Pre-Lock - FAQS

LoanFlight Lending will provide you with a title quote, however, you as the borrower, have the right to shop around for alternate title companies.

In order to receive a Loan Estimate, you will need to fill out an application, however, we can give you an initial rate quote without a completed application.

Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.

Required documents for rate lock:

1. Pay Stubs - Most Recent
2. W2s - Previous 2 Years
3. Social Security Authorization - Print & Hand Sign
4. Company Ownership Declaration - eSign
5. Initial Disclosures - Review & Sign

There’s a vast range of potential lender fees including but not limited to origination, admin, processing, underwriting, tax service, credit report, flood cert, which we do not charge any unless the borrower chooses to buy down their rate then origination/discount would apply.

An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, the home's location, amenities, and physical conditions.

It is not up to LoanFlight Lending to determine if you qualify for an appraisal waiver. Appraisal waiver is determined by FANNIE MAE and FREDDIE MAC.

If you qualify for an appraisal waiver, you will typically be notified after locking your rate, or within 24 hours of your initial rate lock.