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FAQ

Mortgage

Mortgage - FAQ

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Payments

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Appraisal

  • How long does an appraisal take?
    The typical timeframe for an appraisal is 10-30 days and a copy of the appraisal will be provided after the appraisal is completed, and no later than three days before the loan closes.
  • Why do I need an appraisal?
    An appraisal is required in order to determine the fair market value of the property securing the mortgage loan. The appraiser’s report will determine if there is enough equity, or value, in the property to support the loan amount requested.
  • What is an appraisal?
    An appraisal is an assessment of the current market value of a property by an independent, licensed professional.
  • What is the difference between a home inspection and appraisal?
    The home inspection is an evaluation of the condition of the property, while the appraisal is an evaluation of the value of the property.
  • How does the appraiser determine the value of my home?
    In addition, to conducting a thorough review of the property, an appraiser takes into account different market factors, including comparable properties that have similar features and qualities that have also sold recently in the same general area as the property being assessed.
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Fees

  • What closing costs does Laurel Road charge?

    Closing costs are the fees and expenses you pay when you close on your home. They include standard expenses like appraisal fees, credit report fees, and title fees. But, depending on the specific loan and state requirements, there could be other costs as well. You can request a Loan Estimate at Laurel Road to see estimated closing costs based on your specific loan scenario and property location.

    Your closing costs may include the following fees or charges: • Origination charges like application fees, processing fees, discount points, and rate-lock fees • Fees for services that are required and selected by Laurel Road like the appraisal fee, credit report fee, tax service fee, MERS fee, and flood certification fee • Fees for services that are required by Laurel Road, but the provider can be chosen by the consumer like title fees • Taxes and government fees like recording and transfer taxes/fees • Prepaids are the first payments for costs, such as homeowners insurance, flood insurance, real estate taxes, and prepaid interest • Initial escrow payment covers payment of future costs, such as homeowners insurance, flood insurance, and property taxes • Other costs including anything else not covered, such as an optional owner’s title policy
  • What closing costs is Laurel Road not charging in the origination of a mortgage loan?

    Laurel Road is not charging the following closing costs in the origination of a mortgage loan:

    • Application/Processing Fee ($1,095)
    • Credit Report Fee ($18.88)
    • MERS Fee ($12.70)
    • Tax Service Fee ($80.81)
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Terms

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Rates

  • How do I lock my rate?
    When you have entered a subject property into the system, you may lock your loan through the task created on your dashboard or by clicking the ”Rate Lock” icon.
  • What happens if my closing is after my lock expiration date?
    Extensions are available, as needed, which may require additional fees.
  • What is the difference between an interest rate and an APR?
    The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. An annual percentage rate (APR) is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any discount points, mortgage broker fees, most closing costs, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
  • Can quoted fees and rates change?
    Quoted rates are eligible to change based on market conditions until you lock your rate. Fees are subject to change based market conditions until you receive a Loan Estimate. Once a Loan Estimate is received, the fees can only change within certain thresholds or if you request a change to the loan.
  • Are quoted rates real and guaranteed?
    Our quoted rates reflect the current market rates for that day, but they are not guaranteed until you lock your rate during the application process. You can lock your rate once you’ve entered in the subject property in the system.
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Physician Mortgage

  • What is a Physician & Dentist Mortgage?
    Laurel Road’s Physician and Dentist Mortgage is a home loan tailored specifically to physicians and dentists featuring up to 95% financing for loans of $1,500,000 or less with no Private Mortgage insurance required.* These loans have fewer restrictions than conventional mortgages and recognize the lender’s trust in medical professionals’ creditworthiness and earning potential. *Only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Doctors and dentists that are not actively practicing are ineligible. Additional conditions and restrictions apply.
  • What documents should I be prepared to provide during the application process for Laurel Road’s Physician & Dentist Mortgage product?
    • Diploma or accreditation of completion (medical license)
    • Employment contract/offer letter if accepted to a residency program
    • 2 years of 1040 personal tax returns
    • W2’s from your last two years of employment (if applicable)
    • If practicing, two most recent pay stubs
    • Proof of alimony, child support or other maintenance income (if applicable and ONLY IF you want it considered in determining your qualification)
    • Statements from checking and savings account for the past two months
    • Statements from IRA, 401k or other investments accounts for the past quarter
    • Source and verification of down payment funds (if applicable)
    • Copy of the purchase and sale agreement (not applicable for refinancing)
    • Flood Certification / Flood Insurance Policy (if applicable)
    • Homeowners association dues amount, frequency (if applicable)
    • If self-employed, additional documentation will be required, such as P&L Statement, and 2 most recent years’ personal and business tax returns
  • Do I have to be a U.S. Citizen or permanent resident to qualify?
    U.S. Citizens and permanent residents are permitted, and nonresidents are permitted with certain VISA type restrictions.
  • Is the Laurel Road Physician & Dentist Mortgage a conforming, conventional or government loan?
    No. This program is a portfolio program which allows for greater flexibility in underwriting, mortgage product offerings, and down payment options by recognizing the overall creditworthiness of the medical professional.
  • What property types are eligible for Laurel Road’s Physician & Dentist Mortgage program?
    Primary residence single-family homes, single-family attached, Planned Urban Developments (PUD) and condominiums are eligible. Please contact us at (877) 801-4686 for further details and information. Customers using a TDD/TTY device, please use (800) 539-8336.
  • What are the benefits of Laurel Road’s Physician & Dentist Mortgage?
    • Low down payment options for loans $1,500,000 or less*
    • A variety of mortgage options without PMI (Private Mortgage Insurance)*
    *Only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Doctors and dentists that are not actively practicing are ineligible. Additional conditions and restrictions apply.
  • Who can apply for Laurel Road’s Physician & Dentist Mortgage?
    The Laurel Road Physician and Dentist Mortgage offering is available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). A borrower may have only two outstanding Doctor and Dentist Mortgages at one time; one owner-occupied and one second home. Residents that have a signed residency contract effective within the next ninety (90) days are also eligible. Doctors and dentists that are not actively practicing are ineligible. Additional conditions and restrictions apply.
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