Different lenders and different programs have different requirements that you must meet to qualify for a mortgage. These typically include credit, income, employment, and assets – as well as certain standards for the property in question.Learn More
The bulk of mortgage payments are made up of principal – the actual amount borrowed – and interest. The amount paid in interest decreases each month as the amount paid towards the principal balance increases. This is called amortization.Learn More
Mortgage programs are different types of mortgages that have different qualifying requirements and different costs: down payments, insurances, and interest rates vary between them. Federally insured mortgages, such as FHA or VA loans, have more flexible qualifying guidelines.Learn More
04. Closing Costs
When closing a mortgage, there are a number of fees to pay. These are for the services rendered to obtain the loan – like appraisals, insurances, and dues. They can be paid up-front or added to the loan (for a fee).Learn More
You’ll likely have a number of interest rate options when taking out a mortgage. Interest rates change all the time and available rates different greatly from lender to lender, so make sure to do some market research of your own.Learn More
How do I know what kind of mortgage to get?
As wholesale lenders obtain funds from a variety of sources, they can pick and choose the funding source with the best rate for the client – whereas retail lenders are often stuck with just one.
What kinds of mortgage programs does UW Funding offer?
Maybe! The flexibility of wholesale means you may fit some lending criteria. Talk to us and we can evaluate your specific situation.
Why should I choose UW Funding?
Nope. A wholesale loan might give you a better interest rate, and you might find a better fitting loan program going the wholesale route, but you’ll still have a mortgage at the end of the day – and it’ll be just as safe and reliable as one from a retail bank.