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Company

Why Choose Home Lenders USA?

We are a team that is committed to providing a efficient, transparent and digital home mortgage experience backed by industry leading customer support (note we did not say "sales support").

What is the difference between a bank and a broker?

A traditional brick-and-mortar bank can only offer in-house loan products while a mortgage broker can shop the entire mortgage market to choose the perfect loan product for each individual customer. Also, by not having all of the unproductive overhead and expenses of a traditional bank - mortgage brokers save money and pass those savings along to you - the client.

Will Home Lenders USA service my loan?

No. Once your loan is funded, Home Lenders USA will transfer ownership of your loan to an investor who will provide servicing. During the application process, we will match you to a reputable, quality investor that provides the right type of loan and servicing for your situation. Your loan officer can tell you which investor we’re matching you to and answer any questions.

How will my loan be serviced after closing?

Home Lenders USA is a mortgage brokerage which partners with industry leading wholesale lenders who will manage and service your mortgage and payments.

Rates

How do you determine my mortgage rate?

We use our technology platform to consider an array of factors - such as market conditions, your credit history and your desired property - to find the best possible rates and options available to you from a variety of investors.

What is included in the monthly payment?

When you get a rate quote on our site, the monthly payment shown includes the principal and interest of the loan. You will also need to pay taxes and insurance, which vary based on location and other factors.

What are points and credits?

Points represent a percentage of your loan amount (1 point = 1%). You might choose to pay points at closing in exchange for a lower interest rate on the loan. In other words, by pre-paying some interest, you are “buying down” your rate.

Conversely, you might choose to receive a credit (or rebate) at closing to help cover other costs and fees. This would correspond to a higher interest rate on the loan.

How do I get the best rate guarantee?

If you use a real estate agent who is apart of our Home Lenders USA Preferred Partner Network and choose to use Home Lenders USA as your lender for your purchase transaction, you may be eligible for a discount of either 1/8th of your interest rate or $500 in lender credits.

What are the details for this program?

1) Home Lenders USA is offering purchase borrowers the choice to either take 1/8th off his or her interest rate or take $500 in lender credits when the borrower uses a real estate agent who is apart of our Preferred Partner Network.
2) Offer is open to conforming loan product customers who have (a) entered a purchase contract on a home using a real estate agent who is apart of our Preferred Partner Network and (b) closed a mortgage loan on said home with Home Lenders USA LLC.
3) "1/8th off your rate” refers to the percentage point discount from the interest rate you locked with Home Lenders USA if you use a real estate agent who is apart of our Preferred Partner Network and choose to take the lower pricing . “$500 in Lender credits” refers to the amount by which your closing costs will be reduced if you use a real estate agent who is apart of our Preferred Partner Network. The reduced rate will appear on the Closing Disclosure.

1. Offer is only valid in states where Home Lenders USA is currently originating loans. It includes all conforming loan products on single-family residences, condominiums and PUDs.
   
2. Offer is not available for refinances.
   
3. The rate locked initially may still vary within regulatory tolerances from the rate available to you at closing based on findings in underwriting, and all loans are subject to credit approval. The reduction will be taken from the rate available to you at the time of issuance of the closing disclosure.
   
4. Home Lenders USA reserves the right to rescind or modify the terms of this offer without prior notice.
   

Mortgage Products

What types of mortgages do you offer?

We currently offer both fixed and adjustable rates for conventional and jumbo loans. We finance properties including:

• Single-family homes
• Multi-family homes (up to four units)
• Townhouses
• Condos

Do you offer loans for investment properties?

Yes, we do offer loans for investment properties.

Do you offer commercial loans?

No, we do not offer commercial loans at this time.

Do I need to have an escrow account?

An escrow account is not required for all borrowers. However, having an escrow account usually helps in getting the best rate and maintaining your peace of mind. If you choose to have an escrow account:

• The annual amount of your property taxes and homeowners insurance will be divided and paid monthly.
• Your monthly mortgage payment will be increased by this amount.
• Your mortgage provider will pay your taxes and insurance for you out of the escrow account.
• Your total payments are the same, and you may get a better rate.

Without an escrow account, you are responsible for paying your tax and insurance bills directly.

How quickly can I close my loan?

Home Lenders USA usually closes loans between 14-30 days after application. The exact timing depends on a few factors, including how quickly you can submit all required documents, as well as the timing of third-party services. The most common situation that requires a longer time to close is a refinance where the borrower has a second mortgage that needs to be subordinated. If your loan happens to have more complicated circumstances and will take longer to close, your loan officer will discuss this with you when it’s time to lock your rate, and you may agree to a longer lock period.

Credit

What is a loan estimate?

This document provides you with important information, including the estimated interest rate, monthly payment, and closing costs of your loan. It’s a standard form that all lenders are required by law to provide you within three business days of submitting your application.

How do we keep our prices so low?

We use innovative technology limited overhead to dramatically lower our costs and then pass along those savings on to you.

Is my credit score too low to apply?

We can currently only provide loans to customers with a credit score of 550 or above.

Is my data secure?

The security of your data is our highest priority. All information transmitted to and from our website is encrypted in line with industry standards. In addition, we have in place physical, technical, and administrative security measures to protect personal information against loss, misuse, unauthorized access, or improper disclosure. For more details, please refer to our Privacy Policy.

What is a soft credit check?

When you apply online for our pre-approval, we’ll ask for your social security number and do a secure “soft” credit check. This doesn’t affect your credit score in any way. Knowing your credit score helps us make make more accurate calculations about how much you can afford.

How does my credit score affect my mortgage?

Your credit score helps lenders evaluate your ability to pay back your loans, based on your borrowing history. The higher your credit score, the better rates you’ll be able to get. This can lead to significant savings over the life of your mortgage.

How do multiple credit checks work?

If you are shopping around with different lenders, credit bureaus will typically only dock your score once within a 30-day period, no matter how many mortgage lenders do a credit check. That means if you’ve already done a hard credit check with another lender but want to switch to Home Lenders USA, it won’t impact your score.

Lender Fees

Does Home Lenders USA charge lender fees?

Home Lenders USA does not charge lender fees, so there are no loan officer commissions, lender origination fees, application fees, or underwriting fees.

Which third-party fees will I be charged?

Here are the third-party fees associated with a home purchase loan. This does not include other costs that might be negotiated into your purchase contract (ex: pest inspection fee).

1. Appraisal fee: A home appraisal must be done by a licensed appraiser to determine the value of the property. You will get a copy of the report.
2. Credit report: We need to check your credit in order to determine your creditworthiness and monthly debt obligations.
3. Flood certification: We need to determine if your property is in a flood zone to ensure appropriate insurance coverage is in place.
4. Lender’s title insurance: This fee ensures we’re protected if someone later makes a claim against the title of the property.
5. Other title fees: You will see several miscellaneous title fees. These are charged by the title company for things such as document processing and paying the notary.
6. Real estate transfer taxes: Local and state governments charge a transfer tax when real-estate is sold.
7. Recording fees: A fee charged by your city or county to officially record the sale.
8. Settlement: This fee is paid to the settlement or escrow agent for coordinating the handling and disbursement of funds between the buyer and seller.
9. (optional) Owner’s title insurance: This is an optional fee. It ensures you are protected if someone later makes a claim against the title of the property.

What fees and costs can I expect?

You can decide whether to pay points up front to buy down your rate, or to take a credit and a higher rate. You’ll see these options when you get a rate quote and can change your selection anytime until you lock your rate.
You are also responsible for all third-party settlement fees, which can include independent property appraisal, title services, and recording charges, depending on your circumstances.
Your loan estimate, which we will send you within 3 days of submitting your application, will have a breakdown of all fees.

Do you charge pre-payment penalties?

No, Home Lenders USA does not originate any loans with a pre-payment penalty. To be sure about any fees you will pay, refer to your loan estimate (which we will send you within 3 days of submitting your application) and your closing disclosure (which we will send you at least 3 days before closing). These documents will include information about all expected fees and penalties.

Verified Pre-Approval

Is a hard credit pull required to get a verified pre-approval letter?

Yes. This helps us determine your exact FICO score and monthly debt obligations so we can be sure you qualify for a loan.

Am I committing to Home Lenders USA by getting pre-approved?

While we would love to help you with any and all of your mortgage needs - we aren't a pushy sales people here. All a loan estimate or pre-approval offers is a snapshot view of all of the value and resources we are able to offer you through this journey. But there is definitely no pre-commitment or requirement to use our services.

What types of pre-approval letters do you offer?

Home Lenders USA offers two types of letters. The first is a basic pre-approval letter. This letter is based on your stated income and a soft credit pull. We have not reviewed any of your documentation. These letters are great for getting a general sense of what you can afford and can be fine to use in certain markets, where agents and sellers don’t require something more fully vetted.
The second letter we offer is a verified pre-approval letter. You upload financial documents such as paystubs, tax returns, and bank statements for us to review and we determine the amount of qualifying income and assets we can use based on industry guidelines. This letter is great if you want more certainty about what you can afford and if you are buying in a competitive market where agents and sellers require a more fully vetted pre-approval letter.