On Purchase transactions, once your application has been submitted and approved by Brighten Lending’s Automate Underwriting System (AUS); and Brighten Lending received all requested documents and you have a fully executed purchased agreement for the house you are buying, you may lock your rate by call in and speak to a loan officer to request lock in the rate.

Once your loan is locked, you must close and fund within that lock period for your rate lock to be guaranteed. When you choose to lock in your rate, you will be provided with a Rate Lock Confirmation via email or fax from Brighten Lending. Your Rate Lock Confirmation will detail the loan terms you have selected.

If your lock commitment expires prior to funding due to delays in our receiving the documentation necessary to approve and fund your loan, your loan will be subject to worse case pricing. Worse case pricing is calculated by comparing pricing from the original lock date to current pricing and the selecting the higher of the two.

Your rate lock period may be extended; however, you will be subject to Worse Case Pricing. Worse Case Pricing is calculated by comparing pricing from the original lock date to current pricing and then selecting the higher of the two.

Brighten Lending will consider requests by borrowers to "Float Down" certain locked loans prior to the expiration of the lock or the funding of the loan, whichever is earlier, subject to the terms in this policy.  The term "Float Down" means and refers to a borrower's desire to take advantage of improvements in the market and renegotiate better loan terms than those to which the borrower previously committed at the time he or she executed a rate lock agreement.  A "Float Down" is available only on a one-time basis per loan and only for fully approved loans with all conditions satisfied.  "Float Downs" are not available for adjustable rate mortgages, and Brighten Lending reserves the right to decline to agree to a "Float Down" at its discretion.  Any borrower desiring to negotiate a "Float Down" on an eligible mortgage loan shall be subject to the following, an additional fee:  $500.00 or 0.5% of the loan amount, whichever is greater.  A borrower with a 28-day lock may only "Float Down" to current 28-day pricing, and a borrower with a 43-day lock may only "Float Down" to current 43-day pricing. A "Float Down" shall not extend the original expiration date of the initial lock period.  All extension costs associated with a "Float Down" shall be paid by the borrower.

Brighten Lending only requires an escrow/impound account when your loan-to-value (LTV) ratio exceeds 89% for State of California. Please note: All FHA programs need escrow/impound account, regardless LTV.

No. Brighten Lending's pricing remains the same, whether or not you choose to establish an escrow/impound account when applying for a loan with Brighten Lending.

Brighten Lending does not allow customers to choose their own appraiser. We will order all required appraisal services from one of our national appraisal vendors to ensure a quality product is provided at a competitive price.

Yes. Once the appraisal is complete a copy will be e-mailed to you directly.

Yes. Brighten Lending will provide you with a copy of your credit report when borrower requested AFTER loan closed. If the loan canceled, Brighten Lending will NOT provide you with a copy of your credit report. However, you may request a copy of your credit report by contacting your credit reporting agency (CRA).

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%.

The amount you will need to pay for closing costs is determined by many factors including the loan purpose, loan type and property state. Based on the interest rate you select, there may be loan points paid to Brighten Lending or a credit paid to you to cover part of the non-recurring closing costs associated with the loan. The following is a brief summary of some typical fees incurred when closing a loan with Brighten Lending:

Fees charged by Brighten Lendings
• Administration Fee: $1095.

Fees charged by third parties
• Appraisal Fee: $150 - $1,500 (price will vary based on property state, appraisal type, and property value).
• Title Insurance and Services: will vary based on loan purpose, loan amount, and property state.
• Settlement/Closing: will vary based on loan purpose, loan amount, property state, and purchase price.
• Notary, Recording, and Delivery Fees: will vary by state and county.
• Local transfer tax and similar taxes: will vary by state and county.

If you decide to refinance your home, you can take advantage of any or all of the following benefits:
• Lower your monthly payments with a lower interest rate
• Lock in a fixed term interest rate from an adjustable rate mortgage or vice versa
• Reduce the term of your loan
• If you have made a large principal reduction, lower your monthly payments by refinancing the existing balance
• Reduce your monthly payments by eliminating the need for private mortgage insurance (PMI)

Yes, you will need a new appraisal. Brighten Lending will choose one of our appraisal companies to complete the appraisal. However; there are some programs will not need a new appraisal, please call Brighten Lending's loan officer at 1-888-227-4808 for detail.

While you may start the application process for a refinance, Brighten Lending will not be able to close your loan until your remodeling project is complete.

The maximum cash-out allowable on a conforming loan is $417,000 less any amount owed on the subject property. The maximum cash-out allowed on all High Balance Conforming products is $250,000. To find out more about cash-out refinances please contact one of Brighten Lending’s knowledgeable loan officer at 1-888-227-4808.