Question 1

What types of loans do you offer?

Accepted Answer

At Mint Group Mortgage, we offer FHA, VA, USDA, Conventional, and Jumbo loans.  We also have options for reverse mortgages, construction loans, and special loans for self-employed individuals.  We even offer some out-of-the-box programs for situations that don’t fit the normal guidelines.  These are called non-QM (non-qualified) mortgages.

Question 2

What are your current interest rates and fees?

Accepted Answer

As a mortgage broker, we will shop your rate with many different lenders.  Currently, we have 30 lenders at our fingertips to make sure you get the lowest rate with one credit pull.  As for fees, we are Small (on purpose) and as such, we have low overhead.  Our low fees reflect this.

Question 3

How much do you charge as a broker?

Accepted Answer

There is not a set fee per loan.  We are flexible.  Each situation is different and we match up our fee with each situation.  Sometimes we get paid by the lender.  Sometimes, the borrower would rather have a lower rate and pay our fee upfront as a closing cost.  Being small allows us to build each loan with the best thing for each borrower.

Question 4

What credit score do I need to qualify?

Accepted Answer

Depending on the amount of down payment, we have loan options for borrowers with credit scores as low as 500.  Of course, most mortgage loans are risk based, so interest rates are usually directly affected by credit scores.  In most cases, the higher the credit score, the lower the rate.

Question 5

How much can I afford to borrow?

Accepted Answer

Most mortgage loans will allow you to have a 50% debt-to-income ratio.  That means all of your monthly consumer payments and the total mortgage payment should add up to less than half of your monthly gross income.  For example, if your monthly gross income is $10,000, your total debts should be $5000 or less.

Question 6

What’s the difference between you and going directly to a bank?

Accepted Answer

As a mortgage broker, we are a liaison between you and the actual lender.  We have about 30 different lenders to choose from!  If you go to a bank, you will only get 1 choice.  If you apply with us, you’ll have access to many more options!

Question 7

How long does the mortgage approval process take?

Accepted Answer

The mortgage pre-approval take a few minutes!  The whole process, from contract to close, usually takes between 3-4 weeks.

Question 8

What documentation will I need to provide?

Accepted Answer

For a prequalification, you just need to fill out an application online with information that you probably already know.  For a pre-approval, we’ll need the application PLUS income and asset/downpayment information.  For final approval, there will be more for you to provide depending on your unique situation.

Question 9

Can you lock my rate, and for how long?

Accepted Answer

Rates can be locked for periods from 30-days to 90-days.  Most lenders allow a one-time float down if rates improve during the time between lock date and closing.

Question 10

What happens if my situation changes (job, credit, income) during the process?

Accepted Answer

If your situation changes during the process, make sure you alert your Loan Originator as soon as possible.  Some changes will not affect the process, but some obviously will.  We will find out eventually, so best practice is to be upfront with any and all changes that happen before closing.