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Mortgage Lending Questions
- How long does it take to process and close a mortgage loan?
- What information will be required when I apply?
- When can I lock in an interest rate?
- What is private mortgage insurance?
- Can I have my mortgage payment deducted automatically from my checking or savings account each month?
- What is a mortgage escrow account?
- What is title insurance?
- What homeowner's insurance requirements will I need to meet at closing?
- Can I make my mortgage payment or pay off my loan through wire transfers?
How long does it take to process and close a mortgage loan?
First Republic Bank prides itself on its quick loan closings. Processing and closing a loan generally takes between seven and 30 calendar days. A First Republic Loan Officer can give you a more precise estimate based on your individual situation.
What information will be required when I apply?
You will need recent pay stubs, bank and brokerage statements. You will also need tax returns for two or three years depending on whether you are a salaried employee or self employed. Members of partnerships will need K-1s. A detailed list is available in the step-by-step guide for residential home purchases.
When can I lock in an interest rate?
Once you have completed a loan application and have chosen a property, you can lock in your interest rate. Usually rates are locked in on a 45- and 60-day basis. You should check with your First Republic loan officer for other options.
What is private mortgage insurance?
Private mortgage insurance (PMI) is a form of insurance that protects the lender against loss in the event the borrower defaults on the mortgage. This insurance is typically required if you make a down payment of less than 20%.
Can I have my mortgage payment deducted automatically from my checking or savings account each month?
After your mortgage loan closes, you will have the option of enrolling in an automatic mortgage payment program. You will be asked to provide an authorization form with a voided check or savings account slip attached to set up the draft. The payment is typically debited on a preset day each month.
What is a mortgage escrow account?
At the time you close your mortgage loan an escrow account may be established. This account is held by the lender so that payment of real estate taxes, fire and hazard insurance premiums, mortgage insurance premiums, and other escrow items are paid in a timely fashion.
What is title insurance?
Title insurance provides the lender and the buyer (if you purchase owner's coverage) with coverage for losses resulting from title defects listed in the policy. If a title error has occurred, it may be that someone else has an interest in the property, that improvements encroach on property lines, or that other similar problems may exist. Without title insurance you could lose your investment in your home. Lender's coverage protects the lender. Owner's coverage is optional and provides separate coverage for the borrower.
What homeowner's insurance requirements will I need to meet at closing?
A one-year paid receipt for homeowner's insurance policy for at least the amount of the mortgage is required at the loan closing.
Can I make my mortgage payment or pay off my loan through wire transfers?
Yes! You can make your First Republic mortgage payment or pay off your loan by wire transfer. To send funds by wire transfer, please include the following information on your instructions to the originating institution.
Wire Information for First Republic Bank
- Name of Bank: First Republic Bank
- City and State: San Francisco, CA
- ABA Number: 321081669
- Beneficiary: Customer's Name and Account Number
- Optional Text: Originator's Name, Recipient's (at FRB) Name and Preferred Banking Office/Department, Account Number, Attn: Payoff
View or print Wire Transfer instructions (PDF). Best if viewed using Adobe Acrobat Reader. If you do not have a reader, you may obtain a free copy by clicking on the icon below and following instructions:
