Frequently Asked Questions
Here are answers to questions many borrowers ask. If your question is not answered here, call us at 877-998-9900 and we'll get an answer for you.
(To view answers, just click on each question.)
CenturyPoint Mortgage does not charge borrowers an application fee. You can apply for free online or over the phone.
How Much Does It Cost to Lock My Rate?
CenturyPoint Mortgage does not charge the Rate Lock fee you will find with many other lenders. However, we do ask that you provide an application deposit of $495.00 at the time you lock your rate. This deposit is used to begin processing your loan. The full deposit amount will be credited to you at closing, offsetting costs for borrower-paid items like your credit report and appraisal fees.
Is the Rate Lock Deposit Refundable?
If you cancel your application within 5 days of submitting it, you may request a refund of your application deposit by contacting your assigned Mortgage Specialist. Depending upon the costs incurred by CenturyPoint Mortgage, such as credit report fees, you may be entitled to a partial refund of the deposit. For complete details, please refer to our Rate Lock Policy
If Rates Drop, Can I Change My Rate Lock?
It can be tempting to try to time the market and change a rate lock if rates drop significantly, but there are costs involved. It's best to lock a rate you are comfortable with and avoid making changes once the lock is in place.
Keep in mind that when you lock your rate, both you and CenturyPoint Mortgage are committing to close your loan at a specific rate, within a certain period of time. A rate lock is a two-way street. It protects you if interest rates rise, and it protects us if interest rates fall. We only allow one lock per borrower per property address, so the rates and fees quoted on our website are for new customer transactions only. There is no option to "float down" to current market pricing once you have locked in. Other places may claim to have a free float down option, but the cost of this float down will be built into your initial fees. We provide a detailed Lock-In Disclosure and Agreement usually within 24 hours of locking to disclose all of our lock terms up front so there are no surprises down the road. When we are able to verify all the information on your application to be accurate on time, we believe in keeping the rate and lender fees exactly where we both agreed upon.
What Does It Mean to "Float" My Rate?
Floating a rate means that you have submitted a mortgage application without locking in a specific rate. When it looks like rates are dropping, some borrowers opt to float their rate in the hopes of securing a lower rate before closing. Since rates also go up, there is a certain amount of risk in floating your rate.
To enjoy a worry-free mortgage process, we encourage borrowers to select a rate they like and lock it in as soon as possible after submitting their application. You will probably find that rates are slightly higher or lower on the day you close, but mortgage rates change every day - often several times a day. Unless rates drop significantly, the benefit of chasing a lower rate is usually not worth the stress.
Where is CenturyPoint Mortgage Licensed to Lend?
As a division of a federally chartered bank, CenturyPoint Mortgage is authorized to make mortgage loans in all 50 states and the District of Columbia (Washington, D.C.). Unlike mortgage brokers, who must be licensed in each state in which they lend, CenturyPoint Mortgage is an FDIC-insured national lender.
How Quickly Can I Expect a Decision on My Application?
CenturyPoint Mortgage will assign a Mortgage Specialist to review your application as soon as it is received, giving you a preliminary decision within hours. If your application is submitted online while we are closed, we will review it at the start of the next business day. We will contact you with any questions, and let you know which rates and loan programs you qualify for, if you have not already selected and locked your rate.
How Long Does it Take to Get Full Approval?
Mortgage loans must go through a process called underwriting before they are fully approved for closing. This process involves evaluating an appraisal of the property as well as your income, assets, credit and down-payment in order to make an informed decision about your loan. Underwriting can take as little as 24-hours, but usually requires 3-5 business days.
Why Should I Choose CenturyPoint Mortgage?
CenturyPoint Mortgage offers more experience in the industry than many lenders that sprang up during the housing boom. Our executives and Mortgage Specialists have been in the mortgage industry for years, and we understand the value of friendly and responsive service to your needs. We believe in offering the best rates at a fair price, with open and honest communication throughout the mortgage process. So whether you decide to apply online, or would prefer personal assistance over the phone, you can be assured that your experience with CenturyPoint will be hassle-free and result in a great deal on your new mortgage loan.
Does CenturyPoint Sell My Personal Information?
We never sell our borrower's personal information! We are often asked this question after a loan closes, when you may recieve third party solicitations for insurance and other services. These companies might even reference your recent loan from CenturyPoint Mortgage, however they are in no way affiated with our company.
So how do they get your information? All mortgage transactions are recorded in the public record. Some companies purchase lists of recently recorded mortgages, and use these lists to contact borrowers for sales purposes.
