IMPORTANT NOTICES - PLEASE READ 

About Appraisals and Appraised Value:

When your application is pre-approved, the mortgage loan originator uses an estimated value based on either the purchase price (in the case of purchases) or the estimated value you provided on the application (in the case of refinances). The estimated value is not the appraised value. Only an independent appraisal of the property conducted by a licensed appraiser can determine the property value. The lock deposit is used to cover the cost of the appraisal. When the appraisal is completed you will receive a copy. If you are not satisfied with the appraised value, speak with your mortgage loan originator about submitting a dispute. It is important that you understand that once the lock deposit is paid, it is credited back to you at closing, but if you chose not to close for ANY reason, the lock deposit is applied to the appraisal and it is not refunded.

About Submitting Documents Within Two (2) Business Days of Locking:

Once you lock your interest rate you will receive an email reminder that the "Documents to Sign" and supporting documentation are required within two (2) business days. That's because your complete application is due to underwriting within four (4) business days. If underwriting has not received your complete application within four (4) business days, your rate lock is reset to "Floating" and once your complete application is received and reviewed the rate will be re-locked at the higher of current rates or your original rate, plus .125% to points.

Therefore it is absolutely imperative that you submit the "Documents to Sign" and supporting documentation within two (2) business days of locking your interest rate.