Mortgage Lending Questions You Want Answered
At United Wholesale Lending, we are always available to answer questions and help you obtain the financing that best fits your life and future goals. Reach out directly to us if your question isn’t answered here!
In order to get the best Sacramento home loan for your financing needs, it is important that your questions are answered and that you feel confident moving through purchasing or refinancing your home. We get questions all the time and wanted to put some answers together to best support you in making a decision on who to work with and which product to use. At United Wholesale Lending, we are always available to answer questions and help you obtain the financing that best fits your life and future goals. Reach out directly to us if your question isn’t answered here!
What is the benefit of working with United Wholesale Lending?
Some companies have mottos. We have six pillars. Deep foundational beliefs that drive decisions big and small.
- Our People – Our people are the secret to United Wholesale Lending’s success. That’s why we invest in them with continuous and real-time training, so they can continue to set the standard.
- Thumb Pointers – If something doesn’t go as planned, we don’t play the blame game. We own it. Improve it. And learn from it.
- Service – Some call it customer service. We call it Younited to Wow. It means making sure every interaction is meaningful, magical, and memorable.
- Continuous Improvement – If you’re not moving forward, you’re standing still. We continuously invest in our people and introduce new technology and innovative solutions.
- Relationship Driven – Our long-term reputation is more important than short-term gains. We place a premium on creating lasting relationships above all else.
- Fun and Friendship – We are big believers that work can (and should) be fun. It’s about finding your passion and purpose — but always leaving time for play.
What products does United Wholesale Lending offer?
When it comes to financing your home purchase, it is important to be familiar with the products available to you. Understanding your loan options is the first step in finding the best match for your home financing goals. United Wholesale Lending offers:
- Fixed-Rate Loans – Based on an interest rate and monthly principal, meaning your interest payment does not change over time.
- Conventional Loans – Loans that are not part of a specific government program.
- Jumbo Loans – The amount of the mortgage exceeds loan limits set by Fannie Mae and Freddie Mac. The current loan limit is $715,000 for a single-family home in all states
- FHA Loans – Federal Housing Administration loans (FHAs) are backed by the government so that approved lenders can offer home finance to buyers who aren’t eligible for a traditional loan.
- USDA Loans – Loans made or guaranteed by the United States Department of Agriculture’s Rural Housing Service agency to assist households with low to moderate incomes to purchase safe and affordable homes in rural areas.
- CalHFA – An FHA-insured loan featuring a CalHFA 30-year fixed interest rate first mortgage.
- VA Loans – Eligible active-duty service members, veterans, and eligible surviving spouses can utilize this program to finance a home with no down payment, no mortgage insurance, and lenient credit requirements.
- Adjustable-Rate Mortgages – Rate changes occur during the life of the loan based on movements in an index rate.
- Reverse Mortgages – A homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income.
How long does it take to close a transaction?
The amount of time it takes to move from loan application to loan funding on average ranges from 30 to 60 days, but some can close in less, depending on your individual needs.
Which Mortgage is Best for Me?
Each loan has different requirements that fit different needs. The best way to find out which loan program is best for you is to reach out directly to us and allow us to better understand what you are bringing to the table, as well as what you would like to accomplish. At United Wholesale Lending, we believe that the most satisfied clients are the most informed.
How Do Down Payments Work?
Usually, home buyers come to the table with 20% down, but this is not always the requirement. A qualified buyer can obtain a mortgage with little to no down payment. We work hard to walk our clients through all the loan options that fit their needs and work hard to make sure they understand what that means all the way through the transaction so no costs jump out unexpectedly.
What is the Annual Percentage Rate (APR)?
An annual percentage rate (APR) is the yearly interest generated by a sum that is charged to borrowers or paid to investors. This is an important data point in your transaction. If you are looking for the lowest Annual Percentage Rate and are shopping around, make sure you ask if discount points are included in your rate. When discount points are included, you are paying extra fees upfront to lower your interest rate. If you are comparing rates, it’s important to know if lenders are adding discount points that you will ultimately pay for to obtain a specific rate.
Is a hard credit check needed?
No, not to get your qualified, it will only be needed before we get your offer fully accepted.
Who Pays Mortgage Insurance?
Mortgage Insurance payments can be upfront, ongoing, or both. Usually, if the borrower puts down less than 20%, they pay the mortgage insurance. If you get a quote that says you are not paying mortgage insurance, make sure the lender hasn’t built the payment into your monthly payments. Sometimes a larger down payment, or an alternative loan program can eliminate mortgage insurance.
What Other Costs Should Be on My Radar?
Unanticipated fees can put borrowers in uncomfortable positions, at United Wholesale Lending, we work hard to make sure our borrowers are never caught off guard. Appraisal, a title search, property taxes, and other closing costs, are paid at the loan signing and should be detailed in your official Loan Estimate document and your almost-time-to-sign Closing Disclosure. At United Wholesale Lending we believe that the sooner you know what the fees of your transaction are, the better you can prepare and budget for them.
How Often are Clients Updated on Their Loan Process?
With United Wholesale Lending you have a single point of contact throughout your mortgage loan process. How you prefer to be updated on the progress is in your hands, some borrowers like email, phone, or an online portal. We work hard with our borrowers to meet and exceed their service expectations.