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| *Loan,banking and credit>>>mortgage loan |
Can you define a conventional fixed conforming fast rack 30 mortgage loan? |
I have applied for a 30 yr. refinance conv. fxd conforming fastrack loan .Is it really a fixed loan for 30 yrs? Yes it's really a 30 year fixed loan that is eligible for sale to either Fannie Mae or Freddie Mac. FastTrack is just the brand name that your lender uses for either an "Accept Plus" (Freddie) or "Rapid" (Fannie) loan process. Some places call them "Fast and Easy" some call them "FastTrack" and others call them something else. It generally means that the credit profile is so favorable that the review process is limited. The "FastTrack" part has nothing to do with the fact that it is a 30 year fixed conforming loans. Source(s): http://nosurpriseloans.com Who did you apply with? Not sure what a fastrack is but the best way to tell is to request a Good faith estimate or Truth in lending statement. A lock-in agreement will also tell you. www.caseycasperson.com, The nationwide home loan expert with Chase. Yep. Fast track just sounds like you skip the step of verifying your income and assets, if your credit and loan to value meet the proper thresholds. Have you asked if you could get a better rate by documenting your income? 10 years in mortgage banking |
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