How do I start the application process?

There are 2 easy ways to get started with Open Mortgage:

  1. Locate an office closest to you and speak to a Loan Originator
  2. Send us a message and someone will contact you to discuss your options

Why do I need a credit report?

Reviewing your credit report is the first step in the traditional mortgage process and allows both parties, the borrower and the lender, to determine what type of traditional loan you might qualify for.

Why should I consider a refinance?

People choose to refinance their homes for many reasons. If you are interested in lowering your interest rate, reducing your monthly mortgage payment or cashing out on your home equity, refinancing might a good option for you.

What documents will I need to have ready?

In most cases, documents that verify employment, income and assets will be required. These can include:

  • Social Security number
  • Last 2 months of paystubs
  • Past 2 years of W-2 forms
  • 2-3 months of bank statements
  • 1-2 years of federal tax returns
  • Any information regarding current debt (student loans, car loans, credit cards, etc.)

What is a loan origination fee?

An origination fee is charged by the lender and pays for the evaluation and processing of the loan. It is usually expressed as a percentage of the loan.

What is an FHA loan?

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). FHA loans are popular with  first-time homebuyers because the requirements are less strict than conventional loans.

In what states are you licensed?

Open Mortgage is currently licensed in over 40 states. Visit our Licensing page for a complete list.

What is the difference between a Mortgage Broker and a Mortgage Banker?

Open Mortgage has been a Mortgage Banker for over ten years. When you work with a Mortgage Banker, you interact with the same people from the same company throughout the entire process – from application to close – ensuring special attention to detail. A Mortgage Banker approved the loan and can generally offer lower rates/costs and a quicker process. That is not always the case with a Mortgage Broker. A Mortgage Broker is a middleman that brings you to the lender who approves the loan, which can result in a higher cost for you.

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 financial charges such as the origination fee, points, private mortgage insurance, underwriting and processing fees. (Actual fees may or may not include these charges). 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 Mortgage Bankers (Lenders).

How is my information used to come up with loan options?

When using our mortgage calculators, we try to customize the loan to what you are looking for – a new home, a lower rate, cash from your home, etc.

Since we don’t know everything about you, it is always best to speak with an Open Mortgage Loan Originator about your particular situation to help you assess if you can qualify and which loan product is right for you.

How important is the Loan-To-Value (LTV) ratio in refinancing?

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 $150,000 and you owe $100,000 on your mortgage, then you have $50,000 worth of equity in your home. To calculate your LTV, divide your current loan amount by your home’s value. In this example above, your LTV would be 67%. In the mortgage world, higher loan-to-value (or lower equity) means there is a greater risk the borrower may default on the loan. Therefore, in refinancing your home, LTV is important in determining qualification for home loans and rates. Generally speaking, the lower your LTV, the lower your rate.

What is Open Mortgage’s deposit policy?

Part of Open Mortgage’s mortgage process involves accepting a good-faith deposit from all of our clients. This money covers the costs incurred to process your loan, including pulling your credit report, getting an appraisal, and processing the title. We manage this entire process, and if you are approved, we get you to the closing location of your choice for your convenience.

Are the pre-qualification and pre-approval services FREE?

There is no charge for getting pre-qualified or pre-approved. You are not under any obligation to use our site to apply for a loan, even if you use mortgage calculators.

A better mortgage. A brighter future.

We understand how important it is to secure your financial future. We’re committed to providing you the options and solutions to keep you reaching higher.