- We are ready to lock our rate, we are nervous about the market. What does it mean when we lock for 30 or 45 days? The lock term is exactly that. It is the number of days funds are reserved for you for a specific program for a specific amount of money. Also understand, a lock term does include weekends and holidays. So even though you cannot conduct business on a Saturday, Sunday or a holiday, the days are still inclusive in the count.
- We purchased an investment property with an equity line. We have owned the property for about six months and would like to pay the equity line down by refinancing the investment property. Can we do this? People keep telling us we cannot. It depends on a couple of factors. How many mortgages do you have? If this is mortgage #5, you would fall under Fannie Mae guidelines, and it becomes difficult to accomplish a cash-out transaction on investment property. If #4 or less, then Freddie Mac guidelines prevail, and you are good to move forward.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients. Please remember, I am licensed in Virginia, North Carolina and Florida.
Jennifer Keenan, Sr Mortgage Consultant, NMLS# 101837
Tidewater Home Funding, 757-272-4199