Legal Disclaimers

Legal Disclaimers

Legal Disclaimer

The content provided on this website is presented or compiled by Joel Lobb and is provided for informational purposes only. It does not necessarily represent the views or opinions of Key Financial Mortgage .

Neither Joel Lobb nor Key Financial Mortgage assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights.

The mortgage or financial services or strategies mentioned in this website may not be not suitable for you.

Key Financial Mortgage is an Equal Opportunity Lender. All rights Reserved.

Joel Lobb is a Licensed Mortgage Originator: NMLS #57916. Key Financial Mortgage NMLS # 1800 is a licensed Mortgage Broker Company in the State of Kentucky

This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.

**Download Fair Housing Booklet – CLICK HERE

All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines.

Copyright © 2009-2012 All rights reserved

Loan Pricing Disclosure

We use a system of risk-based pricing to determine the interest rate and discount points that we charge. This disclosure explains the basics of risk-based pricing and gives you notice of our practices and procedures in determining the interest rate and costs for your mortgage loan.
What is Risk-Based Pricing?
Risk-based pricing is a system that evaluates the risk factors of your mortgage application and credit profile and adjusts the interest rate and discount points up or down based on this risk evaluation.
What Factors Can Affect My Loan Pricing?
Various factors interact to adjust your loan pricing. The major factors include:
  • Credit Profile: We will obtain a credit report that shows the amount of debt you have outstanding and how you have historically paid on your debt and obligations. The credit report will also contain a "credit score" that ranks your credit history. Credit scores look at five main kinds of credit information, namely: payment history; amount owed; length of credit history; new credit; and types of credit in use. Generally, if you have had any history of nonpayment or late payments on any loans or debt, this may lower your credit score and increase your interest rate and costs. People with high credit scores consistently: pay their debts on time, keep balances low on credit cards and other revolving loans; and apply for and open new credit accounts only as needed.
  • Property: The type of property you are mortgaging also impacts your loan pricing. For example, investment property, condominiums or multifamily housing are usually considered to have a higher risk to lenders than single-family detached homes. The value of the property (usually determined by an appraisal) as compared to the amount you wish to borrow (the "loan-to-value ratio" or "LTV") also impacts your loan price. The higher the LTV, the higher the interest rate and costs. LTV's over 80% also usually require mortgage insurance. The price of mortgage insurance may vary based on your credit profile.
  • Income/Debt: The amount of your mortgage payments and total debt payments as compared to your income, ("debt-to-income ratios") may also impact your loan cost. The higher your debt-to-income ratio, the higher our risk, and so the higher the interest rate and fees.
  • Other Factors: Other factors may also affect our risk, and your interest rate and origination charge. These factors include, but are not limited to: previous bankruptcies, foreclosures or unpaid judgments; and the type of loan product applied for, such as adjustable rate versus fixed rate, or cash out refinance versus rate and term refinance.
How And When Is My Price Determined?
Your price is determined by evaluating all the risk factors that are involved in your loan, and determining where you fit into our risk/price range.
We will give you an estimate of your risk-based pricing after we have done an initial evaluation of your credit history and a review of your proposed property.
REMEMBER, however, that your risk-based pricing may change from this initial estimate if any of the risk factors discussed above change - for example, if the appraised value of the property is determined to be different than the value used for your initial estimate or if your credit profile changes between the time of the initial estimate and closing.
If you choose to "lock" a rate range prior to the final risk assessment, you will be locked for the interest rate range available at that time. Your actual price will be established based on where your final risk level fits into that particular interest rate range. Your final risk level is determined at time of closing, when there are no further changes to your credit profile or loan factors.
Is There a Way to Obtain a Lower Price?
If you are not in the lowest price bracket available, you may be able to obtain a lower price if you are able to lower our risk. You may accomplish this in various ways, such as: by putting more money down and lowering the LTV; finding a co-signer with additional income to support the loan; clearing inaccurate items on your credit report; paying off other debt to lower your debt-to-income ratio; changing from a cash-out refinance to rate and term refinance; or changing the term on the loan.

General Disclosures

  • Information displayed is accurate as of the date of the latest update and is subject to change without notice. Loan pricing can only be locked through a home mortgage consultant. Other restrictions may apply.
  • Due to various federal, state and local requirements, certain products may not be available in all areas.
  • The monthly payment amount displayed includes principal and interest only. The payment amount does not include homeowner's insurance or property taxes which must be paid in addition to your loan payment.
  • The displayed Annual Percentage Rates (APRs) reflect the interest rates, total points, and additional estimated pre-paid finance charges for the loan products shown, but do not include other closing costs.
  • The approximate cost of prepaid finance charges does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a loan. This is not a mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs.
  • Conventional loans with a down payment less than 20% require mortgage insurance which could increase the monthly payment and Annual Percentage Rate (APR).
  • Mortgage rates shown are based on a 60-day lock for the purchase of a primary residence. Under certain circumstances, a 60-day rate lock may not be available.
  • Mortgage rates displayed may include points as shown in the Assumptions table.
  • These mortgage rates are based on a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing. For more information, please refer to the Loan Pricing Disclosure or contact us.

Adjustable Rate Mortgages (ARMs)

  • Interest rates and payments may increase after consummation. After the initial fixed-rate period, your interest rate can increase or decrease annually according to the market index. Any change may significantly impact your monthly payment. Since the index in the future is unknown, the First Adjusted Payments displayed are based on the current index plus the margin (fully indexed rate) at time of scenario/disclosure.
  • For conforming and jumbo ARM interest rates, at adjustment your new mortgage rate will be the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market (LIBOR) as published in the Wall Street Journal, plus a margin of 2.25% subject to annual and lifetime adjustment caps.
  • For FHA ARM interest rates, at adjustment your new mortgage rate will be the average weekly yield on Treasury securities adjusted to a constant maturity of one year, plus a margin of 1.75%, subject to annual and lifetime adjustment caps.


  • FHA loans require both an upfront and in most cases, an annual mortgage insurance premium. The premium varies based on the loan characteristics. For illustrative purposes on FHA loans, our loan detail results include a mortgage insurance payment added to the monthly principal and interest payment.

Conforming Loan Limits

  • Conforming and FHA loan amounts for certain loan products have increased in federally designated metropolitan areas. Larger limits may be available in the state of Hawaii. To determine eligibility for a larger loan amount or find out if these loan limits can help meet your needs, contact us.