Q: How do I get a lower payment?
There are a few ways to get a lower payment - some include putting more money down, using different mortgage insurance strategies, and possibly taking a lower interest rate. Each person's situation will be unique, so give us a call to find out the best route for you!
Q: How do I qualify for a higher sales price?
In general, to qualify for a higher sales price, you will either need to increase your income or reduce or refinance your debt. Adding a co-borrower is another method.
Q: How long does the loan process take?
The pre-approval process takes about 30 minutes. Once you are under contract, the loan process should take between 30 - 45 days.
Q: How much money do I need to put down?
For VA loans, 0% down payment options are available. For FHA, as little as 3.5% down. For conventional loans, we require at least 5% down. For jumbo loans, we require 10% down.
Q: What is the minimum credit score required?
Minimum qualifying credit scores vary depending on the loan product. Conventional loans allow for credit scores as low as 620, while FHA and VA Loans allow for credit scores as low as 580. However, it is important to keep in mind that credit score is only one of many factors taken into consideration when you apply for a loan; meeting the credit score minimum does not automatically mean that you will qualify for that loan program.
Q: What is a digital asset verification platform?
When you use a secure digital asset verification platform, you can share your account information from any financial institution with your lender in the form of an asset report. Read more about our digital asset verification platform.
Q: How can I be sure your digital asset verification platform is secure?
When it comes to digital asset verification, security is the number one priority. Throughout the entirety of the digital asset verification process, encryption is used to ensure your data is always kept private. Your banking logins are masked so only you can see them, and asset reports can only be sent with your permission. Your data is encrypted while in transit and is submitted directly into databases protected with hardware and software encryption. The asset report Warp Speed Mortgage receives is in a read-only format and is sent via encrypted digital key. All these steps are taken to ensure your online digital mortgage process is reliable and secure.
Q: Is it safe to connect my bank accounts to your platform?
Yes, it is. When you connect your accounts, your banking logins are masked so only you can see them, and asset reports can only be sent with your permission.
Q: Why should I connect to my bank accounts using your digital asset verification platform?
Part of the traditional mortgage process includes document gathering, where you find and sort through various financial documents to send to the lender, who then sorts through the same documents to determine your loan eligibility. This process can end up taking a week or more depending on the documents needed. When you use the Warp Speed Mortgage digital asset verification platform, this process can be largely automated, reducing the time spent gathering documents and speeding up your overall loan process.
Q: When you check my credit score, is it a “hard pull”, and will it negatively impact my credit?
When we check your credit score it is considered a “hard pull”. During our credit check process, we obtain a score from each of the three bureaus: Transunion, Equifax, and Experian. We will use the middle score provided from the three bureaus as a key factor to determine your home loan qualifications. Your credit can be pulled by a mortgage company 3 times in 45 days without it impacting your score. Credit monitors see a credit pull from a mortgage lender as different than a credit pull from a credit card company.
Q: When should I get pre-qualified and how long does the process take?
You should get pre-qualified ASAP! The process usually takes about 24-48 hours after the application is complete and your documentation is uploaded. We generally request the following documentation:
- Pay stubs: Most recent, covering the last 30-day period
- W-2’s and/or 1099’s: Most recent 2-year period
- Tax Returns: Most recent 2-year period (include personal and business if applicable)
- Bank statements: Most recent 2 months (all pages)
- Retirement/Investment Accounts: Most recent 2 months' statements or most recent quarterly (all pages)
- Copy Photo ID Property owners: For each property owned, your most recent mortgage statement, homeowner’s insurance declaration page, income taxes, and HOA statement
Q: Why should I use Warp Speed Mortgage?
When you use Warp Speed Mortgage, you’ll experience the home financing process at your own pace from the comfort of your desktop, tablet, or smartphone. The smart technology in our self-service platform allows you to explore your loan options, then select the best program and pricing to meet your home financing goals. If you have any questions along the way, our mortgage experts have years of experience and are eager to help.
Q: How do I make my mortgage payment?
Email loanservicing@warpspeedmortgage.com for information on how to make your mortgage payment.