Frequently Asked Questions
Have questions? We have answers.
Can’t find the answer to your question? Simply reach out to us by filling out our Contact Us page and one of our Loan Servicing team members will quickly be in touch.
When you take out a mortgage with a mortgage company or a bank, there is always a possibility that the lender will sell or transfer the servicing of your loan to another institution. This process of selling or transferring your loan to the new servicer is a servicing transfer. Servicing transfers may happen at any time.
When servicing is sold or transferred, another lender or servicing company will be collecting your payments, handling your escrow accounts, if applicable, and answering your questions.
Your current servicer will send you a Notice of Servicing Transfer letter. This letter provides important information such as payment effective date to the new lender or servicing company, payment address, and contact information for the new servicer.
Refinancing a home means you are obtaining a new home loan that changes the interest rate, payment schedule, or terms of your original mortgage.
Cash-out refinance: In this transaction type, you apply for a new loan that is worth more than your current loan and the difference in value is yours in cash to use for things such as home improvements or paying off debt.
Call 888-671-LOCK to discuss the various program and rate options. Once you’ve chosen the best option, you can simply apply over the phone or securely online.
An adjustable-rate mortgage is a loan in which the interest rate in the note can change periodically up or down as per the agreed terms and conditions.
The interest changes at certain defined points during the life of the loan, based on changes to an index and the agreed terms and conditions.
An escrow/impound account is an account established with OnY Glo, Inc. to pay your property taxes, homeowner’s insurance, flood insurance (if required) and mortgage insurance (if required) as they become due.
If you have an escrow/impound account, then your regular monthly mortgage payment will include principal, interest, and an escrow/impound payment.
Your escrow/impound payment is based on 1/12th of the annual estimated payments for your property taxes, homeowner’s insurance, flood insurance (if required), and mortgage insurance (if required.)
Private mortgage insurance (PMI) is a type of insurance that protects the lender in the event a borrower does not make their payments in a timely manner, resulting in loan default and potentially foreclosure.
For most loan programs, PMI is required if the loan-to-value ratio is greater than 80%.
Simply reach out to us by filling out our Contact Us form and one of our Loan Servicing team members will quickly be in touch.