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Rates, costs & fees
Most lenders try to hide this stuff — not us. Go crazy!
What does it cost to get a loan from Beeline?
When you get your purchase or refi-ready approval, you’ll also see your Loan Estimate, which is a standard form all lenders are legally bound by, so it’s pretty important. It sets out every fee in detail — here’s a sample one here. Your loan amount, location, property value and credit history all play a part in determining your costs. The other important factor is how efficient your lender is. If their costs are heavy, yours are t
Will my rate change from the rate I was offered?
After you have chosen your loan, you’ll confirm it by signing the loan docs we emailed you. If you’re refi-ing you might do this straight away or if you’re buying, you’ll naturally do it after you’ve found and added your property. At that point, you’ll get a call from your Loan Guide to discuss locking your rate. If you do lock, you’re protected if 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
Will I need mortgage insurance?
If your down payment is less than 20% you’ll need mortgage insurance. You won’t have mortgage insurance forever though, as it does drop off after you get the loan balance down below 78 to 80% of the purchase price. The reason it exists is to allow a lender to make homeownership possible for people without the cash for a traditional 20% down payment, by reducing the lender’s financial risk. Mortgage Insurance may be applicable on a refinance if the LTV is more than 80%.
What fees and costs can I expect with Beeline?
We charge a flat fee for Loan Origination. People get a kick out of a flat fee because it means they know what they're paying up-front, so they don't have to worry about it changing after they lock. And it's less than most other lender's fees too, which is a pretty sweet cherry on top. Our Origination Fees are: $649 for conforming purchase loans $999 for conforming refi loans $1999 for non-conforming (DSCR/Jumbo) loans There are also costs associated with the title work, credit services
How much should I allow for closing costs?
The fastest and most accurate way to know is to apply and look at your Loan Estimate, but as a very rough general rule, you could allow for 2 to 3%. For a purchase, other than the cost of the appraisal, closing costs are not due until closing and for a refi, they’re normally rolled into the loan and not paid out of pocket.
Does Beeline charge an origination fee?
Our origination fee is a flat $649. People get a kick out of a flat fee because it means they know what they're paying up-front, so they don't have to worry about it changing after they lock. And it's less than most other lender's fees too, which is a pretty sweet cherry on top.
What's a Loan Estimate (LE)?
When you get your purchase or refi-ready approval, you’ll also see your Loan Estimate (LE). Your LE shows your loan amount, interest rate and monthly payment and gives you a breakdown of your closing costs. Because all lenders are required to use the same standard 3-page LE format, it makes it easier to compare home loans. Lenders are legally bound by the LE and required to give it to you within 3 days of your loan application, so it’s pretty important. Find a sample one [here](https://www.co
How does Beeline work out my interest rate?
Your interest rate is determined based on these factors: Your profile and credit history The type of property you’re buying and the location The amount of your down payment if you’re buying Your available equity if you’re refi-ing The type of loan you choose The financial market
What are points and credits?
Points are extra out of pocket fees paid by the person taking the loan at closing to get a lower rate. 1 point is equal to 1% of your total loan amount. Most people are trying to keep their out of pocket closing costs as low as possible, so they seldom pay for points. Credits are fees paid by the lender for you at closing, which have the effect of reducing your closing costs and raising your rate a little. Lenders typically offer a credit to people who are comfortable with a slightly higher ra
What is included in my monthly loan payment?
Your payment will include principal and interest payments for the mortgage. Property taxes, insurance and, if applicable, mortgage insurance are also included if needed for the type of loan you have.
How is Beeline able to offer such low rates?
The industry average cost to process a home loan is around $8000*. That’s bananas! What are all those people actually doing? When a lender’s costs are high, they have to cover it with high closing costs and high rates. Our rates are low because we use lots of automation not lots of people. Check it out: We’ve removed pointless steps and automated others. We’re not paying a thousand people to push paper. We’re direct. No commissions are paid to marketing middlemen. We have closing in-h
How do I know the payoff amount of my current home loan?
The easiest way to find out is to call your current home loan provider and ask for the payoff amount. The payoff will be the principal that is due plus the interest for the days leading up to it being paid off. Make sure you continue making the payments for your current home loan as scheduled until your new loan with Beeline is closed.
What is ‘Initial escrow payment at closing’?
This is money we have to collect when setting up an escrow account for you based on when your property taxes and homeowners insurance are due. For example, if your taxes are due in 7 months and you’ve only made 5 payments, we’ll be short for the amount due for the annual taxes. So we collect enough upfront to make sure we have the required funds to pay your taxes on time. If you’re doing a refi and you have an escrow account with your current lender, you’ll be refunded that amount after we p
What is flood insurance?
Flood insurance is required if your home is located in a FEMA flood zone. It’s in addition to your homeowners policy and solely covers damage from flooding.
Does Beeline charge prepayment penalties?
Are Beeline rates competitive?
Very! Because we streamline the process and don’t have the staff or overheads of other lenders, our costs to close a loan are much lower than other lenders and we choose to pass those savings onto our customers with lower rates.
How do I know what my closing costs will be?
Your Loan Estimate will give you a breakdown of the costs for the loan. See a sample LE here.
When will I need to pay any costs?
Fees vary by location and the majority of them aren’t due until closing — they’re paid out of pocket for a purchase and may be included in the loan for a refinance. You may need to pay an appraisal cost upfront, your Loan Guide can explain that further.
What's a flood certification?
A flood certification is a document we use to confirm if your property is located in a flood zone or not.