Choosing your loan | Beeline

What does ‘locking’ a rate mean?
Once you’ve added your property, you can lock your rate. After you’ve locked, you’re protected if the rates go up. From there, provided the closing occurs as planned and you don’t adjust the terms of the loan, the rate is set and you can relax. We set the number of lock days based on how long it will take to close and fund your loan (with a bit of fat thrown in just in case). So we set it for 60 days for both purchase and refi.Featured
Can I choose a different rate or loan product after I lock?
Once your rate is locked, that rate holds until the end of the lock period, normally set as your closing date.Featured
What if rates go down after I've locked?
Locking your rate protects you from future rate increases and is a commitment to going ahead with that rate. Upon lock, Beeline also is in the 'go zone' and we start driving to a close as fast as possible for you from that moment. Most times, if rates go down once you've locked, you can't unlock and lock again. Depending on your case, it may be possible, so if it happens, see what your Loan Guide can do, but most times the horse has run at that point as we like to move fast.Featured
Why do I need to lock a rate?
Lending guidelines require us to lock your rate at least 3 days prior to close. This is for your protection to make sure that the rate you have is the rate you close with. It also ensures that the lender has reserved the funds at the quoted rate prior to closing.Featured
What if my lock expires before my loan is closed?
We set the number of lock days based on how long it will take to close and fund your loan — we set it for 60 days, to make sure you're well and truly covered. If your closing unexpectedly blows out past when the lock expires, we can extend the lock for a few days.Featured
Why does FHA charge mortgage insurance on all of their loans?
The FHA is a very flexible loan program with expanded approval for many borrowers. The mortgage insurance they charge helps offset any potential losses from lending to a greater pool of borrowers.Popular
How is my home loan payment determined?
Depending on your situation, there are typically three or four parts of your home loan payment: Principal: Payment of your outstanding balance. Interest: Payment of the interest charged on the outstanding balance. Taxes: One-twelfth of your expected annual property taxes will be included in your home loan payment, and deposited into your escrow account. Insurance: This includes homeowners insurance, as well as any other hazard insurances you're required to have, such asSome readers
Should I get a 15-year or 30-year term loan?
This depends on how much you want to stretch your budget. If you can afford the higher monthly payments, a 15-year home loan usually comes with a better interest rate than a 30-year version. Not only will you pay off the house faster, but you can save a tremendous amount of interest. On the other hand, a 30-year home loan will cost less per month, allowing you to afford a bigger or nicer house, or one in a better location.Some readers
You ask ‘Am I planning to live in this home’, it’s a second home that I’ll be at part-time — how do I answer that?
Choose the ‘No, it’s my second home’ option.Some readers