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Mortgage FAQs
Mortgage FAQ
This section covers frequently asked questions about mortgage types, eligibility criteria, application processes, interest rates, and refinancing options.
Topics
Finance a Home Purchase
Refinance Mortgage
Finance a Home Purchase
How much can I afford to borrow for a mortgage?
Your borrowing capacity depends on various factors, including your income, debts, down payment, and credit score. A general rule of thumb is that your monthly mortgage payment should not exceed 28-30% of your gross monthly income. Use Truvion’s mortgage affordability calculator to get a personalized estimate.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an initial estimate of how much you might be able to borrow based on self-reported financial information. Pre-approval is a more thorough process where the lender verifies your financial information and provides a conditional commitment to lend you a specific amount.
What is the minimum down payment required?
The minimum down payment depends on the type of loan. For conventional loans, it's typically 3% to 20% of the home’s purchase price. FHA loans may require as little as 3.5%, while VA and USDA loans might not require any down payment at all. For more information and see the types of loans that Truvion offers, you can visit our Mortgage Product page. To determine your eligibility and decide that is the best option for you, we recommend that you talk to a Truvion expert.
What is Private Mortgage Insurance (PMI), and when is it required?
PMI is insurance that protects the lender if you default on your mortgage. It's usually required for conventional loans when your down payment is less than 20% of the home's purchase price. Once you build up enough equity in your home, you can request to have PMI removed.
How does Truvion determine my mortgage interest rate?
Your interest rate is determined by several factors, including your credit score, the loan amount, loan term, type of mortgage, and current market conditions. Higher credit scores and larger down payments typically result in lower interest rates.
What are closing costs, and how much should I expect to pay?
Closing costs are fees and expenses you pay when finalizing your mortgage, including appraisal fees, title insurance, and attorney fees. They typically range from 2% to 5% of the loan amount. At Truvion, we provide a detailed estimate of your closing costs early in the process so you can plan accordingly.
Can I pay off my mortgage early?
Yes, you can pay off your mortgage early without penalty in most cases. Paying extra toward your principal balance can reduce the total interest you pay and shorten the loan term. However, it's important to check your loan agreement for any specific terms related to prepayment.
What should I do if I have trouble making my mortgage payments?
If you’re having trouble making payments, contact Truvion as soon as possible. We offer several options, including loan modifications, repayment plans, and forbearance, to help you avoid foreclosure. It’s important to address the issue early to explore all available solutions.
How long does the mortgage approval process take?
The mortgage approval process typically takes 30 to 45 days, but it can vary depending on several factors, including the complexity of your financial situation and the type of loan. At Truvion, we strive to make the process as smooth and efficient as possible.
Can I get a home loan if I am self-employed?
Yes, you can get a home loan if you are self-employed. You may need to provide extra documentation, like two years of tax returns, to verify your income. A good credit score, a solid down payment, and a low debt-to-income ratio will also help your chances. Truvion can assist you in finding the right loan options for your situation.
Can Truvion finance a manufactured home or a mobile home?
Yes, you can finance a manufactured home, but it depends on factors like whether the home is on a permanent foundation and the type of loan you choose. Options include conventional loans, FHA loans, VA loans, USDA loans, and chattel loans (for homes not on owned land). Each has different requirements and interest rates, with FHA and VA loans being more flexible for lower credit scores and down payments. Truvion can help you explore the best financing options for your situation.
What is the minimum FICO score required to get a mortgage?
While there are guidelines for each mortgage program, Truvion has access to a special pricings so we may be able to finance your home even if you have a blemished credit score. Please speak with our expert to get a customized quote.
How will applying with Truvion Mortgage affect my credit?
Filling out an online mortgage application or applyting through our loan officers typically involves a "soft inquiry" or "soft pull" of your credit, which does not affect your credit score. Soft inquiries are used to give lenders a snapshot of your credit profile without impacting your score. However, once you move forward with the loan process and the lender performs a "hard inquiry" or "hard pull," which is a more detailed review of your credit, it can slightly impact your credit score. This hard inquiry is common when you formally apply for a mortgage or other forms of credit.
If you're concerned about how the application process might affect your credit, you can always ask the lender to clarify when they will perform a hard inquiry and how it might impact your score. At Truvion, we're here to guide you through the process and answer any questions you may have along the way.
Can I still get a loan if my credit is really bad?
What's special about us is that we're able to be more flexible with credit scores and income requirements. Unlike traditional banks, we have access to exclusive pricing and programs that allow us to offer solutions tailored to your unique financial situation.
What types of documentation do I need for a purchase loan?
For a purchase loan, you'll typically need:
Income Proof:Recent pay stubs, W-2s, and tax returns.
Employment Verification:A letter from your employer or tax returns if self-employed.
Credit Report:The lender will pull your credit history.
Assets:Recent bank and investment statements.
Debt Info: List of monthly debt payments.
Identification:Driver’s license and Social Security number.
These documents help assess your financial situation. Truvion can help guide you through the process.
Refinance Mortgage
Can I refinance my mortgage with Truvion?
Yes, Truvion offers refinancing options that can help you lower your interest rate, shorten your loan term, or access equity in your home. Refinancing can be a great way to save money or achieve other financial goals.
What is a cash-out refinance, and how does it work?
A cash-out refinance replaces your existing mortgage with a new, larger loan. The difference between the new loan amount and what you owe on your current mortgage is paid out to you in cash. This option allows you to access the equity you've built in your home and use the funds for various purposes, such as home improvements, debt consolidation, or other financial needs.
How much cash can I get from a cash-out refinance?
The amount of cash you can receive depends on several factors, including your home's current value, your remaining mortgage balance, and the loan-to-value (LTV) ratio allowed by your lender. Typically, lenders allow you to borrow up to 80% of your home's value, though this can vary depending on your credit score and loan terms.
What are the benefits of a cash-out refinance?
A cash-out refinance offers several benefits:
Access to Funds: Provides a lump sum of cash that can be used for home renovations, paying off high-interest debt, or other major expenses. Potential Lower Interest Rate: You may secure a lower interest rate than what you're paying on existing debts.Tax Deductibility: Interest on the mortgage may be tax- deductible if used for home improvements(consult with a tax advisor).
Is a cash-out refinance right for me?
A cash-out refinance may be a good option if you have significant equity in your home, a stable income, and a clear plan for using the funds. It’s ideal for homeowners looking to make major home improvements, consolidate debt, or cover large expenses. However, it’s important to weigh the potential benefits against the risks, including the possibility of higher monthly payments and increased debt.
What is the difference between a HELOC and a Home Equity Loan?
A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows you to borrow against the equity in your home as needed, up to a certain limit. It works similarly to a credit card, where you can borrow, repay, and borrow again during the draw period. On the other hand, a Home Equity Loan (HELoan) is a lump-sum loan with a fixed interest rate and fixed monthly payments, also secured by the equity in your home. A HELOC offers more flexibility, while a HELoan provides the stability of predictable payments.
What is a VA IRRRL program and what are the requirements?
The VA IRRRL (Interest Rate Reduction Refinance Loan) is a program that helps veterans refinance an existing VA loan to get a lower interest rate or switch from an adjustable-rate to a fixed-rate mortgage.
Key Points:
No Appraisal or Credit Check:Usually, no appraisal or credit check is required.
No Out-of-Pocket Costs:Closing costs can be rolled into the new loan.
Requirements: You must have an existing VA loan, a good payment history, and the new loan must lower your interest rate (unless switching from ARM to fixed).
It's a straightforward way to reduce your mortgage rate or secure more stable payments. Truvion can guide you through the process.
What is a FHA Streamline program and what are the requirements?
The FHA Streamline Refinance program is designed to help homeowners with existing FHA loans refinance to a lower interest rate or more favorable loan terms with minimal paperwork.
Key Points:
No Appraisal or Income Verification:Typically, no home appraisal or income verification is required.
Lower Monthly Payment: The refinance must reduce your monthly principal and interest payments or switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
Existing FHA Loan: You must already have an FHA loan to qualify.
Good Payment History: You must be current on your mortgage with no more than one late payment in the last 12 months.
This program is a simple and fast way to refinance your FHA loan, reducing your interest rate and monthly payments. Truvion can assist you in taking advantage of the FHA Streamline program.
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