Frequently Asked Questions About Rates
 Do your posted rates include ALL the loan points due?
Yes. Homeowners Mortgage has a very strict policy of only providing loans that include all the points due. Unlike many lenders, our price quote includes ALL of the origination and discount points. Our rates also can be locked-in for 60 days at no extra charge. Most competitors post rates that cannot be locked-in or do not include all the origination points.
Some lenders DO NOT include all their origination fees in their quotes which makes their pricing look better than it really is. A point is equal to 1% of your loan amount. Some lenders will list discount and origination points separately. A discount point is the amount required to buy the price of the loan to par (100.00), and origination points are what we earn on a file. Once I've locked-in my rate, can I float down to a lower rate? No. Once you have locked-in your rate that is the rate at which you will close. We are unable to renegotiate pricing once you have locked-in your rate.
Are there any hidden costs or fees?
No. Every Homeowners Mortgage borrower is provided a good faith estimate that we honor.
How long can I lock in?
We will honor 30 day locks for our internet customers. If there are circumstances that required you to have a longer lock we will allow those, upon approval from the secondary department.
What's the relationship between the interest rate and points?
The interest rate and points have an inverse relationship - the lower the interest rate, the more points you may pay up front. Conversely, the higher the rate, the fewer points you may pay. Think of it as a pay now, or pay later choice. The more points you pay at time of closing, the less interest you'll pay over the life of the loan because you'll have a lower interest rate on the loan.
Homeowners Mortgage lets you choose from a variety of interest rate/point combinations for your loan amount and loan type. This gives you flexibility to get a loan that fits your needs. For example, you may want a loan with the lowest interest rate possible, while others may prefer a higher interest rate in order to reduce the amount they pay out of pocket up front.
Before you decide on how many points to get, figure out how much you can afford to spend up front, monthly and over the life of the loan.
What's a "zero-point" loan?
A zero-point loan means that you don't pay any points (1 point equals 1% of your loan amount) in exchange for a higher interest rate. You still, however, need to pay for your non-recurring and recurring closing costs.
A zero-point helps you qualify for a mortgage if you're short on cash. Similar to a zero-cost loan, you can save money if you plan to keep the loan for a short period of time because you plan to move or refinance soon after closing.
What is a rebate/negative point?
Homeowners Mortgage offers its customers more options than most lenders, including a rebate (or negative) point option. A rebate point is a credit from us to you at closing equal to that percentage of your loan amount. A 1 point rebate would give you 1% of your loan amount back at closing to help cover your cl | 
