On Refinance transactions, after the loan is approved by L&G’s Tier 1 Underwriter your Loan Officer may lock your rate.

On Purchase transactions, once your application has been submitted and approved by L&G’s Tier 1 Underwriter and you have a fully executed purchased contract for the house you are buying, your Loan Officer may lock your rate.

Once your loan is locked, you must close and fund within that lock period for your rate lock to be guaranteed.

If for some reason you want to select another rate on the same or a different loan program, L&G Mortgage will accommodate your request. L&G Mortgage will use the rate sheet from the day you first locked to determine the price associated with your newly selected rate and/or loan program. Such changes may result in the re-approval of your loan and/or a longer processing time. As a result, if your loan does not fund by the lock expiration date, L&G Mortgage reserves the right to re-price your interest rate and/or lender origination points/credit.

If your lock commitment expires prior to funding due to delays in our receiving the documentation necessary to approve and fund your loan, your loan will be subject to worse case pricing. Worse Case Pricing is calculated by comparing pricing from the original lock date to current pricing and the selecting the higher of the two.

After the loan is approved by L&G’s Tier 1 Underwriter your Loan Officer may lock your rate.

Rate are typically locked for 30, 45 or 60 days, depending on the rate lock period you select when you first lock your rate.

Your rate lock period may be extended, however, you will be subject to either the rate that is in effect at the time you extend your lock or the rate you are currently locked, whichever is higher.

L&G Mortgage does not renegotiate interest rates once they are locked. Should interest rates increase, L&G Mortgage is obligated to honor the rate lock as long as your lock does not expire. Likewise, should interest rates decrease; you are obligated to honor the lock.

The loan process varies based upon current market conditions, the program you select and the state in which the property is located. The process generally can take as few as 15 days or as long as 60 days

L&G Mortgage does not allow customers to choose their own appraiser. We will order all required appraisal services from one of our national appraisal vendors to insure a quality product is provided at a competitive price.

Yes. Once L&G Mortgage receives the appraisal our processing center will e-mail it to you within 3 days of you signing your closing documents.

Yes, you can receive a copy of your credit report directly from your loan officer.

L&G Mortage goal is to charge fees only when necessary to approve your loan. We charge $16.50 at the time of application for a credit report. We will than charge an validation fee of$77.00 once the loan is received by our Tier 1 Underwriters

Your Loan Officer should be able to provide you with a Good Faith Estimate at the time of application. In addition, L&G Mortgage will provide you with a Good Faith Estimate after you have submitted your application. L&G Mortgage will either e-mail or mail you a package of initial disclosures including a Good Faith Estimate for you to review, sign and get back to L&G Mortgage.

Third party fees are any fees associated with the loan that are charged by parties other than L&G Mortgage. Generally, third party fees may include appraisal fees, title and closing fees, notary fees, recording fees, delivery/courier fees, or local transfer taxes.

Closing costs are expenses incurred by borrowers (and sellers in the case of purchase transactions) when obtaining a new mortgage loan and transferring property. Non-Recurring Closing Costs (NRCC’s) are costs that are only charged in connection with obtaining a new mortgage loan. Examples of NRCC’s would include: origination fee, title insurance, settlement agent fee, notary fee, commitment/administration fee, or appraisal fee. Recurring Closing Costs include costs that not only may be charged in connection with obtaining a new mortgage loan, but are also charged on an ongoing basis. Examples of Recurring Closing Cost would include; prepaid interest, property taxes and hazard insurance. Other fees may be included depending on the transaction or generally accepted charges in your location.

Yes, closing costs have to be paid on all loans. However, depending on your loan terms and the selected loan program, L&G Mortgage may pay for some or all of your closing costs in exchange for selecting a higher interest rate.

Also known as an "escrow account," this is an account established with your lender to pay your property taxes, homeowner’s insurance, flood insurance (if required) and mortgage insurance (if required) when they become due. If you have an escrow/impound account, then your regular monthly mortgage payment will include principal, interest and an escrow payment. Your escrow payment is based on 1/12th of the annual estimated payments for your property taxes, homeowner’s insurance, flood insurance (if required) and mortgage insurance (if required).

If your property lies within Flood Zone "A" or "V", federal law (FEMA) requires you to maintain and provide proof of flood insurance coverage. The Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 prohibit Federal agency lenders such as Provident Funding from originating home loans in Flood Zone "A" or "V" unless flood insurance has been purchased by the homeowner and is maintained during the term of the loan.

L&G Mortgage only requires an escrow/impound account when your loan-to-value exceeds 80 percent or an FHA loan. If your property is in California, we will only require an escrow/impound account for your taxes and insurance when the loan-to-value exceeds 90 percent.

No. L&G Mortgage pricing remains the same, whether or not you choose to establish an escrow/impound account.

It is the ratio determined by dividing the loan amount by the value of the property or the sales price, whichever is less. The loan-to-value ratio (LTV) is one consideration in qualifying you for a loan. To calculate the LTV, divide the amount you are borrowing by the value of the subject property. For example, if you are purchasing a property that is selling and appraising for $200,000 and you would like to borrow $100,000, the LTV is 50%.

The term Conforming refers to loans that conform to the standards established by Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation) and Jumbo refers to loans with loan limits above the Conforming limit. As of January 2006, the Conforming loan limit is $417,000 for a single unit property. Typically, interest rates for a Conforming loan will be 0.25%-0.375% lower than a Jumbo loan with the same terms. In recent years, the Conforming loan limit has increased to keep pace with inflation.

Private mortgage insurance (PMI) is a type of insurance that protects the lender in the event a borrower does not make their payments in a timely manner, resulting in loan default and ultimately foreclosure. On most loan programs, PMI is required if the loan-to-value ratio is greater than 80 percent.