ll sign documents immediately.

The lender and closing professionals still need to complete the applicable closing preparations, which may include:

• Finalizing closing figures
• Providing required disclosures
• Confirming insurance and title details
• Coordinating signing arrangements
• Confirming the anticipated funding schedule

We’ll work with the lender and settlement professionals to keep you informed about the remaining steps.

The timeline depends on your loan, property, documentation, lender requirements, and the parties involved in the transaction.

For a home purchase, a typical closing may take approximately 21–45 days after you’re under contract, although some well-prepared transactions may close sooner and others may require more time.

Factors that can affect the timeline include:

• How quickly documents are provided
• Underwriting and lender workload
• Appraisal scheduling and review
• Title-related issues
• Homeowners insurance
• Outstanding underwriting conditions
• Changes to the borrower or transaction

Starting with a detailed pre-approval and responding promptly to requests can help reduce avoidable delays.

We’ll discuss the expected timeline for your particular loan rather than promise a closing date that depends on factors outside our control.

If you expect to be out of town around your closing date, let your Lock It Mortgage loan officer know as early as possible.

Depending on your loan program, lender, and state requirements, we can help coordinate available signing options, which may include:

• Signing at another location: Arranging for a mobile notary or settlement professional where you’ll be staying.
• Remote online notarization: Signing eligible documents remotely when permitted.
• Power of Attorney (POA): Allowing an authorized person to sign certain documents on your behalf, subject to lender approval and applicable requirements.

Not every signing option is available for every mortgage. For example, some cash-out refinance programs restrict the use of a Power of Attorney.

We’ll work with the lender and closing agent to review your options and help coordinate an acceptable signing arrangement.

Letting us know ahead of time can help prevent unnecessary closing delays.

Before closing, you’ll receive the required loan disclosures, including the Closing Disclosure for most covered mortgages.

The Closing Disclosure provides important details such as:

• Loan amount
• Interest rate
• Monthly payment
• Closing costs
• Cash needed to close
• Prepaid and escrow amounts

For most covered transactions, you’re required to receive it at least three business days before consummation, subject to applicable rules.

At closing, you’ll review and sign the necessary mortgage and transaction documents through the appropriate title company, escrow company, closing attorney, or settlement professional.

Take your time reviewing the documents and ask questions about anything you don’t understand.

We’ll remain available to help with mortgage-related questions, while the settlement professional handles the applicable closing procedures.

Closing and funding are related, but they aren’t always the same event.

Closing generally refers to the signing and completion of the required mortgage and transaction documents.

Funding is when the lender releases the loan proceeds after the applicable requirements have been satisfied.

For some home purchases, funding and recording may occur on the same day as signing. In other transactions, they may happen later.

For certain refinances and home-equity loans, an applicable right-of-rescission period generally must expire before funding.

We’ll explain the expected timing for your transaction and coordinate with the lender and settlement professionals as the process moves forward.

Potentially. Some mortgage programs allow eligible trusts to hold title to a property, subject to specific requirements.

The lender may need to review the trust documents and confirm details such as the type of trust, trustee authority, beneficiaries, and who will be responsible for the mortgage.

Not every trust structure is acceptable under every loan program.

If you plan to buy or refinance a home held in a trust, tell us before proceeding so we can review the applicable financing requirements.

For questions about creating or modifying a trust, we recommend consulting a qualified attorney.

Possibly. The lender will need to determine whether the trust and ownership arrangement meet the requirements of the proposed loan program.

Depending on the transaction, this may involve reviewing:

• Trust agreements or certifications
• Trustee information
• Title and ownership records
• Borrower and signing requirements
• Other lender-specific documents

The fact that a property is held in a trust doesn’t automatically prevent refinancing or financing, but it may affect which programs are available.

We’ll help identify the lender’s requirements and coordinate the mortgage-related review.

Some investment-property and commercial loan programs allow eligible properties to be purchased through a limited liability company (LLC).

However, traditional residential mortgage programs often have different requirements regarding individual borrowers and ownership.

The available financing may depend on the property type, intended use, LLC structure, borrower or guarantor qualifications, and lender guidelines.

Tell us about your intended ownership structure before making an offer or applying.

We can help you determine whether an eligible loan program accommodates the LLC arrangement you’re considering.

Potentially. Some DSCR lenders allow investment properties to be financed through eligible LLC structures.

The lender may review the LLC’s organizational documents, ownership, authorized signers, property information, and any required personal guaranties.

Depending on the program, credit, assets, down payment, reserves, and rental income may also be evaluated.

We’ll review how the property will be held and determine whether available investment programs can accommodate the proposed structure.

For legal or tax considerations involving LLC ownership, consult the appropriate professional.

Before transferring title after closing, it’s important to understand the potential implications.

Your mortgage documents may contain transfer restrictions or a due-on-sale provision.

Some transfers into eligible trusts may receive protection under applicable law, but not every transfer is treated the same way.

Moving a property into an LLC or another entity can create different issues involving the mortgage, title, taxes, or homeowners insurance.

We recommend discussing the proposed transfer with your loan servicer and qualified legal or tax professionals before making any changes.

Yes. We help homeowners explore different refinancing options through our network of wholesale lending partners.

Depending on your qualifications and current loan, available programs may include:

• Rate-and-term refinance
• Cash-out refinance
• Conventional refinance
• FHA Streamline refinance
• VA Interest Rate Reduction Refinance Loan (IRRRL)
• Other eligible specialty refinance programs

We’ll start by reviewing your current mortgage, estimated home value, financial situation, and goals.

From there, we can compare available loan structures and explain how refinancing may affect your payment, repayment term, interest, mortgage insurance, and upfront expenses.

Refinancing may be worth considering when a new loan can help you accomplish a meaningful financial goal.

Common reasons include:

• Changing your mortgage interest rate
• Adjusting your repayment term
• Changing your loan program
• Removing mortgage insurance when eligible
• Accessing available home equity
• Restructuring existing mortgage debt

However, refinancing isn’t automatically beneficial just because market rates have changed.

For example, a lower monthly payment may partly result from extending the repayment period, which can affect total interest over time.

We’ll help you compare your current mortgage with a potential new loan, including the upfront expenses, payment changes, and long-term financial differences.

A rate-and-term refinance generally replaces your existing mortgage to change the interest rate, repayment term, or loan structure without providing substantial equity proceeds.

A cash-out refinance replaces your existing mortgage with a new loan that allows you to receive eligible cash proceeds from your available home equity.

For example, a homeowner might consider a rate-and-term refinance to change from a 30-year mortgage to a shorter repayment term.

Another homeowner might consider a cash-out refinance to access equity for renovations or another financial goal.

Cash-out refinances often have different pricing, loan-to-value restrictions, and qualification requirements.

We’ll help you compare the available options and how they affect your existing mortgage.

Not always.

If you have an existing second mortgage or HELOC, you may be able to keep it while refinancing your first mortgage.

However, the second-mortgage lender may need to approve a subordination agreement, allowing the new first mortgage to remain in the required first-lien position.

Whether this is possible depends on factors such as:

• The outstanding first- and second-mortgage balances
• Your property’s current value
• The proposed new loan
• The first lender’s requirements
• The second lender’s subordination policies

If subordination isn’t permitted, paying off or restructuring the second mortgage may need to be considered.

We’ll review both loans and help you understand your available options before moving forward.

No. Refinancing can result in a higher, lower, or similar monthly payment.

The result depends on the new loan amount, interest rate, repayment term, mortgage insurance, and other factors.

For example:

• Lower rate: May reduce principal-and-interest payments, depending on the new loan terms.
• Shorter term: May increase the required monthly payment while allowing faster principal repayment.
• Cash-out refinance: May increase the loan balance and affect the payment.
• Longer term: May reduce the required payment by spreading repayment over more years.

We’ll compare your existing and proposed loan figures so you understand the payment difference and what causes it.

Yes. A shorter loan term can help you repay your mortgage principal faster.

Depending on the new interest rate and loan terms, it may also reduce the total interest paid over the remaining repayment period.

However, a shorter repayment schedule can require a higher monthly payment, even when the new interest rate is lower.

For example, changing from a longer remaining mortgage term to a 15-year loan means the balance must be repaid over fewer monthly payments.

We’ll help you compare:

• Monthly payment changes
• Principal repayment
• Interest over the comparison period
• Remaining loan balances
• Upfront refinance expenses

That way, you can evaluate whether paying off your mortgage sooner fits your budget and long-term goals.

A refinance break-even point is an estimate of when the financial benefit of refinancing has recovered the relevant upfront expenses.

For a refinance that reduces the monthly payment, a common simplified calculation is:

Upfront refinance expenses ÷ Monthly savings = Estimated break-even period

However, that calculation doesn’t fully describe every refinancing scenario.

For example, if you refinance into a shorter term, your payment may increase because you’re repaying principal faster. In that situation, comparing interest and mortgage insurance over time, together with principal repayment and remaining balances, can provide a more meaningful view.

Our refinance calculator helps you explore these differences based on the loan information you enter.

We’ll also help you understand which results are most relevant to your specific refinancing goals.

Potentially. Depending on the program and available loan pricing, certain refinance expenses may be handled through:

• Financing eligible expenses: Adding certain costs to the new loan balance.
• Lender credits: Using available credits to offset eligible closing costs.
• A combination of approaches: Subject to program and lender requirements.

These arrangements can reduce the cash you need at closing.

However, they don’t necessarily eliminate the expenses.

Financing costs increase the amount borrowed, while lender credits may involve a higher interest rate than another available option.

We’ll help you compare the terms and understand the financial tradeoffs.

Possibly. Whether you can remove or change mortgage insurance depends on your existing loan, current home value, remaining balance, and the new loan program.

For example, a homeowner with an FHA mortgage may want to explore whether they qualify for a conventional refinance with different mortgage insurance requirements.

However, qualifying for a new program doesn’t automatically mean refinancing is the most economical choice.

We can compare the current mortgage insurance expense against the new loan’s rate, payment, closing costs, and any applicable insurance requirements.

You can also ask your current servicer about cancellation options available under your existing loan before deciding to refinance.

These are refinance programs designed for eligible borrowers who already have certain government-backed mortgages.

• FHA Streamline: An option for eligible existing FHA loans, with program-specific qualification, documentation, and benefit requirements.
• VA IRRRL: A VA Interest Rate Reduction Refinance Loan for eligible borrowers refinancing an existing VA loan, subject to applicable requirements.

Some streamline programs may involve simplified documentation or property-valuation procedures compared with other refinances.

However, they aren’t automatic approvals or necessarily free of closing expenses.

We’ll review your current loan and explain whether one of these programs may be available and how its proposed terms compare with your existing mortgage.

The three-day right of rescission is a federal consumer protection that allows borrowers to cancel certain mortgage transactions after signing the closing documents.

It generally applies to many refinances and home-equity loans secured by your primary residence. Purchase mortgages generally do not have this rescission right, and certain other transactions are exempt.

For a covered transaction, the three-business-day period generally begins after the last of these events has occurred:

• You sign the credit agreement.
• You receive the required material disclosures.
• You receive the required notice of your right to cancel.

For rescission purposes, business days include Saturdays but exclude Sundays and federal legal holidays.

If your loan has a rescission period, funding generally cannot occur until the period expires.

We’ll explain whether this protection applies to your transaction and how it affects your closing and funding schedule.

If you decide to cancel, you must follow the written rescission instructions and deadlines provided in your loan documents.

Once your cash-out refinance has closed, all funding requirements have been satisfied, and any applicable rescission period has expired, the settlement or closing agent coordinates the disbursement of your funds.

Depending on the transaction and settlement agent’s procedures, your proceeds may be provided through:

• Wire transfer: Funds are sent to an eligible bank account using verified instructions.
• Check: A check may be issued or delivered according to the closing agent’s available procedures.

Your closing agent will explain which methods are available and confirm the information needed.

If you’re receiving funds by wire, always verify instructions directly with the closing agent using a trusted phone number. This can help protect you from fraudulent payment instructions.

You can begin with our Mortgage Refinance Calculator.

Enter your current loan details and the proposed terms you’re considering.

The calculator can help you estimate:

• Current versus new monthly payments
• Interest and mortgage insurance differences
• Remaining loan balances
• Principal repayment
• Upfront refinance expenses
• Potential savings
• Estimated break-even point
• Cash-out proceeds when applicable

You can also select a comparison period to explore how the financial differences develop over time.

These are planning estimates based on the information entered.

For a more personalized review, our loan officers can compare eligible lender pricing and explain what refinancing could mean for your actual mortgage.

Home equity is the difference between your property’s current market value and the balances of mortgages or other loans secured by the property.

For example, a home worth more than its outstanding mortgage balance may have equity that could potentially be accessed through eligible financing.

However, having equity doesn’t mean you can borrow all of it.

The amount available depends on factors such as:

• Current property value
• Existing mortgage balances
• The lender’s maximum loan-to-value or combined loan-to-value limits
• Your credit and income
• Property type and occupancy
• Other program requirements

We’ll help estimate your available equity and review which financing options may be appropriate.

We offer access to three common forms of home-equity financing:

• Cash-Out Refinance: Replaces your current mortgage with a new loan and provides eligible cash proceeds.
• HELOC: Establishes a revolving line of credit secured by your home.
• HELOAN: Provides a lump-sum home equity loan, generally with a fixed interest rate.

The appropriate option depends on your existing first mortgage, how much money you need, how you intend to use it, and your repayment preferences.

We’ll compare the available structures and explain their impact on your mortgage debt and monthly payment obligations.

The main differences involve how the funds are provided and whether your existing first mortgage is replaced.

Cash-Out Refinance: Replaces your current first mortgage with a new one. You receive eligible cash proceeds after the applicable existing debt and expenses are addressed.

HELOC: Generally remains separate from your first mortgage and allows you to borrow from an available credit line during the draw period.

HELOAN: Generally remains separate from your first mortgage and provides a fixed lump sum that is repaid according to the loan terms.

If your existing first mortgage has a rate you want to preserve, comparing a separate HELOC or HELOAN may be worthwhile.

We’ll help you evaluate the overall costs, payments, and risks.

A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home.

During the draw period, you can access available funds as needed, subject to the credit limit and account terms.

For example, if you’re planning a renovation with expenses spread across several months, you may prefer a credit line rather than receiving the entire amount upfront.

Our HELOC options generally have variable interest rates, so the rate and monthly payment can change.

During the draw period, the required payment may differ from the payment required after the repayment period begins.

We’ll explain the available credit limit, rate structure, draw period, repayment terms, and applicable fees before you decide.

A Home Equity Loan (HELOAN) is a separate mortgage secured by your home that provides funds in a lump sum.

Our HELOAN programs generally offer a fixed interest rate and a scheduled repayment term, resulting in predictable principal-and-interest payments.

For example, if you know the amount you need for a major renovation or another planned expense, a lump-sum loan may be worth considering.

Because the HELOAN is separate from your first mortgage, you may be able to keep your existing first-mortgage rate and terms.

However, you’ll have an additional loan payment and lien secured by your home.

We’ll review the available loan amount, repayment schedule, and overall costs with you.

Potentially, yes.

A HELOC or HELOAN can provide access to eligible home equity through a separate second mortgage rather than replacing your existing first mortgage.

For example, if you have an existing fixed-rate first mortgage that you want to keep, a separate home-equity loan may allow you to preserve those terms.

However, adding a second mortgage increases the debt secured by your property and creates an additional payment obligation.

We can compare the available home-equity options against a cash-out refinance to help you understand the differences in payments, interest rates, upfront expenses, and repayment terms.

Depending on the lender and program, eligible home-equity funds may be used for purposes such as:

• Home improvements or renovations
• Education expenses
• Certain investments
• Eligible business-related needs
• Debt consolidation
• Other permitted financial goals

The available uses depend on the loan agreement and program requirements.

It’s also important to consider that home-equity financing is secured by your home.

For example, using home equity to consolidate credit-card debts may change unsecured debt into debt secured by your property.

We’ll help you understand the financing structure and repayment obligations so you can evaluate whether it fits your goals.

A HELOC and HELOAN can have very different repayment structures.

HELOC:

• Generally has a variable interest rate.
• Allows draws from the available credit line during the applicable draw period.
• May have changing payment requirements.
• Can involve a different repayment structure once the draw period ends.

HELOAN:

• Generally has a fixed interest rate.
• Provides a set loan amount upfront.
• Has scheduled monthly payments according to the loan terms.
• Doesn’t operate as a revolving credit line.

Neither is automatically the right choice for every borrower.

We’ll help you compare the available rates, payments, fees, and repayment structures based on how you intend to use the funds.

Start by thinking about how much money you need, when you need it, and how you prefer to repay it.

For example:

• If you need funds for several expenses occurring over time, a HELOC’s revolving structure may be useful.
• If you need a specific amount upfront and prefer scheduled fixed-rate payments, a HELOAN may be worth considering.
• If refinancing your existing first mortgage also supports your broader financial goals, a cash-out refinance may be another option.

We’ll compare the available loan terms and help you understand the effect of each choice on your current mortgage, monthly payments, and overall borrowing costs.

Your monthly mortgage payment may include several different components.

The most common are:

• Principal: The portion applied toward repaying your loan balance.
• Interest: The cost of borrowing the outstanding mortgage balance.
• Property taxes: May be collected through an escrow account.
• Homeowners insurance: May also be collected through escrow.
• Mortgage insurance: May apply depending on the loan program and down payment.

HOA dues and some other homeownership expenses may need to be paid separately.

When comparing mortgage options, it’s important to understand whether the quoted payment includes only principal and interest or the broader estimated housing expenses.

Our Mortgage Payment Calculator can help you explore these amounts.

A mortgage escrow account is generally used by your loan servicer to collect funds for certain property-related expenses.

These commonly include property taxes and homeowners insurance.

Instead of paying those bills entirely on your own when they become due, a portion of your monthly mortgage payment is placed into the escrow account.

The servicer then uses the available funds to pay the covered bills according to the account requirements.

The amounts collected may change if property taxes or insurance premiums change.

Your servicer will generally provide escrow-account information and periodic reviews explaining how the required payment is calculated.

They may be, depending on whether your mortgage requires or permits an escrow account.

If your loan has an escrow account, your servicer generally collects amounts for taxes and insurance as part of your monthly mortgage payment.

If you don’t have an escrow account, you may be responsible for paying those bills directly when due.

This distinction is important when comparing monthly housing costs.

A quote showing only principal and interest won’t reflect your complete monthly housing budget.

We’ll explain how taxes and insurance are being treated in the loan scenario you’re considering.

Yes.

On a fixed-rate mortgage, your scheduled principal-and-interest payment generally remains the same over the loan term.

However, your total monthly payment can still change if other components change.

Common reasons include:

• Higher property taxes
• Increased homeowners insurance premiums
• Changes in required escrow deposits
• An escrow shortage

For example, if your homeowners insurance premium increases, your servicer may need to collect more each month to cover the new annual amount.

If your payment changes, review your servicer’s escrow analysis or payment notice to understand the reason.

An escrow shortage occurs when your escrow account has less money than the amount required under the servicer’s projected expenses and applicable account requirements.

This may happen when property taxes or insurance premiums increase beyond what was previously estimated.

Depending on the situation and applicable rules, your servicer may provide options such as paying the shortage amount or spreading repayment over future monthly payments.

Your regular escrow collection may also increase to account for higher expected bills.

The servicer can provide the exact shortage calculation and available payment options.

If you have questions about the figures, contact your current loan servicer for the account-specific explanation.

Possibly. Some mortgage programs permit eligible borrowers to waive escrow and pay property taxes and homeowners insurance directly.

However, other loans require an escrow account.

Eligibility may depend on factors such as:

• Loan program
• Loan-to-value ratio
• Lender requirements
• Property characteristics
• Applicable state or federal rules

An escrow waiver may also involve additional pricing or fees under certain programs.

We’ll help you understand whether an escrow waiver is available for your mortgage and any conditions that apply.

The mortgage lender is the institution that provides or funds the mortgage under the loan arrangement.

The loan servicer manages the ongoing administration of the mortgage after closing.

Servicing responsibilities may include:

• Receiving monthly payments
• Providing mortgage statements
• Managing escrow accounts
• Processing payoff requests
• Handling certain account-related questions

The company servicing your mortgage may be different from the company that originally funded the loan.

As a mortgage broker, Lock It Mortgage helps arrange financing through wholesale lending partners rather than acting as the ongoing servicer for every loan.

After closing, your mortgage payments will be handled by the designated loan servicer.

Your closing documents and servicing notices should tell you where to send payments and how to contact the company responsible for servicing your loan.

In some situations, servicing may later be transferred to another company.

If that happens, you should receive the applicable notices explaining the change and providing updated payment information.

Because mortgage-payment scams exist, always verify new payment instructions using trusted servicing documents or contact information.

If you’re unsure which company services your mortgage, begin with your loan documents and the most recent servicing statement.

Absolutely. Closing your mortgage doesn’t mean you can no longer reach out to our team.

As time passes, your financial situation and homeownership goals may change.

You might have questions about:

• Refinancing your current mortgage
• Accessing home equity
• Purchasing another home
• Financing an investment property
• Comparing new mortgage options
• Understanding how market changes may affect future financing decisions

Sometimes our review may help you determine that no new mortgage action is needed.

For account-specific matters such as payment processing, escrow adjustments, or payoff statements, your current loan servicer is generally the appropriate contact.

But when you have questions about your mortgage options or future financing plans, we’re happy to help you understand what’s available.