What does J.A.M. do?
What is the difference between APR and the interest rate?
Can Internet bank statements be used instead of hard-copy bank statements to verify my bank and investment accounts?
Do I need to send blank pages from my bank statements?
When I sign the application, am I committed to borrow the money?
What are points?
What does the term "locking in an interest rate" mean?
What are some advantages of using J.A.M. Consultants, Inc.?

What does J.A.M. do?
Essentially, we are the middle person between you and your loan source. Our professional and experienced consultants evaluate your expressed needs, resources, and potential to assist J.A.M. Consultants, Inc. in locating the best available lending source for you.

Can Internet bank statements be used instead of hard-copy bank statements to verify my bank and investment accounts?
Currently Internet statements are not allowed. They have not yet been proven as a reliable source of unalterable financial documentation by the agencies that govern lending.

Do I need to send blank pages from my bank statements?
Standard mortgage guidelines require all pages of a statement to verify accounts. Please include all pages for each statement, even if there is nothing on the last page, and even if the first page is an advertisement. Also include copies of the backs of statement pages if they are printed on. If you have applied for an FHA or VA loan, you must send the original bank statements, not a copy. Following these guidelines will avoid unnecessary delays and frustration.

When I sign the application, am I committed to borrow the money?
Not at all. All J.A.M. Consultants is doing with your application is getting you approved for a mortgage loan. You are not obligated on the loan until you sign the note and closing documents.

What are points?
A point equals one percent of the loan. So, for instance, on a $125,000 mortgage one point would equal $1,250. Often points are paid by the borrower to reduce the loan's interest rate.

What does the term "locking in an interest rate" mean?
When a lender "locks" your interest rate, it means that you are guaranteed a specific interest rate if the loan is closed within a certain amount of time. The amount of time the lender has guaranteed the interest rate is called the lock-in period. If your closing is delayed beyond your lock expiration date, the interest rate you paid could be higher or lower.

Typical lock periods are 15, 30, 45 and 60 days. In a stable rate environment, shorter lock periods can often get you a better interest rate. However, when the market is volatile, a longer lock period lowers your risk.

Many experts recommend shorter lock periods in most circumstances. Remember that lenders will match their rate lock offers to what they think the market will do over the period and allow themselves a cushion to offset risk. So if you and the lender both believe that rates will go up slightly or stay the same, there will be little advantage to locking in a rate, and a longer lock period will result in a higher interest rate. If you believe rates are going down, then there is a definite advantage to waiting before you lock in a rate. It is only when rates go up significantly that there is a significant benefit to obtaining a longer lock period.