Frequently Asked Questions

Mortgages are typically offered by financial institutions, such as banks and credit unions. Mortgages can also be obtained from other sources, including private lenders and government agencies.

Mortgage rates vary depending on the borrower’s credit history, income level, loan-to-value ratio, type of property being purchased and other factors.

Do you have additional questions? Feel free to reach out.

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When should I refinance?

There are a lot of reasons to get a new loan. We only look at the cost of getting a lower interest rate. We don't look at how much you'll save on your payments, which can change the results because you're frequently borrowing less money. Then, we figure out how long it might take to get those costs back. In many cases, you, the borrower, won't have to pay any or very little of the costs. Even a slight change in rate can save you money. We also look at the remaining time on your mortgage. How much money you could save, and what you plan to do with the money you save from lower rates.

What are the points?

The no points, or based on paying 1 point, are references to a percentage of the total amount that can be borrowed. Since one point is equal to one percent of the loan, 1 point on a $100,000 loan would amount to $1,000. 1 point on a loan of 1.5% would be equal to $1,500.

Should I pay points to lower my interest rate?

Paying discount points to cut loan rates can be effective. Even if you anticipate staying in the property for a long time, the points may not be worth paying unless they provide a cost-effective return depending on the duration it takes to recover the costs. Points can often cut payments or increase borrower power.

What is an APR?

The annual percentage rate (APR) is the annual interest rate on a loan or investment.

What does it mean to lock the interest rate?

If you lock your interest rate, it will remain unchanged from when you lock it until the date it expires, no matter how the market changes. If things change before your loan closes, your final interest rate could be either lower or higher than what you were told at first. Often the duration is 15 to 45 days, but it can be 90 days.

What documents do I need to prepare for my loan application?

We simplify and decrease documentation upfront based on current rules. The simpler your circumstance, the less paperwork you require. Our industry-backed automatic algorithms calculate the minimum quantity of paperwork for your situation.

How is my credit measured by lenders?

An average credit score goes from 300 to 900. Further, a better credit score increases your creditworthiness and vice versa. Generally, a credit score of 750 or over is optimal for obtaining loan approval from a financial institution such as a bank.

What can I do to improve my credit score?

There are a number of things you may do that will result in an improvement to your credit score. The following is a list of some methods by which you may work toward raising your credit score.

Examine your credit history.
Manage your bill payments.
Limit the number of credit requests.
Fill out a brief credit report.
Maintain your former accounts and address delinquencies.
Consider combining your debt.

What is an appraisal?

An appraisal estimates a property's fair market worth based on similar properties' style, size, vicinity, characteristics, and sale date. A lender usually requires this before loan acceptance to verify the property valuation matches the lending program.