THSC - Glossary of Terms

Glossary of Terms & Policies

acceptance	The seller's written approval of a buyer's offer.
addendum	An addition or change to a contract.
ADDENDUM CONTINGENCY	Any additional provisions by either the home buyer or home seller that must be met by both parties.
ADJUSTABLE RATE MORTGAGE 3/1	This is typically a 30 year loan except that the interest is only fixed for the first 3 years. After 3 years the interest rate will change to an Adjustable Rate Mortgage.
ADJUSTABLE RATE MORTGAGE 5/1	This is typically a 30 year loan except that the interest is only fixed for the first 5 years. After 5 years the interest rate will change to an Adjustable Rate Mortgage.
ADJUSTABLE RATE MORTGAGE 7/1	This is typically a 30 year loan except that the interest is only fixed for the first 7 years. After 7 years the interest rate will change to an Adjustable Rate Mortgage.
ADJUSTABLE RATE MORTGAGE 10/1	This is typically a 30 year loan except that the interest is only fixed for the first 10 years. After 10 years the interest rate will change to an Adjustable Rate Mortgage.
agency	The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.
aLLOWANCE	A fixed amount of money allowed by the seller of a home to be given to the buyer for the use for a specific product such as appliances or a repair to an existing home.
amortization	The process of paying the principal and interest on a loan through regularly scheduled installments. Initially, most of each payment is applied toward interest owed, and later in the loan term increasingly applied toward principal.
annual percentage rate (APR)	A measure of interest rate that expresses the cost of a mortgage as a yearly rate on the loan balance. The APR assumes the loan is held for its full term. For adjustable-rate loans, the APR assumes the loan's index doesn't change from its initial value.
appraisal	An opinion of the value of a property at a given point in time.
APPRAISAL REVIEW	Once your appraisal has been received from the appraiser it will be reviewed to make sure the appraiser properly documented how the appraised value was determined.
appreciation	An increase in the value of a home or other property.
APPROVED	The mortgage application has been officially approved by the Lender. You will receive a mortgage commitment letter, be sure to review it carefully and call your Mortgage Consultant if there is an error or if you have questions regarding the terms. Often times your approval letter will have additional conditions that need to be satisfied prior to closing. Your Mortgage Consultant will review these conditions with you.
asbestos	A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.
assessed value	A tax assessor's determination of the value of a home in order to calculate a tax base.
assets	Items of value which include cash, real estate, securities, and investments.
backup offer	A secondary bid for a property that the seller will accept if the first offer fails.
BallOON 5/25	This is a 30 year loan except that the interest is only fixed for the first 5 years. After 5 years the entire principal is due. There is typically an option to convert to a 25 year fixed rate based on market pricing at the time the balloon becomes due. There might be a minimal processing fee (typically $250) to obtain the new loan. The conversion rate is normally the FNMA 60 day rate + 0.5%.
BALLOON 7/23	This is a 30 year loan except that the interest is only fixed for the first 7 years. After 7 years the entire principal is due. There is typically an option to convert to a 23 year fixed rate based on market pricing at the time the balloon becomes due. There might be a minimal processing fee (typically $250) to obtain the new loan. The conversion rate is normally the FNMA 60 day rate + 0.5%.
bankruptcy	A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven to 10 years and can severely limit a person's ability to borrow.
BORROWER LIMITATIONS	The borrower may have an unusual characteristic that may not allow them to qualify for conventional mortgage financing. An example would be a borrower with a large number of financed properties.
BRING TO THE CLOSING	Whether you are purchasing or refinancing you will need to bring certain items to the closing. Please check with your assigned closing attorney to ensure that you have all the necessary information for your closing date. Enclosed is a list of the items that are always required to be brought to the closing. Picture identification, such as a driver’s license, a passport, etc. If you have any questions about whether the identification you have will suffice, please call our office as soon as possible. A bank check or certified check in an amount that will be calculated by our office prior to the closing. The check should be made payable to yourself, and you will endorse it to our client trust account at the closing. This check is to cover closing costs and up-front payments, as well as owner’s title insurance if you decide to purchase it. The original of your homeowner's insurance binder and paid receipt. Any other documentation that your lender has told you will be required in order to close. (ie: gift letter, updated bank statement showing withdrawal of deposit, etc.)
BUDGET	Once you have been Pre-Approved you understand how much you can afford comfortably every month, ask your real estate agent to show you neighborhoods in your price range. Drive through these neighborhoods to see if they appeal to you.
Buyers Broker	A person, corporation, or partnership licensed by a state to represent a buyer in a real estate transaction in exchange for a commission. Brokers supervise licensed sales agents, who then act for the broker (who is legally the principal agent in any transaction). A buyers broker is working in the best interest of the buyers.
buyer's market	A slow real estate market in which buyers have the advantage.
capital gains tax	A tax placed on profits from the sale of real estate or investments.
cAPS	A limit placed on payments, interest rates and/or the balance of a loan. Caps can limit increases by either a dollar amount or a percentage.
clear title	A title to property that does not have liens, defects, or other legal encumbrances.
closing	The final procedure in which documents are signed and recorded and the property is transferred.
CLOSING CONTINGENCY	The legally binding date that the home buyer and home seller agree to complete the real estate transaction.
closing costs	Expenses incidental to the sale of real estate, including loan, title, and appraisal fees. These costs exist in addition to the price of the property and are paid at closing. Some are one-time expenses and some are recurring.
closing statement	A document which details the final financial settlement between a buyer and seller and the costs paid by each party.
COMMITMENT CONTINGECY	The legally binding date by which the home buyer must provide proof to the seller that they have received a mortgage commitment from a mortgage company.
comparative market analysis	An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.
CONDITION OF HOME	Before making an offer review the seller's disclosure prepared by the sellers so that you aware of any major problems that may exist with the home.
contingency	A condition specified in a purchase contract, such as a satisfactory home inspection.
contract to purchase	A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale.
conveyance tax	A tax imposed on the transfer of real property.
CONVENTIONAL	A Conventional Mortgage loan is any residential mortgage loan not insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration ( VA) or Farmers Home Administration (FmFa). It's called "conventional" because it conforms to accepted standards. Most conventional loans are either Conforming or Jumbo loans. See the loan limits for conventional loans.
counteroffer	A response to an offer.
credit	The money a lender extends to a buyer for a commitment to repay the loan within a certain time frame.
credit rating	The degree of creditworthiness assigned to a person based on credit history and financial status.
credit report	A detailed account of an individual's credit, employment, and residence history. A lender uses this report to determine a loan applicant's creditworthiness. The three largest credit bureaus are Trans Union Corp., Equifax, and Experian (formerly TRW).
CREDIT REVIEW	Your credit will be reviewed for any credit issues that were not discussed with the Mortgage Consultant. This could include delinquencies, charge-offs, bankruptcies or undisclosed debt. If it is determined that any of these issues might prohibit the loan from being approved the borrower will be contacted by the Mortgage Consultant to discuss the issues.
debt	Any amount one person owes to another.
DELINQUENT CREDIT	The credit history of any borrower is very critical to mortgage financing. Typically borrowers with FICO scores below 620 will not qualify for conventional mortgage financing.
DENIED	The mortgage application has been denied by the Lender. The application did not meet the Lenders underwriting guidelines for the specific financing you requested. Your Mortgage Consultant will contact you to review the underwriter's decision and make recommendations for alternative programs or future actions that might strengthen your opportunities to obtain mortgage financing in the future.
disclosure	A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.
dry rot	A fungal decay that causes wood to become brittle and crumble.
dual agency	A relationship in which a real estate agent or broker represents both parties in a transaction.
EARNEST DEPOSIT	The amount of money given to bind a sale of real estate
escrow	A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met. Also refers to a special account that a lender uses to hold a borrower's monthly payments on property taxes and insurance.
Fair Market Value	The value at which a home should sell due to normal supply and demand for that type of property.
Federal housing administration (fha)	A federal agency within the U.S. Department of Housing and Urban Development (HUD) that uses loan insurance programs to insure mortgage for lenders. The Federal Housing Administration (FHA) stimulates the availability of housing for low - and moderate - income families.
FEES TO LOCK-IN	The Mortgage Corner of New England does not charge a fee for locking in your loan. If you currently have a loan in process and you have received notification from The Mortgage Corner of New England to lock, we will secure your rate with no upfront fees.
fixed-rate mortgage	A home loan with an interest rate that will remain at a specific rate for the term of the loan. About 75 percent of all home mortgages have fixed rates.
FULLY INDEXED RATE	The base index value of an adjustable-rate mortgage plus the highest gross margin during the life of the loan.
flood insurance	Hazard coverage that is required in designated flood areas.
home inspection	An examination of a home's construction, condition, and internal systems by an inspector or contractor prior to purchase.
homeowner's insurance	This insurance includes hazard coverage for any damages that may affect the value of a house, in addition to personal liability and theft coverage.
home warranty	A type of insurance that covers repairs to certain parts of a house and some fixtures.
INDEX	The measurement used by lenders to determine changes in the interest rate. An index must be readily verifiable by the borrower and beyond the control of the lender. Examples of an Index would be the U.S. Treasury securities, Libor and the Cost of Funds Index for the 11th Federal Home Loan Bank District of San Francisco.
INSPECTION CONTINGENCY	The legally binding date that the home buyer must complete any indicated home inspections.
insurance	Owners and buyers can purchase various types of insurance including hazard, private mortgage, and earthquake. The policies guarantee compensation for specific losses.
interest rate	The fee, expressed as a percentage, charged for a loan. The interest rate also helps determine the monthly payment. For adjustable-rate loans, the interest rate may change from its initial level.
JUMBO	A Jumbo Mortgage loan is any residential mortgage loan whose loan amount exceeds the conventional limits.
kick-out clause	A clause in a sales contract that allows a seller to accept one buyer's contingent offer, then back out without penalty if a second buyer makes a better offer.
LEGAL DESCRIPTION	The legal description that includes the Book, Page, Meets, Bounds, Plat and Lot.
lender	A bank, savings institution, or mortgage company that offers home loans.
liabilities	A borrower's debts and financial obligations.
listing	A piece of property placed on the market by a listing agent.
loan application	The first step toward submitting a home loan requires the borrower to itemize basic financial information.
LOAN TO VALUE (LTV)	The loan amount dicided by the property value or purchase price. Non-Conforming Loans: The LTV may exceed those established by conforming underwriting guidelines.
LOCATION	For many home buyers this is the most important consideration. Are you relocating? How are the school you want your children to attend? Is closeness to shopping, recreation, public transportation and other amenities important to you?
LOCK-IN CHANGES	The Mortgage Corner of New England does not renegotiate locks with Lenders. Lender's policies mandate delivery of all locked loans due to the costs associated with lock fallout. While we would like to renegotiate locks on your behalf, The Mortgage Corner of New England Lenders are not able to do so. For this reason carefully consider the timing of your lock. If you are not certain as to your willingness to close on a rate, that you watch the market for several days prior to requesting your lock.
LOCK CONFIRMATION	Until The Mortgage Corner of New England confirms that your rate lock has been accepted by our lender, your loan is not locked-in. When you request a lock, The Mortgage Corner of New England contacts its lending partner and secures the lock on your behalf. Unfortunately, the lock process is not yet automated within the mortgage industry therefore The Mortgage Corner of New England must follow the lock guidelines of its lending partners. For this reason, The Mortgage Corner of New England is not yet able to verify your lock request immediately but will do so within 48 hours of your lock request submission.
LOCK-IN DEFINED	A lock is an agreement by the borrower and by the lender and specifies the number of days for which a loan's interest rate and points will be guaranteed by the lender. During your rate lock period should interest rates rise and you have met all of your conditions, The Mortgage Corner of New England is obligated to honor the rate that we have advertised and locked on your behalf. Should interest rates decrease, the lock must still be honored by the borrower. If your interest rate expires you may be subject to new pricing.
LOCK-IN PERIOD	Rate locks are for a specific period of time. Currently The Mortgage Corner of New England offers rate lock periods of 30, 45, 60 and 90 days. The Mortgage Corner of New England currently quotes 45 day lock-in periods on our website. This means that your loan must close and disburse within the number of days from the day that your lock is accepted by our lending partner. 45 day, 60 day lock-in periods as well as extended lock-in periods are available from all of our Lenders.
MAKE A LIST	List all your top priorities so that your real estate agent will understand your needs and desires. Once you have narrowed your decision on the type of home you would like you will be able to reduce your time shopping for a new home.
mARGIN	Under the terms of an adjustable-rate, the margin is a premium that a lender charges which is added to the index. This premium is typically two or three percentage points. Once the lender specifies the margin, it remains fixed.
market value	The price that a piece of property sells for at a particular point in time.
MARKET VALUE OF HOME	How does the asking price compare with the market value of the home, based on recent sales of comparable houses in the area?
mortgage	In casual use, a sum of money borrowed to purchase a home at a certain interest rate using the property as collateral. In formal use, a mortgage is the legal document that pledges property as collateral for a loan.
mortgage banker	A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae.
mortgage broker	A company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services.
mortgage-interest deduction	The tax write-off that the Internal Revenue Service allows most owners to claim for annual interest payments made on real estate loans.
motivated buyer	A buyer with a strong incentive to make a purchase.
move-up buyer	A buyer who has purchased a home before and is looking for a bigger or more expensive home.
move-in condition	A house that is ready for a new occupant.
multiple listing service (MLS)	A service that combines listings of all available homes in an area into one directory or database, with the exception of For Sale By Owner (FSBO) properties.
multiple offers	More than one purchase offer made on a property. Multiple offers commonly occur in seller's markets or hot neighborhoods.
NO INCOME VERIFICATION	The borrower does not wish to disclose their income.
OFFER TO PURCHASE	A written offer from a potential buyer stating the terms in which they wish to purchase real estate.
OPEN HOUSE	A specific period of time that a seller of a home opens the home to be inspected by potential buyers.
open listing	A property given to a number of brokers to market at the same time.
passive loss	A tax term that refers to any loss from a passive activity, such as the ownership but not the operation of a piece of rental real estate.
PERSONAL INTEREST	Do you want a new or older home? Large or small? Do you need a driveway, or garage? Do you prefer a colonial type home or ranch? These questions and many more should be answered when you consider your new home.
pest-control inspection	A common pest-control inspection is a termite inspection, which is required in some states, such as California.
point	An amount equal to 1 percent of the loan amount. Points may be paid by the borrower at the time the loan is made to get a lower interest rate. Lenders offer various rate/point combinations.
possession	A buyer officially takes possession of a house upon signing the closing papers and receiving the keys.
prequalification	A lender's preliminary assessment of a buyer's ability to pay for a home, and an estimate of how much the buyer may borrow.
price range	The upper and lower limit of what a buyer is willing to pay for a home.
PROPERTY	The actual site of the property. Non Conforming Loans: The subject property does not meet the guidelines for conventional mortgage financing. An example would be a property with mixed use of residential and commercial use.
property tax	Tax paid on privately owned property. Property taxes are usually paid semiannually, or monthly if the lender requires. The amount is based on local tax rates and assessed property value.
property tax deduction	The U.S. tax code allows homeowners to deduct the amount they have paid in property taxes.
property value	The value of a piece of property, based on the price a buyer will pay at a given time.
PURCHASE PRICE	The agreed upon price for the subject property.
PURCHASE TRANSACTION	The primary function of an attorney throughout the homebuying process is to give legal advice to the buyer or seller, whomever the attorney is representing. A homebuyer will be asked to sign many documents by the real estate agent and mortgage lender. All the terms of the purchase and sales agreement and the mortgage should be understood - even the small print. The attorney can help with the details of the transaction. The following is a list of some of the services an attorney can provide for a homebuyer. Review offer-to-purchase Review purchase & sales agreement Examines the title to the property Prepares the report on title Helps schedule the closing Prepares the closing documents Conducts the closing Disburses all funds due at the closing Records the mortgage instruments Delivers the closed loan package to lender
purchase & Sales agreement	A document that details the purchase price and conditions of the transaction.
open house	A marketing tool in which a listing agent opens a house to the public for viewing.
open listing	A property given to a number of brokers to market at the same time.
radon	A ground-generated radioactive gas that seeps into some homes through sump pumps, cracks in the foundation and other inlets. A serious health hazard.
RATE LOCK	The interest rate market is dynamic, and subject to movements without advance notice. Locking a rate protects you from the time that your lock is confirmed to the day that your lock period expires. Please note that The Mortgage Corner of New England is not responsible for any rates that may change prior to our written confirmation.
real estate	Land and anything permanently affixed to it, including buildings.
real estate agent	A person licensed by a state to represent a buyer or a seller in a real estate transaction in exchange for a commission. Unless they are also brokers, agents must work in association with a real estate broker or brokerage company.
real estate broker	A person, corporation, or partnership licensed by a state to represent a buyer or seller in a real estate transaction in exchange for a commission. Brokers supervise licensed sales agents, who then act for the broker (who is legally the principal agent in any transaction).
Realtor®	A designation for an agent or broker who is a member of the National Association of Realtors.
recorder	A public official responsible for keeping record of all real estate transactions.
REFINANCE	The primary function of an attorney throughout the refinance process is to give legal advise to the home owner. All the terms of the mortgage should be understood - even the small print. The attorney can help with the details of the transaction. The following is a list of some of the services an attorney can provide for a home owner. Examines the title to the property Prepares the report on title Helps schedule the closing Prepares the closing documents Conducts the closing Disburses all funds due at the closing Records the mortgage instruments Delivers the closed loan package to lender
REFINANCING MYTHS	"Refinancing only makes sense if rates drop a full point below my current mortgage rate.'' In the past, experts advised that it only made sense to refinance if the difference in rates was a full percentage point or more. However, with loan sizes continuing to increase and closing costs remaining fixed, refinancing costs as a percentage of loan amounts have dramatically decreased. Because of this, a mortgage rate that is as little as 3/8 to 1/2 percentage point lower than a consumer's current mortgage can save a borrower thousands of dollars over the life of a loan. For example, $100,000 borrowed at 7 percent rather than 7.5 percent for 30 years will save more than $12,000 over the life of the loan. "A 30 year fixed mortgage is always the best option.'' Because of the greater variety of loan products, consumers can choose from a number of options to find the best solution for their specific needs. Many online services offer tools to help borrowers find the loan product that best fits their needs, whether it's a 5-year adjustable rate, a 7-year adjustable rate or a 30-year fixed mortgage. For example, if a homeowner plans to move within 5 years, they may want to choose a 5-year adjustable rate mortgage in order to get a lower interest rate. "I'll get a better deal if I wait for the Fed to cut rates again.'' One of the biggest misconceptions is that mortgage rates move in tandem with the Federal Funds Rate. This misperception causes many consumers to believe that they should wait until after the Fed cuts rates again to refinance because mortgage rates will be lower. What they need to know is that anticipated rate cuts are usually already priced into today's mortgage rates. In fact, the lowest mortgage rates typically occur prior to Fed meetings. This is because Treasury yields (which guide mortgage rates) often anticipate the cuts several weeks ahead of the actual meeting. The truth is that every month a borrower waits for a lower rate, they could stand to lose hundreds, if not thousands, of dollars depending on their current mortgage rate. "I just refinanced my mortgage so I'm not eligible to do it again.'' While borrowers may not be able to return to the same lender to refinance a mortgage within 30-90 days of their previous refinancing, they may be able to go to a new lender to refinance. This could save thousands of dollars along the way (as long as closing costs are taken into consideration). It is important for borrowers to avoid pre-payment penalties; otherwise they may lose their option to refinance again. "I have less than perfect credit, so refinancing at a lower rate isn't an option for me.'' Because there are many factors besides a consumer's credit standing that play a role in the lender's decision process, consumers should not automatically assume that they are ineligible to refinance. In fact, consumers with less than perfect credit may be eligible for the same rates as some consumers with perfect credit. Regardless, it's a good idea for consumers to check their credit score - to ensure that they know where they stand. Many people are pleasantly surprised to learn that their credit standing is better than they thought. "A 'Cash Out' refinancing product makes the most sense.'' Borrowers looking to take advantage of their home's equity have several options. Among the most popular are cash-out refinancing and home equity lines of credit . A home equity lines of credit may be a better option for borrowers that don't need cash immediately. With a home equity lines of credit, consumers can avoid paying interest until they actually need to spend the loan amount. "Refinancing is too much of a hassle.'' Many consumers are missing out on thousands of dollars of savings because of the misconception that refinancing is a long and laborious process. In fact, the process of refinancing is easier than ever. Compared to a purchase, a refinance requires fewer documents, and even those are more streamlined and easier for borrowers to complete. Usually, it takes less than 20-30 minutes to complete the necessary application and most times the entire process can be finalized within 15-30 days. "The only benefit of refinancing is a lower monthly mortgage payment.'' Not only can consumers save tens of thousands of dollars by refinancing their mortgage, but they can also reduce the term of their mortgage. Moving from a 30-year loan to a 15-year loan can save thousands in interest costs over the life of the loan -- as well as building equity more quickly. "There are so many fees associated with refinancing that, by the end of the transaction, I haven't really saved any money. '' Consumers should be wary of paying unnecessary fees (e.g. underwriting fees, loan origination fees, processing fees, and commitment fees). Although there are certain third party fees that lenders can't control (e.g. appraisal and title insurance fees), consumers should ask their lender right up front about all of the fees they'll be charged for refinancing. Better yet, consumers should look for ``no lender fee loans.'' True no lender fee loans eliminate surprises -- what you see is what you get.
resale value	A property's future value, which can be affected by many factors including the surrounding neighborhood, school district scores, and economic and housing market conditions.
Selling Real Estate Broker	A person, corporation, or partnership licensed by a state to represent a seller in a real estate transaction in exchange for a commission. Brokers supervise licensed sales agents, who then act for the broker (who is legally the principal agent in any transaction). A selling broker is working in the best interest of the buyers.
seller's market	A hot real estate market in which sellers have the advantage and multiple offers are common.
SUSPENDED	The mortgage application has been suspended by the lender because the Underwriter does not have sufficient information to make a credit decision. Your Mortgage Consultant will contact you to review the outstanding issues. Once the items have been received they will be reviewed by the underwriter to make a final credit decision.
tax deduction	A tax break given by the government. Mortgage interest, loan points, and property taxes can be deducted.
tax lien	A lien placed against a property for nonpayment of taxes.
tax shelter	A term often applied to real estate investment, referring to various tax advantages.
title	The legal document conferring ownership of a piece of real estate.
TITLE V INSPECTION	An inspection of a private septic system that is a legal requirement in Massachusetts.
title insurance	A policy issued to lenders and buyers to protect against loss due to disputed property ownership.
TITLE REVIEW	The closing attorney will review the report on title to ensure that the property has no title issues. This could include encroachments, survey disputes, ownership problems or other issues that would not allow the attorney to provide a clear title to the borrower.
trading down	Buying a home that is less expensive than the one's current house.
trading up	Buying a home that is more expensive than one's current house.
transfer of ownership	transfer of ownership for one party to another.
transfer tax	An assessment by state or local authorities at the time a piece of property changes hands.
underwriting	The process in which lenders evaluate the risks posed by a particular borrower and set appropriate conditions for the loan.
veterans ADMINISTRATION (VA)	A mortgage loan that is guaranteed by the The U.S. Department of Veterans Administration. The VA guarantees mortgage loans for veterans and service persons. The guaranty allows veterans to obtain home loans with favorable loan terms, usually without a down payment. VA loans are available. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders.
walk-through	A buyer's final inspection of the home to determine if conditions in the Purchase & Sales Agreement have been satisfied.
WHAT YOU CAN AFFORD	Hopefully you have been Pre-Approved to make sure you are making an offer within your approved limits.
WHEN CAN YOU LOCK-IN TO A RATE	You will be invited to lock a rate once your application information has been reviewed. In some cases, your application will provide all the information needed and you will have the option to lock at the time you apply or anytime during the process of your application. Once you have requested to lock your rate you can not re-lock your interest rate. Please note that the hours that The Mortgage Corner of New England is able to execute your lock are between 9:30 am and 5:00 pm Eastern Standard Time Monday through Friday. This time period is established by the lenders that we are working with. If you request pricing during hours other than those shown above, The Mortgage Corner of New England will do its best to secure a comparable rate for you. The Mortgage Corner of New England recognizes that you may not be available to request a lock during this time period; if so, please contact your Mortgage Consultant for assistance. We are working with all of our lending partners to extend the lock in period, and appreciate your understanding.