Frequently Asked Questions When Applying for a Mortgage (Pt. 6)
Robins Financial Credit Union is dedicated to our mission to be Member Focused, Financial Partners, Community Proud. We empower our members with the financial knowledge and resources they need to make informed decisions and achieve their financial goals.
Applying for a mortgage can seem like a daunting process, especially if you're not sure where to begin. As your trusted financial partner, we’re here to simplify the journey. We know our members often have questions about the requirements, the steps involved, and how to set themselves up for success – and we’re here to help.
In this article, we will dive into the answers to some of the most frequently asked questions with Mortgage Loan Originator, Kayla Speir. Whether you’re a first-time homebuyer or just looking to refresh your knowledge, this guide will give you the clarity and confidence you need to start your homeownership journey. Let us help you clear up the confusion and get one step closer to making your dream home a reality.
Q: How do I lock in an interest rate?
Kayla: Locking in your interest rate means securing a specific rate for a certain period—typically 30 to 45 days—while you complete the homebuying process. At Robins Financial, we typically offer a 45-day rate lock once you are under contract. This lock guarantees your interest rate at no extra cost, providing peace of mind as you move toward closing.
Q: What are points in a mortgage, and should I pay them to reduce my interest rate?
Kayla: Mortgage points are optional fees you can pay upfront to lower your interest rate. Essentially, you’re “buying down” your rate by paying more at closing. The base rate is always available at no cost, but if you have additional funds available, it may be worth comparing the cost of the points to the long-term interest savings. In some cases, paying points can reduce your monthly payment significantly over the life of the loan.
Q: What should I do if I have trouble making mortgage payments or I miss a mortgage payment?
Kayla: Life happens, and we understand that financial hardship can occur. If you're struggling to make your mortgage payment, don't wait—contact our mortgage servicing department right away at 478-923-3773, x.2278. Our team is here to work with you and will review your situation to discuss available solutions that may help you get back on track.
Q: What is a Military Hero?
Kayla: We are proud to support our nation’s service members with our exclusive Military Hero Mortgage Program. This special offering is designed for active-duty military members purchasing a home and allows you to preserve your VA benefits for later use. You can enjoy benefits such as:
Fixed and adjustable rate options
Up to 100% financing with no down payment*
Waived and reduced closing costs
Competitive interest rates
This program is a small token of our appreciation for the brave men and women who serve our country and provides a competitive, cost-effective path to homeownership.
Next Steps
Applying for a mortgage doesn’t have to be overwhelming. With the right guidance and answers to your questions, you can approach the process with clarity and confidence. At Robins Financial Credit Union, we are committed to supporting you every step of the way.
- Visit our Knowledge Center to find more informational blogs about the home buying process, various mortgage loans, and what you can expect at your mortgage loan closing.
- Tune into our YouTube channel to watch our Buying a Home series
If you need assistance or have additional questions about applying for a mortgage loan, make an appointment to speak to one of our Mortgage Specialists today!
Read our other blog articles to help you gain the financial knowledge you need to succeed.
*Terms and conditions apply; subject to credit approval. Contact the credit union for membership details.