FAQs
Frequently asked mortgage questions.
Have one that isn't here? Call (586) 786-5500 or start the quick application and ask in the notes.
Mortgage questions
Asked before most applications.
Short answers to the eight we hear most. If yours isn't here, a loan originator will answer it on the phone.
Ask a person
(586) 786-5500- 24 hrs
- reply to every application
- No SSN
- to see what you qualify for
- 1 min
- to fill it out
01Do I need to give my Social Security number to see what I qualify for?
No. You can safely apply to find out if you qualify without disclosing your Social Security number. No registration and no login either.
02What is a VA home loan?
VA loans are for military veterans, service members, and eligible spouses. They are guaranteed by the VA and carry very competitive interest rates.
03What is a USDA home loan?
USDA Rural Development loans help low and moderate-income families buy a home with no down payment. Household income must not exceed program limits, and the property must be USDA-eligible, which is determined primarily by its location.
04What is an FHA home loan?
FHA purchase loans are low down payment loans. They only require 3.5% down, which makes them popular with first-time home buyers, and the guidelines permit down payment gift funds from family members, employers and housing grants.
05What is a Conventional 97 loan?
A low down payment (3%) loan for first-time home buyers. There is no income limit, and the mortgage must be a fixed rate.
06What is a jumbo loan?
Jumbo loans exceed conforming loan limits. Because they are bigger, qualifying is tougher than for government-insured or conventional mortgages, and larger down payments are expected.
07What is a streamline refinance?
A faster refinance of an existing VA or FHA loan into a new one with reduced documentation. The purpose is to reduce the monthly payment and save money over the life of the loan.
08How fast will I hear back?
Fill out the quick application and we reply within 24 hours. Construction loan pre-qualification typically takes 3 to 5 business days.