Frequently Asked Questions

What is the difference between closing costs and down payment money?
Down payment money is the difference between the sale price of a home and the amount that is to be financed by the lender. Closing costs are the charges incurred by the borrower to pay for various costs associated with obtaining/settling a mortgage loan.

What is an escrow account?
An escrow account is an account which the lender holds monies collected from your mortgage payment to pay future property taxes and insurances.

What is transfer tax / tax stamps?
Generally, whenever real estate changes hands, a tax is collected. Typically, the tax is split between the buyer and seller. However, this is not always the case.

What is title insurance?

Title insurance assures the borrower and the lender that the mortgage is a valid first lien protected against hidden, as well as known, defects in the title as insured.

Can I get assistance for closing costs?
Yes. Closing cost assistance is available in many ways. Please contact a mortgage loan representative for details.

Can't I get a better price by going directly to the lender?
Since lenders want to encourage brokers to bring them loans, and since their costs of doing business through brokers are no more than doing business directly, they cannot afford to discourage their brokers by undercutting their prices.

Q: What's involved in obtaining a loan?  What is the process?
A: You may have a loan officer come to your home, or if you choose, we can take information over the phone and send a package to your residence.

Q: Why do I have to sign so many documents right up front
A: At Eastern Seaboard we need your permission to legally work on your loan.  Also it gives us a chance to get you familiar with documents involved in getting a loan and to explain terms and forms, so that you understand the process you are undertaking.

Q: After signing the paper word ect- does this mean I must settle on the loan?  Am I locked In?
A: No, you can decide not to go through with it at any time, this simply enables us to begin working on your loan, aka. ordering title, and appraisal.

Q: I'm signing these forms, does that mean my rate is locked in?
A: No, we can lock your rate at anytime during the process, but when rates are locked the time is ticking.  May it be a 21 day lock or a 35 day lock, and so forth.  Once a rate is locked for a specific time period, you have from the day you locked it to the day it ends to turn your documents in, sign your package, get your appraisal and title work done, and provide any and all info to complete our loan package for the lender.

Q: When will we have something on our loan?
A: At Eastern Seaboard we believe communication is the backbone of every process.  Our company will contact you every 3-4 days once the loan process begins.  Sometimes it will be to obtain more information, others to say nothing more than "We're here for you."

Q: I have a very time constraining schedule, can I send my docs in and fill out paper work via mail?
A: Yes, Eastern Seaboard can send a FedEx package to you with a return envelope.