Frequently Asked Questions
- What are the steps to make this site work for me?
- Who can answer questions not addressed here?
- Do I need to be ready to apply for a loan now?
- What types of mortgage loans are available through this site?
- What is the difference between a mortgage broker and a direct lender?
- What is the difference between interest rate & APR?
- How current are the rates on this site?
- Why are your rates different from those in the newspaper?
- How is my information used to come up with loan options?
- Why is the loan to value ratio important?
- What are "prepayment penalties" and why would I have to pay them?
- Is the closing-cost deposit refundable?
- Can I get home financing without paying points?
- Are the pre-qualification and pre-approval services free?
- Can I get a loan if I live outside the United States?
- How do I stop receiving Rock Financial promotional e-mails?
- Is Rock Financial compatible with my Internet browser?
- Hints for AOL users
What are the steps to make this site work for me?
While this site is designed to be usable in a variety of ways, the heart of the site is the online Application Starter that helps you find loans geared to your personal needs.
- Click here to begin your loan search
- After you respond to a series of easy questions, Rock Financial generates a ranked list of the most attractive and economical loans.
- After comparing these suggested loan options, you can do the following - all with no obligation on your part:
- Contact Rock Financial for additional information.
- Get a free pre-qualification letter.
Who can answer questions not addressed here?
Along with these FAQs, we offer complete customer support by telephone and e-mail for questions you prefer to address to us personally.
- Call toll-free 800-863-4332
- E-mail us at help@rockfinancial.com.
Do I need to be ready to apply for a loan now?
No. Though this site is designed to let you step easily through the process of finding your home loan in one sitting, feel free to use this site in the ways that best fit your present situation. Although we hope you will choose to apply for a loan with Rock Financial, you are under no obligation to do so. Use of this site does not prevent you from using other mortgage brokers or computerized loan origination systems in your search for a mortgage loan.
What types of mortgage loans are available through this site?
We offer the following loan options for both purchases and refinances:
Fixed-Rate Mortgage Programs:
- 30-year fixed rate
- 15-year fixed rate
Adjustable-Rate Mortgage (ARM) Programs:
- 7/1 year ARM
- 5/1 year ARM
What is the difference between a mortgage broker and a direct lender?
When you work with a direct lender, you interact with the same people from the same company throughout the entire process -- from application to close -- ensuring the attention to detail you deserve. They approve the loan, generally offer lower rates and a faster process. That's not always the case with a mortgage broker. A mortgage broker is the middleman, the person or company that brings you together with the lender who actually approves the loan and typically provides the money that you are borrowing which may result in a higher cost to you. Rock Financial is a direct lender and offers a service called My Rock Financial that allows you to track the process of your loan on our Web site.
What is the difference between interest rate & APR?
An Interest rate is the monthly cost you pay on the unpaid balance of your home loan. An Annual Percentage Rate (APR) includes both your interest rate and any additional cost or prepaid finance charges such as the origination fee, points, the initial private mortgage insurance, underwriting and processing fees. (Your actual fees may not include all of the items above.) The APR is an universal measurement that will assist you in comparing the cost of mortgage loans offered by different mortgage lenders.
How current are the rates on this site?
The rates you'll see on our site refer specifically to our exclusive loan products, such as our Smart Choice and our Community 100. These rates are not indicative of where mortgage rates are in general. These are special rates for loan options that typically offer lower rates than traditional 30-year fixed-rated loan products. Please remember, rates are susceptible to market conditions and can change quickly.
Why are your rates different from those in the newspaper?
If you compare our loan rates to those in newspapers and other print publications, please bear in mind that the rates in these publications may have been reported one or more days ago (sometimes a week ago with a Sunday paper), and may no longer be available.
- Rates on this site are updated each business day, and often several times a day. Consumers that have loan shopped extensively have told us that we offer some of the most competitive rates around-both on and off the Web.
- Note that the rates resulting from the Rock Financial Application Starter are personalized according to answers you give us. Newspaper rates are not tailored to your individual needs and circumstances.
How is my information used to come up with loan options?
- Based on the information you provide us in the Application Starter, Rock Financial searches its vast database of currently available loans to determine which of them offers you the most attractive financing options at the lowest cost.
- We scan to decide which loans match your preferences and financial situation. Then we sort through these loans to display the most attractive loans to you based upon your preferences.
How important is the loan to value ratio?
The loan-to-value ratio or "LTV" shows how much equity you have in your home. Equity is the difference between how much your home is worth and how much you owe on it. For instance, if your home is worth $200,000 and you owe $130,000 on your mortgage, you have $70,000 worth of equity in your home. Lenders' experience is that the higher the loan to value (which means the lower the equity) the greater the risk the borrower may default on the loan. Therefore, LTV is important for lenders in accessing a borrower's borrow-worthiness, so to speak.
What are "prepayment penalties" and why would I have to pay them?
A prepayment penalty is a fee charged the borrower for paying off their mortgage early. A prepayment penalty is attached to a loan usually in exchange for a slightly lower rate, which benefits the borrower. The benefit to the lender is that prepayment penalties discourage refinancing should rates fall and thus, at least in theory, guaranteeing a higher rate of return on the money they've lent.
Prepayment penalties typically are a percentage of the outstanding balance at the time of the prepayment or sometimes a specified number of months of interest. However, loans can differ on how they structure the prepayment penalties.
We recommend you think twice before agreeing to pay a prepayment penalty. No matter how enticing that lower rate may seem, in the long run, you may be better off paying the higher rate. Why? Because it's likely you'll be refinancing or moving long before you've paid off your mortgage. In this spirit, we never, ever attach a prepayment penalty to any loan. It's our policy.
Is the deposit refundable?
In most cases, this is a non-refundable good-faith deposit. However, it can be refundable if:
- Your loan application is denied (less any actual costs incurred)
- If your property securing the mortgage loan is located in California, Illinois, New York, North
Dakota, Washington, West Virginia or the District of Columbia, we may only retain the actual costs of the appraisal and credit report (for Washington only the cost of the appraisal) and refund any excess deposit to you whether or not your loan was denied or withdrawn. For New Jersey - second mortgage loan applications do not require a deposit.
Can I get home financing without paying points?
Yes. We offer a wide variety of home financing programs, which give you a lot of options, including no points. When you speak with a Mortgage Banker be sure to mention you're interested in learning more about no points options.
Are the pre-qualification and pre-approval services free?
There is no charge for getting pre-qualified or pre-approved. You are not under any obligation to use this site to apply for a loan, even if you use it to review interest rates and terms for a variety of loans or to get pre-approved or pre-qualify for a loan.
Can I get a loan if I live outside the United States?
Yes, as long as certain criteria are met. Typically, you must be a U.S. citizen with established credit and income history. We can occasionally assist borrowers who are not U.S. citizens if the home being financed is a primary residence. Additionally, the property must be located in the 50 United States or the District of Columbia. Please keep in mind that each individual situation is unique and is best addressed by speaking with a Mortgage Banker directly.
How do I stop receiving Rock Financial promotional e-mails?
We give you the opportunity to control the use of your personal information for purposes other than to fulfill your request or as is required to process, close and subsequently service your loan. We will provide you the opportunity to opt-out of secondary uses of personally identifiable information you provide us, whenever we gather it. Simply notify us when you register or you may call toll-free 800-863-4332 or send an e-mail to optout@rockfinancial.com or you may click here to change your privacy preferences.
Is Rock Financial compatible with my Internet browser?
- Rock Financial is compatible with Internet Explorer 5.0 or higher, and Netscape 6.0, but 6.2 or higher is recommended.
- If you use AOL, Rock Financial is compatible with AOL 5.0 or higher.
Here's how to determine which browser you're using:
- Windows users - Go to your browser's Help menu and click About Netscape, or About Internet Explorer.
- Macintosh Classic users - Go to your Apple menu and click About Netscape, or About Internet Explorer.
- Macintosh OS X users - Go to your Netscape or Explorer menu and click About Netscape, or About Internet Explorer.
- AOL - Go to your Help menu and click About America Online.
You can download the latest Internet browsers for free.
- Download the latest Internet Explorer (it's free).
- Download the latest Netscape Navigator (it's free).
- AOL for Windows 95 and Windows 98 users - Go to Keyword: Upgrade and upgrade AOL and your Web browser software.
If you have any questions, contact Rock Financial customer support at help@rockfinancial.com, or call toll-free: 800-863-4332
Hints for AOL users
If you use Windows 95, Windows 98, or Windows NT: America Online customers who experience problems using Rock Financial can improve performance by upgrading to the latest versions of AOL and the Microsoft Internet Explorer browser. Here's how:
- Sign on to AOL.
- Go to Keyword: Upgrade.
- Follow the onscreen instructions that guide you through the upgrade process.
- After you successfully upgrade your AOL and browser software, go to Keyword: Rock Financial.
If you use a Macintosh, or if the previous solution does not help: Using an independent browser such as Netscape, Safari or Mozilla, instead of the built-in AOL browser can solve problems associated with accessing the World Wide Web through AOL. Here's how to proceed:
- Download one of the following browsers: Netscape Navigator, Safari, or Mozilla.
- Install the downloaded software on your computer. (You'll find installation instructions on their site.)
- After you successfully install your new browser, restart your computer.
- Sign on to AOL and stay at the AOL Welcome page. (Note: You must sign on to AOL before proceeding.)
- Keep AOL running in the background and start your newly installed browser. The new browser will use your AOL connection.
- Go to Rock Financial by pointing your Web browser to www.rockfinancial.com.
If you have problems getting your new browser to work with AOL, go to the AOL Member Services area, click Internet & World Wide Web, then double-click the Using other browsers with AOL topic. This gives further advice on how to use a browser with AOL.
