Frequent questions
What types of mortgages does Clear Rate Mortgage offer?
We offer a wide range of mortgage products, including Fixed-Rate Mortgages, Adjustable-Rate Mortgages (ARMs), FHA, VA, USDA loans, and specialized programs for self-employed individuals, among others.
How can Clear Rate Mortgage help self-employed individuals get a mortgage?
We specialize in working with self-employed borrowers, offering bank statement loans and other products that don't require traditional documentation like tax returns or W2s. We look at your overall financial picture to tailor a solution for your needs.
What documents do I need to apply for a mortgage with Clear Rate Mortgage?
Typically, you’ll need recent bank statements, proof of income, tax returns, and credit information. However, we offer programs that may require fewer documents depending on your financial situation.
How long does it take to get pre-approved for a mortgage?
The pre-approval process usually takes 24-48 hours, depending on how quickly we receive your documentation and how complex your financial situation is.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an initial review based on the information you provide, while pre-approval involves a more in-depth look at your financials and credit report, offering a more accurate estimate of what you can borrow.
What is Clear Rate Mortgage’s interest rate compared to other lenders?
We work with top lenders nationwide and are highly competitive when it comes to rates. Once we review your profile, we can present personalized options to help you secure the best terms available.
Can Clear Rate Mortgage help me refinance my current mortgage?
Absolutely. We can help you refinance your mortgage to reduce your interest rate, consolidate debt, or adjust your loan term to better suit your financial goals.
How much can I borrow through Clear Rate Mortgage?
The loan amount you can borrow depends on several factors, including your income, credit score, debt-to-income ratio, and the value of the property. We can guide you through a personalized assessment.
How much down payment do I need to buy a home?
This depends on the type of mortgage. For example, FHA loans require as little as 3.5% down, while conventional loans may require 3% to 20%. VA and USDA loans can offer no down payment options for qualified borrowers.
What is the Debt-to-Income (DTI) ratio, and why is it important?
DTI is the percentage of your monthly income that goes toward debt payments. Lenders use this to assess how much mortgage you can afford. A lower DTI usually means you can qualify for better loan terms.
How do interest rates affect my monthly mortgage payment?
The interest rate determines how much you’ll pay in interest over the life of your loan. A lower rate can significantly reduce your monthly payments and the total amount paid over time.
Can I lock in my mortgage rate with Clear Rate Mortgage?
Yes, once you’re ready, we can help you lock in your mortgage rate to protect you from interest rate changes during the closing process.
What are closing costs, and how much should I expect?
Closing costs include fees for the loan origination, appraisal, title search, and more. These typically range from 2% to 5% of the loan amount. We will provide a detailed estimate during the process.
How do I know if I should refinance my mortgage?
If interest rates have dropped or your financial situation has changed, refinancing could save you money. We offer a rate comparison service to see how much you can save by refinancing with us.
What happens after I submit my mortgage application?
After you submit your application, we review your income, credit, and other documents to determine if you qualify. If approved, you’ll receive a pre-approval letter and move forward with selecting a property or locking in your rate.
Can I get a mortgage for an investment property through Clear Rate Mortgage?
Yes, we offer loan options for investment properties, including multi-family homes, with flexible terms to fit your investment goals.
What should I do if I’m struggling to make my mortgage payments?
If you’re facing financial difficulties, reach out to us immediately. We can discuss options like refinancing, modifying your loan, or exploring forbearance programs.
Do you offer mortgage options for veterans?
Yes, we provide VA loans with benefits such as no down payment and competitive interest rates, designed to assist veterans and active-duty military personnel in purchasing homes.
How do I start the mortgage process with Clear Rate Mortgage?
Getting started is easy! You can apply online, contact us directly, or schedule a consultation with one of our mortgage advisors. We’ll guide you through every step to make the process as smooth as possible.