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Featured Rates

As of Thursday, July 27, 2017
Rate
APR
30-Yr Fixed to $424,100
3.875%
3.889%
15-Yr Fixed to $424,100
3.125%
3.192%
5-Yr ARM to $424,100
3.125%
2.942%
30-Yr Fixed to $636,150
3.875%
3.864%
     
* This is not a rate lock or commitment to lend | * APR stands for Annual Percentage Rate
* The interest rate you are viewing may change or not be available at the time of loan commitment or lock-in
 

 

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Rate Lock Policy

  1. When can I lock?
    After you submit your application, one of our branch managers will contact you in 24 hours to finalize the information and then send you the initial loan application package. The file will be ready to lock once we receive the signed package back along with other necessary documents such as paystubs, W2, bank statement, etc.

  2. Do I need to pay any fee when locking the rate?
    We don't charge any lock-in fees.

  3. Do I need to pay any fee during the loan process?
    You don't need to pay us any fee during the process but there might be some third party fee related to the process such as appraisal fee and questionnaire fee. We will order appraisal as soon as the rate is locked and it normally costs $450 for primary and $700 for investment. When the property type is townhouse or condo, some lenders will ask for one questionnaire to be filled by HOA and it may cost from $100 to $200. These fees are nonrefundable after the service is provided.

  4. What if rate drops after we have locked?
    Market rate changes every day. Unless rate drops significantly (posted rate is 0.25% lower than locked rate with same rebate/point) during the locked period, we wouldn't be able to float down to current rate. If your loan is in final approval status in the extreme scenario mentioned above, we might be able to adjust your rate to current rate plus 0.125%.

  5. What will happen if my lock expired?
    If current rate is better than when locked, we will extend the lock for free.
    If current rate is worse than when locked, and the delay is caused by us, we will extend the lock at our cost.
    If current rate is worse than when locked, and the delay is not caused by us, the loan is subject to re-pricing using current market rate. Such scenario may include delaying in returning application documents, subordination that takes longer than expected, tax return that doesn't match transcript we ordered directly from IRS, etc.
    This rate lock extension policy will be valid another three month after the initial lock expired.

  6. Can I switch to other loan program or rate after I have locked?
    Yes, you may but the rate and term will be based on the day we locked the loan. For example, we locked your loan yesterday and if you want to switch a program or rate today, we will still use yesterday's rate instead of today's rate. Some investors may charge 0.25% cost to change to a different loan program.

  7. Should I lock or float my loan?
    For a refinance transaction, when the market is good enough to save you money by lowering an interest rate with a no cost option, you probably should go ahead lock and close the loan. Waiting for the lowest rate is very risky and you may end up paying high interest rate every day for the wait. You can always refinance again in the future when rate is better.
    For a purchase, closing on time is always the most important thing, and most of our clients choose to lock when it is 30 days away from closing date. Locking for a longer period will increase the cost but it may be necessary. In this situation, please consult our manager.