A LoanFirst℠™ Preapproval is based upon documentation submitted voluntarily by the consumer. Once the property is identified, a full approval can be issued based upon the specific details of the transaction and a determination by McLean Mortgage Corporation that the financial qualifications of the consumer have not changed.
The RateFlex℠℠ program requires a small deposit at Intent to Proceed, which is applied to your closing costs at settlement. You can relock the rate at no cost and with no further deposit one time only. The rate lock may occur at any time, but no later than 10 days before the closing date. Not available for all programs. This is not a commitment to lend. Program availability and guidelines are subject to change. Contact us for more information.
Mortgage Insurance Payment Eliminator℠ (MIPE)
Mortgage Insurance payments can be deductible as well in certain years, depending upon your income level. You should consult with a tax professional to find out the benefits of deducting your mortgage interest payments and deducting mortgage insurance payments and whether you are eligible for these deductions. Lender Paid Mortgage Insurance would be provided through a company chosen by McLean Mortgage Corporation. Your interest rate may vary based upon required mortgage insurance coverage. This is not a commitment to lend. Certain restrictions may apply.
Long Term Lock
The long-term rate will vary based upon the length of the lock and requires a deposit at application which is applied to closing costs at settlement. If rates fall, the applicant may relock the rate one time within 10 to 60 days of settlement. The long-term lock feature is not available under all programs. This is not a commitment to lend. Restrictions may apply.
No Up-Front Fees
Does not include third party fees paid to other service providers, such as attorney, title or appraisal fees. Note: McLean Mortgage Corporation does collect a fee at the time of intent to proceed or rate lock for construction loans, extended locks and under its RateFlex℠℠ Program. RateFlex℠℠ provides rate security with the option to move lower if rates fall prior to closing. Relocks must take place at least 10 days before closing. Extended lock and RateFlex℠℠ fees are credited back towards closing costs at the time of final settlement. Not a commitment to lend.
No Lender Fees Charged on VA Loans
Does not include third party fees paid to other service providers, such as attorney, title or appraisal fees.