Is it safe to apply for a mortgage over the Internet?
The safety of your personal information is of the utmost priority to us. Therefore, we use the banking industry standard for Internet security - Secured Sockets Layer (SSL) with a 128-bit encryption key - to protect the information that you provide to us when you apply online. To take advantage of this, you will need at least version 5.5 of Microsoft Internet Explorer or at least version 6.0 of Netscape Communicator. To confirm that you're communicating in secure mode using either of these programs, look in the lower corner of the browser window, where you will see a "security icon" image such as a locked padlock or a key (the icon and its location depend on the browser and its version
Of course, if you're concerned about the security of applying online, you can always call our Mortgage Advisors at 301-987-BANK or 1-800-987-BANK (out of area).
Is my personal information secure? Will you ever sell my personal information?
Your personal information is completely secure, accessible only to authorized staff who will use it only for purposes related to your home-financing needs. We never sell our applicants' personal information. For more details about how we treat your confidential data, please see our Privacy Policy.
When using Home Loan Express why do I need to register to apply?
Because we operate in a secure environment, we require that you register by creating a user name and password. This helps us keep your personal data confidential and lets you save and return to your application data.
Will my registration ever expire? Will my application?
Your registration will not expire, but your application can expire, for a number of reasons.
For example, if you register and go through the application process, including reserving a loan, but do not lock in an interest rate, your application will remain active as long as your credit report does, a period of 120 days.
If you apply for a loan, and lock in an interest rate, your interest rate lock will remain valid until the day that your rate lock expires, or your closing date (generally 30 to 60 days from the time you lock in the rate), whichever comes first.
How do I login to my mortgage application?
The Login page will ask for your user name and password, which you will have specified during the registration process. Passwords are case-sensitive, and must contain from 6 to 20 characters, at least one of which must be a number.
I forgot my password. How can I retrieve it?
If you've forgotten your password, we can help. Just choose the Password Help link from the Login page, and enter your username. Then, select the password hint that you selected when you registered, and respond to it correctly. We'll send you an email containing your new password and instructions for logging in to the system to the email address that you gave us when you first registered.
Why do I need to logout at the end of my session?
To ensure the immediate security of your mortgage application, we ask that you logout when you've finished your session. If there is no activity in your mortgage application for 15 minutes, we will automatically log you out.
If I have questions while applying online, can I get help when I need it?
Yes. Our Mortgage Advisors are available seven days a week at 301-987-BANK or 1-800-987-BANK (out of area).
Once I've started, can I stop the application process and come back to it later?
Yes. At each step of the application process, we give you the option of saving the information you've entered, and exiting. You'll then be able to login to your mortgage application later and complete the application. Because credit reports expire after 120 days, you'll need to give us permission to again examine your credit history if you return to the process more than 120 days after you started it.
How long does it take to fill out the Home Loan Express application form?
Because our application only requires information specific to your situation, it can take as little as 15 minutes to complete. We suggest that you review the Checklist for more information on what you’ll need before you begin. Of course, based on the complexity of your application and financial situation, your time may vary.
How long does it take to get a loan decision?
Once you've filled out the application, you can get a loan decision in just a few minutes or less. Of course, this can vary based on the qualifications of the applicants, the complexity of the application and financial situation, the size of the loan, etc.
How do I receive my loan documents?
After you've chosen the loan product that best fits your needs, and reserved your funds, we'll send all the necessary documents to you within three days - already filled out with all the information that you've given us - either by postal mail or by email if you have previously consented to receive documents electronically. After that, you'll simply need to review the forms for accuracy, provide any required documentation, sign the necessary forms, and return the documents to us.
When I try to print a page from the loan application, some of the information does not print or is formatted incorrectly. Why?
For best results in printing the Home Loan Express online mortgage application, upgrade your browser to Netscape 6.0 or higher, or use Microsoft Internet Explorer 5.5 or the most recent versions.
What documents do I need to apply for a loan?
Generally, you need documents that enable you to tell us about your income and assets, and any debts you may have. If you have signed a purchase and sales agreement for a house, you'll need that, too. For specific information on what you'll need when you apply for a loan, please visit our Mortgage Checklist.
I'm self-employed. Can I still apply online? What do you require to verify my income?
Yes, you may apply online if you're self-employed. Regardless of whether you apply online or with our Mortgage Advisors, income verification requires less documentation and is faster and easier than with the traditional home-financing process. During the application, we'll ask you for information about your income as stated on your most recent federal tax return. If you qualify for a loan, we may ask that you send copies of documents to verify that income, as well as other documents that may be required.
Are the interest rates shown in Home Loan Express up to date?
Yes, all interest rates are based on current market conditions and are updated daily when markets are open. In the event of market fluctuations, interest rates may be updated more than once a day. You may need to use your browser's refresh button to see these updates.
Once I qualify, how long is the interest rate valid?
Interest rates are tied to the movement of financial markets, which are dynamic and constantly changing. If you are approved for a loan, the interest rate - or rates - for which you qualify can only be guaranteed when you lock in the interest rate. Unless you lock in the terms immediately, the rates and terms may change and you'll need to call one of our Mortgage Advisors at 301-987-BANK or 1-800-987-BANK (out of area) to find out about the then current interest rates for which you may qualify.
What is the difference between locking or floating my interest rate?
When you lock in the interest rate and certain other loan terms, you are reserving funds for your loan under a certain loan program. Before you lock in, you may want to consider whether you believe interest rates are likely to rise or fall due to market conditions during the period between your loan application and loan closing and consider your tolerance level for the risk associated with market conditions that may move in a direction contrary to your preference or expectation.
If you have low tolerance for risk-taking, or if youi think rates are going to rise, you might want to lock in the current interest rate. When you lock in a rate, some programs require you to pay a fee to guarantee that the rate is available to you over a specific time period. If you have a tolerance for risk-taking and if you think rates will fall in the short term, it may be in your best interest to "float the rate," that is, to contact us at a later date to lock in the rate and wait until several days before closing to set your rate rather than locking in your rate right away. Note that you cannot float your rate all the way up to your loan closing; your rate must be determined in advance of your loan closing to allow preparation of loan documentation.
Keep in mind that the mortgage interest rate market may move in a direction other than what you may expect. If you lock in a rate, and rates fall, you won't be able to take advantage of the lower rate. Likewise, if you float the rate and rates rise, you will not be able to obtain the loan at the prior lower rate and your loan will be subject to the increased rate, which may affect your ability to qualify for the loan.
What happens to my mortgage application if I don't lock in an interest rate?
If you've filled out an application but haven't locked in an interest rate, the interest rate will "float" that is, it will move up or down according to the movements of the financial markets until approximately one week before closing, when the rate is locked and the necessary closing documentation is created. Keep in mind that if interest rates increase before the loan closes or before you lock in an interest rate, it may affect the size and type of loan for which you may qualify.
Why is a loan's annual percentage rate (APR) higher than the interest rate on the loan itself?
Established by the Federal Reserve, the APR is an expression, in annual percentage terms, of a loan's interest over the term of the loan plus the added costs of obtaining the loan, such as origination fees and points. The APR is higher than the interest rate because it includes the costs and fees at loan origination.
If you pre-approve me for a certain loan product and amount, can I change them later?
If you've found a home that will require a loan product and amount different than what you originally qualified for, our Mortgage Advisors are available seven days a week at 800-933-9100 (Option 3). A Mortgage Advisor will enter new information into the system that reflects the new loan amount you desire. This will start the loan application process over and you will have to be qualified again. Approval for loan products and the availability of interest rates associated with them, will depend on your ability to qualify for them.
How long is my pre-approval valid?
Your pre-approval is valid as long as your credit report is valid, a period of 120 days or until your financial situation changes, whichever occurs first. If you haven't found a property within that time period, call one of our Mortgage Advisors at 301-987-BANK or 1-800-987-BANK (out of area), available seven days a week and they'll pull a new credit report, and may ask questions to ensure that your financial status hasn't changed significantly and that you continue to qualify for the amount stated in the original pre-approval letter.
Keep in mind that though your pre-approval letter is valid for 120 days unless your financial situation changes, the interest rate initially offered with your pre-approval is not guaranteed until the loan is locked. Interest rates are tied to the movement of financial markets, which are dynamic and constantly changing. Once you've found a property, login to your mortgage application and enter the property information, or call our Mortgage Advisors at 301-987-BANK or 1-800-987-BANK (out of area), seven days a week, to determine the then current interest rates for which you may qualify.
What are the advantages of applying for a mortgage at Chevy Chase Bank whether applying online, over the phone or in person?
Compared with the traditional home-financing process, when applying online, over the phone or in person, Chevy Chase Bank offers many advantages, including:
Can I apply for a loan before I find a property?
Yes. Home Loan Express gives you the opportunity to apply for a loan before you find a property. The pre-approval process covers all aspects of the approval process except for property information. For example, on your application, you'll give information about your income and employment, your assets, and the county in which you'd like to buy. By submitting an application you give permission to the Bank to examine your credit history. If approved, you'll receive a pre-approval letter subject to finding a property. You can use the letter to show home sellers that you qualify for a certain mortgage amount, which may help in your negotiations to buy a house.
Does it cost money to apply for a loan?
We'll give you a loan decision, and let you know for which loan products you qualify, at no cost. Once you are ready to select your loan product and reserve your funds, you will be required to pay an upfront application fee that covers expenses incurred in the processing of your loan application. For your convenience, you may use a credit card to cover the application fees and appraisal fees.
I may be in a different state than your office. How will you handle that during the process, including closing?
We will send your documents to you by postal mail or by email, and you can attend loan closing locally in a place convenient for you. Of course, if you have questions at any time during the process, you can contact our Mortgage Advisors at 301-987-BANK or 1-800-987-BANK (out of area), seven days a week.
We have a network of closing agents throughout the nation who are ready to help you close your loan and give you the keys to your house. Or, if you prefer, you may select a closing agent of your own choosing. If there is no closing office near you, one of the closing agents may be able to come to you.
How much time will it take to close my loan?
Explaining and signing the documents typically takes 30 to 60 minutes. We encourage you to read the upfront disclosures we provide to you right after our receipt of your loan application when you receive them, to ask questions after you read them, to ask questions during loan processing before loan closing, and to ask questions at loan closing. We want you to feel satisfied with your loan product and loan terms.
My previous mortgage lender sold my loan to another lender. Do you sell loans?
We typically do not sell servicing (the right to receive and process mortgage payments, and maintain the customer relationship with the borrower), nor do we plan to sell servicing at any time in the foreseeable future. In rare circumstances, we have sold an individual loan or released servicing on it, to assist another mortgage company or an investor. However, our goals are to originate and purchase loans, to retain the servicing, to build a quality portfolio and establish long-lasting relationships with our customers. We view the stability you will receive from our relationship as an important part of the service that we provide to you.