How do I start the application process?

There are two easy ways to get started with Open Mortgage:
1. Locate the office closest to you and speak to a Loan Originator.
2. Send us a message and someone will contact you to discuss your options.

Where do I send my first payment?

All payments must either be in the form of a personal check, cashier’s check, or money order and mailed to: Open Mortgage, LLC, Attn: Accounting Department, 166 Hargraves Dr., Ste. C400 #340, Austin, TX 78737. Please be sure to include a name and loan number on the check, money order, or on a separate document to allow us to post the payment quickly to your account. Or, you can make a payment online through our Payment Portal. If you have any questions please call us at 888-602-6626 ext. 1510.

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

Open Mortgage has been a Mortgage Banker for over fifteen 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 approves 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 could 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.

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.

Are the pre-qualification services free?

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