Who Can I Call About my Loan?
Your first point of contact is your loan originator. No need to tattoo their cell or office number on your forearm or memorize their e-mail address under hypnosis. With over 80 years experience in financing, we pride ourselves in our communication throughout the loan process. You can call the office, shoot an e-mail over or even drop in one of our two convenient locations. We also invite you to read more about us, our company, and our mission while on our website.
I Signed my Loan Package, Now What?
Once you commit to moving forward with your loan, decide on a program and rate, gather up the necessary documentation, and sign your loan package, we go to work for you. Getting your loan closed is a team effort at K&H and from the moment your loan originator walks the file down the hall to your processor, you have over 100 years of combined lending experience in your corner.
What Does a Processor Do?
We have 2 full-time processors on our K&H Lending team and they are the ones that submit your full loan package to the lender and communicate with them on your behalf. They call employers, homeownerís insurance agents, and title companies to get the lender everything they need to close your loan. Expect e-mails and phone calls from your processor and know that they are on your side. They are the ones dealing directly with your lender, so it is critical to get them what they need so they can get things done for you.
What are all These Forms the Lender Sent Me? Why are They Different from K&Hís Forms?
When we register your loan, most of the wholesale lenders we work with have systems that automatically generate a package of loan-specific documents and send them to you via e-mail or snail mail. These can be very different from the paperwork we provided you. Sometimes the closing costs can be off. Even the interest rate can be different. Many people get confused with the APR and think thatís their rate. No need to panic; just pick up the phone and call your loan originator as they are used to explaining the differences between the lenderís and our package.
When Can I Lock in an Interest Rate?
With most of our lenders, we can log into their system on the computer, send an electronic loan application to them, and get your loan registered. This starts the clock ticking on quite a few things including when we can order an appraisal and lock your interest rate in for a set period of time. Some lenders have their own special forms they want you to sign, so the sooner you get those back to us, the quicker we can move things along. There can be more steps than a tango, so work closely with your loan originator to talk through what it takes to get something locked in.
Is my Rate Lock Permanent?
Yes. Locking your rate for 30-45 days protects you from market swings. Although you may worry about rates getting better and wishing you had waited to lock, itís more likely that rates will head higher in the days ahead and youíll wish you hadnít waited. We study the mortgage market closely, and despite not having a crystal ball, we have information at our fingertips that helps us give you good advice on when to pull the trigger and lock in your interest rate.