Mortgages - FAQs
Thank you for your interest in a Mortgage Loan.
The following are some frequently asked questions that you may have:
Who services my Mortgage Loan?
GSB services all of our Mortgage Loans, which is vitally important to you once your loan closes, especially when you have questions, issues, etc.
When can I lock the rate on my Mortgage Loan?
Your rate will not automatically be locked when you apply for your loan. In many cases we will allow you to lock your rate as soon as possible after you apply.
Your Loan Officer will discuss this with you. In some cases, an appraisal must be completed or supporting documentation may be needed and reviewed before a rate can be locked. Please be aware that rates can change during this period.
Can my rate change once it is locked?
Once your rate lock is approved you’ll be required to sign a Rate Lock-In form & once the rate lock is accepted by GSB, neither party can change the rate, regardless of changes in the market. Rates can change throughout the day and can be locked daily, Monday – Saturday, during bank lobby hours.
Can the rate that I’m approved for be higher than our stated rates?
Risk based factors, such as credit score, the appraised value of your home, and cash back (for mortgage refinance transactions), can result in a higher rate.
I’m purchasing a home and need to close quickly, is this possible?
We will make every effort to get your loan processed, approved and closed in a timely manner to meet your closing date. However we generally require a minimum of 45 days from receipt of your application before we can close a loan. Also be reminded of the following items that can delay the closing of your loan:
- Timely receipt of requested financial information
- Timely receipt of the Title Commitment for purchase transactions needed by GSB 10 days prior to the closing date (generally provided by the the sellers attorney).
- If the property is a Condominium/Townhome, the GSB Condominium/Townhome Eligibility Letter must be completed by the Association’s Management Company and in some cases this document can take up to 2 weeks to be received.
Upon completion of the mortgage application or if you have any questions, please call 847-729-1900 to speak with a Real Estate Loan Officer. We look forward to helping you with your mortgage loan.