You’ve got questions, and we’ve got answers. Check out our FAQs to find out more about Lendid and the home loan process.
What types of mortgage options does Lendid Home Loans offer?
Lendid Home Loans offers most of the mortgage options available in the marketplace today.
Fixed and Adjustable Rate
Conforming (conventional loans under $453,100)
Jumbo (loan amounts greater than $453,100)
FHA, VA and USDA Loans
Niche, Non-Prime Loans
What is required to qualify for a loan?
We will look at your credit, income, employment history and assets. There are a lot of variables that go into an approval, so you should never assume you don’t qualify. It is best to let us tell you what you qualify for.
Should I get a pre-approval letter before searching for a home?
Yes! You need to know how much you qualify for so that you can narrow your search. In addition, most sellers will require the letter with your offer and most real estate agents will want to know you are qualified before showing you homes.
What is the difference between a mortgage broker and a direct lender?
A mortgage broker shops around various lenders to find the best rate and service for their borrower. A direct lender lends directly to the borrower. This does not mean that you are paying the broker an additional amount on top of what you would pay to a direct lender. Wholesale lenders offer brokers better rates than what is available to direct lenders. They are able to do this because they are not paying for marketing, loan officers or processors because the brokers are bringing them the loans. We suggest getting a quote from Lendid Home Loans and then comparing it to a direct lender like Wells Fargo or Quicken Loans.
How much will I need for a down payment?
The down payment amount will depend on how much the house costs and the loan program you choose. In general, the more you are able to put down, the better the terms of your loan will be. However, there are various low down payment options as well. Your loan officer can let you know the various options and help match you to the one that’s best for you.
What determines my rate?
Your rate is determined by which program you choose and a number of other variables like credit score, down payment amount, term (15 year vs 30 year) and many others. It is best to let your loan officer provide you with a quote after reviewing your information.