FAQ

“Frequently Asked Questions”

About ProMatrix Mortgage

  • At ProMatrix Mortgage, we're not your typical mortgage brokerage. We use cutting-edge technology that goes above and beyond, uncovering mortgages that match the distinct needs of modern homeowners. With us, there's no need to repeat your details – enter once, and we'll fetch rates from an array of top lenders. Simplifying everything, ProMatrix Mortgage is your all-in-one mortgage marketplace.

  • At ProMatrix Mortgage, we recognize the individuality of every story. This is why we use technology that identifies the finest mortgages tailored to your situation, and leads you through the entire journey—from applying to sealing the deal. Backed by a team of seasoned professionals and mortgage pioneers collaborating with the industry's finest, ProMatrix Mortgage secures the mortgage you're truly worthy of.

  • At ProMatrix Mortgage, we want to clarify that we won't be servicing your loan. When you're in the application process, you'll have the chance to pick your lender and loan program. Ultimately, it's the lender you choose that will determine the loan servicing arrangement.

  • For now, ProMatrix Mortgage operates exclusively in California for mortgage origination. However, we have plans to extend our services to other states in the near future. If you're seeking a loan outside of California, we encourage you to subscribe to our newsletter for updates on our expansion.

  • When you apply with ProMatrix Mortgage, rest assured that the application process is free of charge. We don't impose any application fees. ProMatrix Mortgage's earnings are tied to your loan's successful closure. As is customary with any loan, there will be closing costs and third-party fees. You'll find a comprehensive breakdown of these closing fees in the Loan Estimate disclosure form, which we'll send you within three days of receiving your complete application.

  • Once you've finished our brief five-minute application at ProMatrix Mortgage, we'll promptly match you with a dedicated loan expert. This professional will then get in touch with you to provide personalized assistance and lead you through the process. Your journey is in capable hands.

How ProMatrix Mortgage Works

  • Benefit from our cutting-edge technology at ProMatrix Mortgage, where you'll only need to input your information once. You'll receive rates from a selection of reputable lenders. Once you've made your choice, you can proceed with the loan, monitor your application's progress, and ultimately finalize your mortgage – all within a single, convenient platform.

  • When you apply with ProMatrix Mortgage, there's no need to worry about your credit score being impacted. Initially, we conduct a soft credit pull, which has no bearing on your credit score. Rest assured that we'll only perform a hard credit pull if you decide to formally submit your application. Even in this case, the effect on your credit score will be minimal. This process adheres to the customary practice for loan applications, and regrettably, there's no workaround for it.

  • You can begin easily and swiftly. Our digital application requires just a few minutes of your time to complete and discover your rates.

  • Absolutely, our primary aim is to simplify the mortgage process for you. The technology we've developed, which is constantly improving, is geared towards enabling you to navigate the entire process without requiring assistance from a human advisor. While most of the process can be completed independently, there might be instances where a conversation with a ProMatrix Mortgage Loan Expert is needed to provide supplementary information. And, naturally, if you prefer guidance from a human advisor, we're readily available to assist you.

  • We're at your service! If you need assistance, feel free to schedule a call with a ProMatrix Mortgage Loan Expert. We're more than happy to assist you in finding what you're seeking.

Who can use ProMatrix Mortgage

  • ProMatrix Mortgage caters to individuals who are contemplating purchasing or refinancing a home and desire a much smoother process. Whether you're a straightforward borrower or have a more intricate financial situation, our commitment lies in aiding you to secure the optimal loan solution.

  • Our typical lending range involves customers with a credit score of 620 or higher. However, even if your credit score falls slightly below 620, there's a possibility that we can still offer you options. Don't hesitate to complete our digital application, as we're here to explore potential solutions.

  • Indeed, at ProMatrix Mortgage, we recognize the uniqueness of every individual's journey. We provide solutions that extend beyond the conventional criteria, because let's be honest, what's considered "normal" these days, anyway? We're here to accommodate your distinctive needs.

  • Absolutely, we offer solutions tailored for foreign nationals. Your unique situation is well within our scope of service.

Types of Loans

  • At present, ProMatrix Mortgage provides an array of options encompassing adjustable and fixed rate loans. These offerings are applicable to single-family homes (including condos, townhouses, co-ops, and planned unit developments) as well as multi-family homes of up to 4 units. Whether you're seeking a purchase or a refinance, we've got you covered.

  • Certainly, we extend loans tailored for investment properties as well. Your investment goals are within our scope of offerings.

  • Indeed, we provide FHA and VA loan options. Our range of offerings includes these types of loans to accommodate various needs.

  • Absolutely, we do offer Second Mortgages and Home Equity Lines of Credit (HELOCs). However, currently, our website's technology doesn't support direct application for these types of loan offerings. But don't worry! If you're interested in a Second Mortgage or a HELOC, simply reach out to us, and we'll promptly assign a ProMatrix Mortgage Loan expert to guide you through the application process.

  • Indeed, we provide loans designed specifically for the purchase of foreclosure or bank-owned properties. Your interest in such properties is well within our lending scope.

  • Absolutely, we offer a diverse range of options for refinancing homes that are held within LLCs. Your unique situation aligns well with our expertise and offerings.

Rates

  • Every person has a unique financial journey, and there's no one-size-fits-all lender. We understand your individuality and go to great lengths to discover the ideal lender for your needs. Utilizing cutting-edge technology, we efficiently reduce our operational expenses, which allows us to offer you significantly lower costs compared to conventional mortgage firms. These cost savings are then transferred directly to you. Our primary objective is to assist you in securing the most favorable mortgage terms at the best available rate.

  • Our commitment is to provide you with transparency and reliability in pricing. When you complete your digital application with accurate information, the rate quote you receive is typically the rate you can expect to secure. We strive to maintain consistency between the quoted price and the final offer.

  • Our approach involves leveraging technology to link you with the most competitive rates offered by our network of lenders. The quoted price you receive is influenced by various factors, including your credit history, prevailing market conditions, and the specific attributes of the property in question. These elements collectively contribute to determining the rate we provide.

  • Usually, your monthly payment will encompass several components, including the interest on your loan, the repayment of the principal amount borrowed, as well as taxes and insurance costs.

  • A 30-year fixed-rate mortgage is a long-term loan that spans 30 years, and the interest rate remains constant throughout the entire duration. These mortgages follow an amortization schedule, where a portion of the principal amount is repaid along with interest each month. What's notable about this mortgage is that the monthly payment remains consistent for the entire 30-year term. By the end of this period, the loan is fully paid off, and you become the sole owner of your home. Due to the prospect of complete homeownership after 30 years, this type of mortgage is highly favored and widely used in the United States.

  • Adjustable-rate mortgages (ARMs) often feature an initial fixed interest rate that remains steady for a specific duration, commonly ranging from 5 to 10 years. Following this initial fixed period, the interest rate on the loan becomes adjustable and can change on a monthly basis for the remaining term of the mortgage. Typically, these adjustable-rate mortgages have a total term of 30 years. This means that after the initial fixed period, the interest rate adjusts regularly, potentially leading to changes in monthly mortgage payments based on prevailing market conditions.

  • An interest-only mortgage is a type of home loan that doesn't necessitate monthly payments toward the principal balance for a specified period, which is typically between 5 to 10 years. During this initial period, borrowers are only required to pay the interest portion of the loan, resulting in lower monthly payments. However, once this interest-only period concludes, the mortgage transitions into an amortizing phase, where borrowers are now obliged to make payments that include both interest and a portion of the principal. As a result, monthly payments typically increase during this latter stage of the loan term.

Locking

  • Rate locking provides you with the assurance that your interest rate will remain unchanged for a specific duration, regardless of any fluctuations in the market. This stability offers you peace of mind during the period when we gather all the necessary information and guide you through the mortgage process, ensuring you can plan your finances with confidence until the deal is finalized.

  • In many instances, you have the flexibility to select a different mortgage product even after you've locked in your loan. If you wish to explore other options or make changes to your mortgage after the rate is locked, simply get in touch with your ProMatrix Mortgage Loan Expert for assistance and guidance.

  • Once you've locked in your rate, you can rest assured that your interest rate will remain unaffected by market fluctuations, providing you with peace of mind throughout the duration of your locked rate period.

  • If your rate lock is set to expire before your loan's closing, you typically have the option to extend the lock for an additional period, which is often up to 60 additional days. At ProMatrix Mortgage, we offer rate locks ranging from 30 to 90 days, and it's worth noting that a significant portion of our loans are typically completed before the lock period ends. In fact, with the necessary information provided, ProMatrix Mortgage loans can sometimes be closed in as few as 15 days. If you find the need to extend your rate lock, you can easily do so by contacting your ProMatrix Mortgage Loan Expert for assistance.

  • It is generally advisable to lock your rate when working on your mortgage. Rate locking provides you with a rate that is secured for the duration of the loan process. Given that market conditions can fluctuate daily, locking in your rate ensures that any market changes won't impact your monthly payments, offering you peace of mind throughout the loan process.

Buying a home with ProMatrix Mortgage

  • Certainly! At ProMatrix Mortgage, our goal is to assist you in navigating the often complex process of buying a home. If you're ready to take the first step and get pre-approved for a home loan, our team can provide guidance to help you determine how much you can afford, making the homebuying process more manageable and tailored to your financial situation.

  • The amount you need for a down payment and closing costs can vary based on the type of loan that best suits your situation and the purchase price of the home. In many cases, it's advisable to have a minimum of 3% of the home's purchase price set aside for the down payment. Additionally, you should budget between 2% and 5% of the purchase price to cover closing costs, even for loans that don't require a down payment, such as VA loans. These percentages can provide a helpful starting point for your financial planning when buying a home.

  • Certainly! To get started, you can complete our brief digital application and submit your purchase contract. We'll take into account any specific timelines you need to meet and will expedite our processes to ensure a timely closing on your home purchase. Our goal is to streamline the process and accommodate your needs as efficiently as possible.

  • Unfortunately, ProMatrix Mortgage does not currently offer loans for mobile or manufactured homes.

  • Absolutely! We're here to assist you in securing the ideal loan for your new condominium purchase. Whether you're looking for a conventional mortgage, an FHA loan, or any other financing option, our aim is to match you with the loan that suits your condo purchase needs best.

  • Yes, you can utilize ProMatrix Mortgage to finance the purchase of a second home or an investment property. We can help you explore loan options that align with your specific goals for acquiring additional real estate. Whether it's a vacation home or an investment opportunity, our services are designed to assist you in securing the right financing for your needs.

  • Apart from the down payment, there are several other expenses associated with purchasing a home. These can include fees for services like the appraisal, title insurance, and transfer taxes. Additionally, there are prepaid items, such as an escrow deposit and prepaid interest, which are typically settled at the closing. When you complete your online application with ProMatrix Mortgage, you can expect to receive an estimate of all these closing costs, helping you understand the full financial picture of your home purchase.

  • It's important to note that most of these costs will be due at the time of your loan closing. The sole exception is the appraisal fee, which will typically be collected before you lock in your loan. This structure ensures that you have a clear understanding of the financial requirements associated with your mortgage process, and it allows for the necessary preparations to be made ahead of the closing date.

  • Securing the best possible loan often involves the collaboration of various third-party professionals, such as appraisers, lawyers, and title companies, among others. It's important to note that if your loan successfully closes, you will typically be responsible for covering the associated fees of these third-party services. It's worth mentioning that ProMatrix Mortgage does not add any markup or earn compensation related to these third-party fees. Your focus can remain on obtaining the best loan terms without concerns about hidden costs or upcharges from ProMatrix Mortgage.

  • In a typical home purchase scenario, you can expect to cover the following third-party fees:

    1. Appraisal Fee: This fee is for the appraisal of the property's value.

    2. Credit Report Fee: This covers the cost of obtaining your credit report.

    3. Title Insurance Fees: These fees include expenses related to title searches and insurance to protect against any title issues.

    4. Recording Fees: These fees are associated with recording the transaction with the appropriate local government office.

    5. Flood Certification Fee: This covers the cost of determining whether the property is in a flood zone.

    6. Real Estate Taxes: Depending on the timing of your purchase, you may need to pay prorated real estate taxes.

    7. Settlement/Escrow Fees: These fees are related to the settlement or escrow services, where the transfer of funds and documents takes place during the closing.

    These third-party fees are important to consider when budgeting for your home purchase, as they can significantly contribute to the overall cost of the transaction.

  • Typically, in most real estate transactions, the seller is not responsible for covering third-party fees. However, it's important to note that some states may have specific regulations or customs that require the seller to pay certain fees. These requirements can vary, and whether the seller pays any third-party fees often depends on the terms negotiated in the purchase agreement and local real estate customs. It's advisable to clarify these details during the negotiation process and consult with your real estate agent or legal counsel if you have any questions regarding fee responsibilities in your specific transaction.

Refinancing with ProMatrix Mortgage

  • ProMatrix Mortgage provides two primary types of refinance loans: Rate & Term and Cash Out.

    1. Rate & Term Refinance: This type of refinance is typically sought by borrowers who aim to achieve one or both of the following objectives:

      1. Lower Monthly Payment: By refinancing at a lower interest rate or extending the loan term, borrowers can reduce their monthly mortgage payments.

      2. Change Loan Term: Borrowers may choose to change the term of their existing loan, for example, switching from a 30-year to a 15-year mortgage to pay off the loan faster.

    2. Cash Out Refinance: In a Cash Out refinance, homeowners have the opportunity to increase the size of their loan. This means borrowing more than the outstanding balance of their existing mortgage. The additional funds obtained can be used for various purposes, such as:

      1. Home improvements or renovations.

      2. Debt consolidation.

      3. Education expenses.

      4. Investment opportunities.

      5. Emergencies or major expenses.

    Both types of refinance loans offer homeowners flexibility in managing their mortgage, whether by reducing their monthly payments, changing the loan term, or accessing equity in their home for other financial needs. The choice between these options depends on the individual financial goals and circumstances of the borrower.

  • Absolutely, we do offer Second Mortgages and Home Equity Lines of Credit (HELOCs). However, currently, our website's technology doesn't support direct application for these types of loan offerings. But don't worry! If you're interested in a Second Mortgage or a HELOC, simply reach out to us, and we'll promptly assign a ProMatrix Mortgage Loan expert to guide you through the application process.

  • Unfortunately, ProMatrix Mortgage does not currently offer loans for mobile or manufactured homes.

  • Certainly! At ProMatrix Mortgage, we're here to assist you in finding the ideal loan to refinance your condominium. Whether you're looking to lower your interest rate, reduce your monthly payments, or tap into your home's equity for other purposes, we can help you explore refinancing options that align with your specific needs and financial goals.

  • Absolutely! ProMatrix Mortgage can assist you in refinancing a second home or an investment property. Whether you're looking to optimize your mortgage terms for a vacation property or maximize returns on an investment, our services are designed to help you make informed decisions and secure the right refinancing solution for your specific real estate holdings.

  • The closing costs associated with your mortgage refinance can vary significantly based on several factors, including:

    1. Location of the Property: The region where your property is located can influence certain closing costs, such as local taxes and fees.

    2. Pre-Paid Interest: The amount of pre-paid interest you'll owe at closing is often determined by your scheduled closing date. The earlier in the month you close, the higher this cost will be.

    3. Loan Type: Different loan products and lenders may have varying fee structures and requirements, affecting your overall closing costs.

    4. Third-Party Fees: These can include fees for services like appraisals, title searches, and more. These fees can vary depending on the loan type and the providers used.

    To get a precise estimate of your closing costs, it's advisable to work closely with your lender. They will provide you with a detailed breakdown of all the costs associated with your specific refinance transaction, helping you understand the financial aspects of your refinance more accurately.

  • Once you've chosen a loan and scheduled an appraisal, you'll be required to cover the appraisal fee. It's important to note that ProMatrix Mortgage does not conduct the appraisal, nor do we derive any revenue from this process. All other fees associated with your refinance, aside from the appraisal fee, will be paid at the closing of the loan. This structure ensures transparency in the process and allows you to manage your finances accordingly.

  • It's crucial to continue making your regular mortgage payments on your current loan until your new loan closes. ProMatrix Mortgage will take care of coordinating with your current lender before the closing to determine the precise final payoff amount. This final payoff amount will be included in the closing disclosure, which you will receive a few days before the closing date. Keeping up with your existing mortgage payments until the new loan is finalized ensures that your current mortgage remains in good standing and that there are no disruptions during the refinancing process.

Pre-Approval

  • A pre-approval letter from ProMatrix Mortgage is a valuable document that specifies the precise amount of the loan you are eligible to borrow based on the information you've provided in your application. However, it's essential to understand that a pre-approval letter is conditional. It's contingent on verifying your financial status in the future, along with factors like the property appraisal and title report.

    Obtaining a pre-approval letter serves several purposes:

    1. Determining Affordability: It helps you understand the price range of homes you can comfortably afford, allowing you to focus your house-hunting efforts accordingly.

    2. Streamlining Your Search: With a pre-approval letter in hand, you can narrow down your search to homes within your budget, saving you time and effort.

    3. Demonstrating Seriousness: When you present a pre-approval letter to a potential seller or real estate agent, it signals that you are a serious and financially qualified buyer. This can enhance your credibility in competitive real estate markets.

    In summary, a pre-approval letter is a valuable tool in the homebuying process, providing clarity on your budget and conveying your commitment to potential sellers. However, it's essential to remember that it's conditional and subject to further verification before finalizing your mortgage.

  • ProMatrix Mortgage's pre-approval process is designed to be convenient for potential homebuyers. It typically involves a soft credit pull and relies primarily on the information you provide during the initial stages of your homebuying journey. This type of pre-approval is especially useful when you're starting the process, as it helps you understand your affordability range and provides a foundation for your home search.

    The advantages of a pre-approval with a soft credit pull include:

    1. No Impact on Credit Score: Soft credit pulls do not affect your credit score, allowing you to explore your options without any negative credit consequences.

    2. Initial Affordability Assessment: It provides you with an early estimate of how much you can afford, which is valuable information as you begin your home search.

    3. Low Barrier to Entry: It's an accessible starting point for potential homebuyers, making it easier to begin the homebuying process.

    This preliminary pre-approval sets the stage for further steps in your homebuying journey, such as finding the right property and proceeding with a full mortgage application.

    Click here to Get Started on your application.

  • ProMatrix Mortgage's digital application process is designed for efficiency and convenience. It typically takes only a few minutes to complete, streamlining the initial steps of your homebuying journey. Thanks to advanced technology, once you've provided the necessary information, ProMatrix Mortgage can generate a pre-approval letter for you in a matter of seconds. This swift turnaround allows you to quickly assess your homebuying options and take the next steps in your quest for homeownership.

  • It's great to know that ProMatrix Mortgage provides pre-approval letters to prospective homebuyers free of charge. This means you can access this valuable document without incurring any upfront costs, making it even more accessible and convenient as you embark on your homebuying journey. This transparency and cost-free service can help you confidently explore your homebuying options without financial barriers.

  • That's excellent news for potential homebuyers. ProMatrix Mortgage's pre-approval process, which doesn't require a full credit pull, can provide you with valuable information about your homebuying options without impacting your credit score. This approach allows you to assess your eligibility and affordability with peace of mind, knowing that your credit report won't be affected during the preliminary stages of your homebuying journey.

  • It's understandable that the mortgage industry operates within established guidelines and practices that influence how verified income is calculated. Factors like income type, employment history, and income stability can all play a role in this process. However, it's encouraging to know that ProMatrix Mortgage collaborates with a wide range of lenders and offers numerous loan options to accommodate the unique financial situations of its customers. This diversity of loan products ensures that there are suitable options available for a wide variety of borrowers, helping individuals find the mortgage that best aligns with their specific circumstances and needs.

  • It's important for borrowers to be aware that there can be situations where verified assets are lower than expected when applying for a mortgage. Several common scenarios that can impact verified asset calculations include:

    1. Retirement Accounts: Lenders typically only allow a percentage of retirement account assets to be used for qualification, as these accounts are designed for long-term savings.

    2. Business Accounts: The use of business accounts for qualification often depends on individual lender policies and may require a case-by-case evaluation.

    3. Large Ineligible Deposits: If there are significant deposits in an account that cannot be properly documented or are categorized as ineligible (e.g., cash deposits or cash advances), they may not be considered when calculating verified assets.

    Understanding these factors is essential for borrowers to manage their expectations regarding asset verification and to work closely with their lender to ensure all requirements are met during the mortgage application process.

Loan Process

  • At ProMatrix Mortgage, safeguarding your privacy and security is a paramount concern for us. We have integrated bank-level encryption measures to guarantee the utmost protection for your confidential information, ensuring it remains safe and secure throughout your interactions with us.

  • Upon completing our quick application process, you will be matched with a dedicated ProMatrix Mortgage Loan Expert. This step takes just a few minutes, and your assigned expert will be there to guide you through the mortgage process and address any questions or concerns you may have along the way.

  • Obtaining a pre-approval does not constitute a commitment to any specific action or obligation. It's essentially a preliminary step in the homebuying process that provides you with an estimate of how much you may be eligible to borrow. It can be a valuable tool for assessing your financial readiness and exploring potential homebuying options, but it doesn't bind you to any particular mortgage or property purchase.

  • Once you've made your choice regarding the loan and are ready to proceed with a lender, you'll have the option to secure your interest rate by "locking" it.

  • The processing time for mortgage applications can differ based on individual circumstances and the type of mortgage being pursued. At ProMatrix Mortgage, our aim is to expedite the mortgage process and secure the right mortgage for you as swiftly as possible. It's worth noting that many of our customers have successfully closed on their mortgages within a relatively short timeframe, often completing the process in as little as 10 to 14 days from the initial submission of their application. However, it's essential to be prepared for variations in processing times depending on specific factors, including your unique financial situation and loan requirements.

  • An escrow account is a financial account established by the lender to collect and manage payments for property taxes and insurance on behalf of the borrower. This account ensures that these essential expenses are paid in a timely manner, helping borrowers avoid potential lapses in coverage or unpaid property taxes. Borrowers typically make monthly contributions to the escrow account along with their mortgage payments, and the lender then disburses these funds to cover tax and insurance obligations when they come due. Escrow accounts provide a convenient way for borrowers to budget for these recurring expenses and help lenders ensure that the property remains adequately insured and that property taxes are paid promptly.

  • The majority of lenders we collaborate with typically mandate the establishment of an escrow account. This type of account is arranged by the lender and serves the purpose of collecting your monthly payments for taxes and insurance. However, there are situations where a borrower may have the option to request a waiver of the escrow account. To explore this possibility or for more details, please feel free to get in touch with your ProMatrix Mortgage Loan Expert, who can provide you with the specific information and guidance you need based on your circumstances.

  • Transferring an escrow account from one lender to another is typically not possible. When you refinance or move your mortgage to a new lender, your current lender will generally refund any balance remaining in your existing escrow account. This refund is typically issued within a few weeks after the loan closing. It's important to understand the process and timing of escrow account balances during mortgage transitions to ensure a smooth financial transition to your new lender.

Credit Scores

  • In general, when all other factors are equal, lenders tend to offer lower interest rates to borrowers with higher credit scores. However, it's important to note that having a lower credit score doesn't mean you won't be able to secure a loan. Even if your credit score is not as high as you'd like, there are still mortgage options available to you.

    At ProMatrix Mortgage, our commitment is to assist you in finding the most suitable loan for your specific situation, regardless of your credit score. We understand that each borrower has unique circumstances, and we strive to connect you with the best available mortgage options that align with your financial needs and goals.

  • While ProMatrix Mortgage may not offer credit score checking services, there are indeed various methods for individuals to check their credit scores online. Additionally, the Federal Trade Commission (FTC) provides valuable information and resources, including the option to obtain a free copy of your credit report from each of the three major credit reporting agencies annually. For more details on how to access your credit report, you can visit the FTC's website by clicking on the following link: FTC Free Credit Report Information. This resource can be helpful for consumers looking to monitor and manage their credit.

  • A soft credit check, often referred to as a "soft pull," indeed does not impact your credit score in any way. These checks are valuable tools that enable ProMatrix Mortgage to better understand your borrower profile without affecting your credit rating. By conducting soft credit checks, we can effectively match you with the most suitable loan options, ensuring that you receive offers that align with your financial circumstances and needs while preserving the integrity of your credit score.

  • A hard credit check, also known as a "hard inquiry," does signal to the credit bureaus that you are actively seeking to open a new loan or line of credit, whether it's for a credit card, personal loan, mortgage, or other financial products. It's important to be aware that hard inquiries typically have a minor impact on your credit score, often resulting in a decrease of less than 5 points. While these impacts are generally small, it's advisable to be mindful of how many hard inquiries you have within a short period, as multiple inquiries can collectively affect your credit score more significantly.

  • If you believe there is an error in your credit score or credit report, the most effective step to address the issue is to contact the credit bureaus directly. Credit bureaus are responsible for maintaining and reporting your credit information, and they can assist you in resolving any discrepancies or inaccuracies. ProMatrix Mortgage does not have control over your credit score, as it is determined by the information reported to the credit bureaus by creditors and other sources. Therefore, reaching out to the credit bureaus is the appropriate course of action to rectify any credit-related concerns.

  • If there is anything on your credit report that you do not recognize or if you suspect any inaccuracies, it's advisable to contact the credit bureaus directly. The credit bureaus are responsible for maintaining accurate credit information, and they can assist you in investigating and resolving any discrepancies. ProMatrix Mortgage does not have the ability to modify or influence your credit report, as it is determined by the data reported by creditors and other relevant sources. Therefore, reaching out to the credit bureaus is the appropriate and effective way to address any concerns related to your credit report.

  • You're absolutely right. When you're actively shopping for a loan, such as a mortgage, it's common to have multiple lenders perform credit checks as part of their evaluation process. Importantly, credit scoring models typically consider these multiple credit checks within a specific timeframe (usually within a 30-day period) as a single inquiry. This means that if you've already had a credit check with another lender but decide to switch to ProMatrix Mortgage within that window, it's unlikely to have a substantial impact on your credit score. This practice allows borrowers to explore different loan options and lenders without worrying about undue harm to their credit rating.

  • ProMatrix Mortgage employs a comprehensive approach to credit evaluation by obtaining your credit scores from all three major credit bureaus. When it comes to pricing purposes, they use the median score, which is essentially the middle score when arranged in ascending order, after discarding the highest and lowest scores. In cases involving a co-borrower,ProMatrix Mortgage employs the lower of the two median scores to determine pricing and eligibility. This methodology ensures a balanced and accurate assessment of creditworthiness for borrowers, including those applying with a co-borrower.

  • When applying with a co-borrower, ProMatrix Mortgage considers the lower of your median credit score and your co-borrower's median credit score. However, if one applicant has a notably higher credit score, it's advisable for that individual to apply individually initially to secure the most favorable loan terms. If necessary for qualification purposes, you can later add an additional co-borrower to the application process. This approach allows borrowers to potentially access better terms while ensuring flexibility in managing the application as needed to meet eligibility criteria.

  • ProMatrix Mortgage typically extends loans to customers with a credit score of 620 or higher. However, even if your credit score falls slightly below 620, it's still worthwhile to complete their digital application. There may still be viable options available to you, and the application process can help determine your eligibility and explore potential loan solutions based on your unique financial circumstances. It's a proactive step to assess your options and see if there are suitable mortgage products that align with your needs, even if your credit score is slightly below the preferred threshold.

Appraisals

  • An appraisal is a professional assessment of a property's value, which is determined by considering factors such as its location, condition, and unique characteristics. These appraisals are carried out by independent real estate experts who specialize in property valuation. The primary purpose of an appraisal is to establish the property's current market value, providing valuable information for various real estate transactions, including mortgage lending, property sales, and refinancing. This expert opinion helps ensure that the property is priced appropriately based on its individual attributes and prevailing market conditions.

  • The amount you can borrow for a mortgage is often influenced by the value of the property you're using as collateral. Lenders typically do not conduct physical visits to the property; instead, they rely on a professional appraisal to evaluate the property's value. This appraisal is an essential step in the mortgage process as it provides an impartial and expert assessment of the property's worth. Based on the appraised value and other financial factors, lenders determine the maximum loan amount they are willing to offer, ensuring that it aligns with the property's market value and the borrower's financial qualifications.

  • To facilitate the appraisal process, the lender typically needs to order the appraisal on your behalf. Fortunately, ProMatrix Mortgage is dedicated to simplifying the mortgage experience for you. They will collaborate with you to schedule the appraisal at a time that is convenient for you, ensuring that this critical step in the mortgage process aligns with your preferences and timeline. This approach helps streamline the appraisal process and ensures that it proceeds smoothly as part of your overall mortgage application.

  • In most cases, the lender is responsible for selecting the appraisal company that will assess the property's value. As a borrower, you typically do not have the authority to choose the appraisal company. Lenders have established relationships with appraisal companies to ensure the impartiality and accuracy of property valuations. While you may not have a direct say in the selection, you can rest assured that the chosen appraisal company will provide an objective and professional assessment of the property's value as part of the mortgage process.

  • Appraisals are typically a relatively quick process, especially for properties that are under 3,000 square feet in size. In such cases, the appraisal can often be completed in under 30 minutes. The appraiser will assess various aspects of the property, including its condition, features, and overall market value. The efficiency of the appraisal process ensures that the property's value is determined accurately and promptly, facilitating the progression of your mortgage application.

  • A home inspection assesses the property's condition, while an appraisal determines its estimated market value.

  • The appraiser's role involves a physical visit to the property to assess how it compares to similar properties in the area. During this visit, the appraiser evaluates various aspects of the property's condition, features, and unique characteristics. They also consider recent sales data of comparable properties (commonly referred to as "comps") in the neighborhood to gauge the property's market value.

    To arrive at an accurate appraisal value, the appraiser takes into account any differences between the subject property and the selected comparables. These differences might include variations in size, condition, age, location, and other relevant factors. By making these adjustments, the appraiser aims to provide a fair and unbiased estimate of the property's current market value, which is a critical element in the mortgage lending process.

  • The appraised value of your property, determined by the appraiser during the mortgage process, typically does not have a direct impact on your property taxes. Property taxes are usually assessed and determined by local tax authorities or tax assessors based on their own calculations and assessments of property values within their jurisdiction. These assessments may be conducted separately from the appraisal process conducted by the lender.

    In essence, the appraiser's findings are primarily used by the lender to gauge the fair market value of the property for loan-related purposes. The appraisal report and its details are generally not shared with or used by the local tax assessor for tax assessment purposes. Property taxes are typically determined through the local government's own procedures and criteria.

  • You should expect to receive a copy of your appraisal report once it has been completed. Appraisal reports are standardized documents that provide detailed information about the property and its valuation. These reports are designed to assist lenders in their assessment of the property's value as part of the mortgage approval process.

    Receiving a copy of the appraisal report allows you to review the findings and confirm that the property's valuation aligns with your expectations and the terms of your mortgage application. It's an important document that provides transparency and information about the property's assessed value, helping ensure that all parties involved have a clear understanding of the property's worth.

  • The impact of renovations on the value of real estate can vary significantly depending on factors such as the property's location, market conditions, and the specific renovations performed. However, as a general guideline, bathroom and kitchen renovations tend to offer some of the highest returns on investment relative to their refurbishment costs.

    These areas of a home are often considered focal points and have a substantial influence on a property's appeal to potential buyers. Upgrading or modernizing bathrooms and kitchens can enhance a property's overall marketability and potentially lead to higher resale values. It's essential for homeowners to carefully consider their renovation choices and assess the potential return on investment based on their unique circumstances and local real estate market conditions.

Loan Servicing

  • The lender will provide you with detailed instructions on how to make your monthly mortgage payments within 30 days of closing. This ensures that you have ample time to set up your payment method and schedule before your first payment is due. Clear communication from the lender regarding payment procedures helps borrowers manage their mortgage payments effectively and ensures a smooth transition into homeownership.

  • Upon the closing of your loan, you will receive instructions on how to make your first mortgage payment. Your ProMatrix Mortgage Loan Expert will play a key role in ensuring that you have all the necessary information and guidance you need at the closing stage. Their assistance will help you seamlessly navigate the process of setting up and making your initial mortgage payment, ensuring a smooth transition into your new homeownership journey.

  • It's important to note that ProMatrix Mortgage will not service your loan, so you should refrain from setting up automatic payments with them. However, before the closing of your loan, you can take steps to set up automatic payments directly with the servicing company that will be responsible for managing and servicing your loan. This proactive approach allows you to establish a convenient and automated method for making your monthly mortgage payments once your loan is finalized and helps ensure timely and hassle-free payments throughout the life of your mortgage.

  • Absolutely, ProMatrix Mortgage is committed to assisting you throughout every phase of the mortgage process. If you encounter any potential issues or have questions, you can reach out to your assigned loan expert for personalized guidance and support. Additionally, you can email support@promatrixmortgage.com to seek assistance and resolve any concerns or inquiries you may have. Their goal is to provide you with the necessary assistance to ensure a smooth and successful mortgage experience.