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Frequently Asked Questions

Absolutely not! We’re happy to offer you a home loan no matter what agent you use.
To check your rates and terms, we perform a soft credit check. This will not affect your credit score.
Absolutely! We offer refinancing options for homeowners. Please refer to the Licenses and Disclosures page for the full list of states where refinancing is available. To learn more about the products offered in your area, please contact us.
UpNest Home Loan products require a minimum credit score of 620.
Please refer to the Licenses and Disclosures page for the full list of states where UpNest Home Loans offers its services.
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.
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.
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
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%.
Yes! We can provide a loan if it’s been at least two years since your bankruptcy was discharged
UpNest Home Loans will not service your loan. We’ve enlisted the help of leading mortgage servicers to facilitate your ongoing monthly payments. All 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.
You could qualify for a loan with UpNest Home Loans if it has been 3 years since your foreclosure
Discount points are upfront fees paid at closing in exchange 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 points.
When deciding whether discount points are right for you, calculate how long it will take for the upfront cost to be worthwhile and compare that with how long you plan to stay in the house.
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
An FHA loan is a mortgage insured by the Federal Housing Authority (FHA) and issued by an FHA-approved lender.
FHA loans are meant for buyers with low or moderate incomes. Typically, they require a lower minimum down payment (just 3.5%) and a lower credit score than most conventional loans do. The debt-to-income ratio guidelines are also less restrictive.
If you’ve had a foreclosure, pre-foreclosure, or deed-in-lieu, you can apply for an FHA loan after 3 years.
Your credit score is made up of five factors. Each of them carries a different weight, depending on their importance to the credit bureau.
  • Payment History (35%): This is calculated using your payment history, any collections, and public records.
  • Amounts Owed (30%): This figure compares the amount of credit you have available versus the amount of credit you’re using. In general, lenders want to make sure that you have a “buffer” of funds in case of an emergency.
  • Length of Credit History (15%): The longer you’ve had a credit history, the better. It shows that you’ve been consistent over the years. But, a short credit history doesn’t necessarily mean you won’t get a loan.
  • New Credit Inquiries (10%): Every time you apply for credit (a loan, a new car, opening a credit card), the potential lender will do a hard inquiry on your credit. These will show up on your credit score. When you’ve had several hard inquiries in a short amount of time, it gives the impression that you’re desperate for additional funds — a deterrent to lenders.
  • Types of Credit (10%): Your credit score will take into consideration the types of credit accounts you already have: credit cards, cards from retail or furniture stores, loans, or an existing mortgage. Having a variety of credits that you consistently pay off is ideal but not required.
There are five steps to applying for a loan.
Step 1: Apply for the Loan. Gather all the documents you’ll need for the application. Your lender can tell you exactly what you need to provide, based on the type of loan and your financial situation. To keep the process moving along, be sure that all of your information is correct and return it in a timely manner.
Step 2: Loan Processing. The lender will review your documents and then independently confirm the information they contain, such as your current employment. As part of processing your loan, they’ll also order escrow instructions, a title report, and an appraisal.
Step 3: Underwriting the Loan. During this stage, the lender performs a more in-depth analysis of your information. They’ll verify information such as your credit and income, plus review the results of the documents ordered in step 2 (escrow instruction, title report, and appraisal). They may ask you to provide additional documents. At the end of this step, if everything is in order, your mortgage loan will be approved.
Step 4: Preparation of Loan Documents. Your loan documents will be prepared and reviewed before being sent to escrow. At least three days prior to closing, you’ll receive the Closing Disclosure, which breaks down all of your closing expenses. The information on your loan application (employment, debts, credit history) will be verified one last time to make sure nothing has changed. At escrow, all of the prepared documents will be signed by the necessary parties (you and the seller).
Step 5. Closing. The title or escrow company will send the signed documents to the mortgage lender for review. If everything is in order, the lender will wire the funds to the title/escrow company. The title/escrow company will disburse the funds and prepare a new deed naming you as the property’s owner. Congratulations! You are a new home owner.