Frequently Asked Questions

Do I need to buy with an UpNest agent to use UpNest Home Loan?

Absolutely not! We’re happy to offer you a home loan no matter what agent you use.

Will checking my rates affect my credit score?

To check your rates and terms, we perform a soft credit check. This will not affect your credit score.

Can I refinance my mortgage with UpNest Home Loan?

Absolutely! We offer to refinance to homeowners, please refer to the Licenses and Disclosures page for the full list of states. To learn more about the products offered in your area, contact us.

What credit score do I need to get financing?

UpNest Home Loan products require a minimum of a 620 credit score.

Does UpNest Home Loan operate in my state?

Please refer to the Licenses and Disclosures page for the full list of states where UpNest Home Loan offers its services.

What will my closing costs be?

Unlike other lenders, we don’t charge an application fee or origination fee. Your closing costs will consist of third-party fees, such as appraisal, underwriting & title fees. Your Home Loan Specialist will be able to provide an estimate.

What types of loans do you offer?

We offer conventional and FHA fixed-rate mortgages. Our conventional fixed-rate mortgages are available in 30, 20, 15, or 10-year terms. That means that after your initial term is over, your rates adjust to market conditions. For more information on products and rates, please speak with your Home Loans Specialist.

How long does it take to get a mortgage?

We aim to close your loan as quickly as possible, however, a number of factors can impact your timeline. For the best results, focus on organizing your financial documents early and respond as quickly as possible to your Home Loans Specialist or Loan Processor.

How much do I need to put down?

At a minimum, borrowers should expect to put down 3%. The exact amount required will ultimately depend on your financial situation and purchase price. Private Mortgage Insurance (PMI) may be required for down payments under 20%.

I’ve declared bankruptcy in the past. Can I still get a loan with UpNest Home Loans?

We can provide loans to borrowers who have been discharged from bankruptcy not earlier than two years prior to loan funding.

Will UpNest Home Loans service my loan?

UpNest Home Loans will not service your loan. We’ve enlisted the help of leading mortgage servicers to facilitate your ongoing monthly payments. All of our partners have been thoroughly vetted to ensure you’re getting the best customer service from day one.

When your loan transitions over to a new service, we’ll send out instructions on how to set up your account and start making monthly payments. Every detail regarding your loan terms—such as principal, interest rate, term, and monthly payments—will remain exactly the same. As always, if you have questions or concerns during this transition, please give us a call.

I’ve foreclosed on a prior mortgage. Can I still get a loan with UpNest Home Loans?

You could qualify for a loan with UpNest Home Loans if it has been 3 years since your foreclosure.

What are discount points and how do they work?

Discount points are fees paid at the closing of the loan for a reduced interest rate. One discount point costs 1% of your mortgage loan amount and can reduce your interest rate by about 0.25%. Essentially, you are prepaying part of your interest up front in order to lower your monthly payment. Over time, the savings from the lower interest rate may outweigh the cost of the discount point. When considering whether points are right for you, make sure you run the numbers to know how long it will take for the upfront cost to be worthwhile.

What types of properties are eligible?

Mortgages are available for owner-occupied primary residences and second homes. This includes single family homes, condos, 2-units, and planned unit developments. Rental properties and tenancies-in-common (TICs) are not eligible.

What is an FHA loan?

What factors affect my credit score?

What are the steps in the loan application process?

What is an 80/10/10 loan?

What are the FHA loan limits for 2020?

What are the main factors that influence my interest rates?

Which home loan is right for me?

What are the benefits of refinancing a mortgage?

What are the immediate expenses new homeowners should expect?

What documents are required for home loan application?

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