What is the difference between interest rate and APR?
Your interest rate is the monthly cost you pay on the unpaid balance of your home loan. An Annual Percentage Rate (APR) includes both your interest rate and any additional cost or prepaid finance charges such as the origination fee, points, private mortgage insurance, underwriting and processing fees (your actual fees may not include all of the items). While your interest rate is the rate at which you will make your monthly mortgage payments, the APR is a universal measurement that can assist you in comparing the cost of mortgage loans offered by different lenders.
Are pre-qualification and pre-approval services free?
There is no charge for getting pre-qualified or pre-approved with One Real Mortgage. You are not under any obligation to use this site to apply for a loan, even if you use it to review interest rates and terms for a variety of loans, or if you use it to get pre-approved or pre-qualify for a loan.
How important is the loan-to-value ratio?
The loan-to-value ratio (LTV) shows how much equity you have in your home. Equity is the difference between how much your home is worth and how much you owe on it. For instance, if your home is worth $200,000 and you owe $130,000 on your mortgage, you would have $70,000 of equity in your home. To calculate your LTV, divide your current loan amount by your home’s value. In our example, your LTV would be 65%. Higher LTV (or lower equity) generally means that there is a greater risk of defaulting on a loan. Therefore, LTV is important when determining qualification for home loans and rates. In general, the lower your LTV, the lower your rate.
Can I get a loan if I live outside the United States?
Yes, as long as certain criteria are met. Typically, you must be a United States citizen with established credit and income history, though in some cases, we can assist borrowers who are not U.S. citizens. Additionally, the property must be located in the United States. As always, every situation is unique, so contact one of our trusted Loan Advisors to be sure that you qualify.
What if I have a visa or an EAD card?
In some cases, we are able to assist borrowers who are not United States citizens, provided certain eligibility requirements are met. Every situation is unique, so contact one of our trusted Loan Advisors to be sure that you qualify.
When is my rate locked?
Your rate can be locked after you sign your full application package and after you provide the initial documentation that our team needs to process your application. Your rate can be locked at any time until your loan is Clear to Close, and your Loan Advisor will help ensure that you lock your rate at the time that is right for you.
Who can answer questions not addressed here?
If you have not yet connected with one of our Loan Advisors, you can reach us at 855-549-7001 or info@onerealmortgage.com. One of our team members will be glad to help answer your questions!
