A mortgage is a loan used to purchase or refinance a home or other real estate. The property serves as collateral to secure the loan and allows you to spread the cost of buying a property over time through manageable monthly payments

Both. Multiply Mortgage is licensed as a mortgage broker, and as a mortgage lender, in certain states. A mortgage broker acts as an intermediary between borrowers and lenders. Brokers help borrowers find the best loan options by comparing multiple lenders' offerings, but they do not fund the loan themselves. Instead, they facilitate the loan application process and help connect borrowers with lenders that fit their needs.
‍
A mortgage lender, on the other hand, directly provides loans to borrowers. They set the loan terms, interest rates, and lending guidelines, and they fund the loan themselves.

In our capacity as both a broker and lender, we strive to provide the best experience possible with mortgage solutions tailored to suit your needs.

In our capacity as a broker, we work with a number of different lenders and we can often offer access to various mortgage options, including:

• Fixed-rate mortgages: These loans have an interest rate that stays the same throughout the life of the loan, providing consistent monthly payments.
• Adjustable-rate mortgages (ARMs): These loans have interest rates that can change periodically based on market conditions, potentially starting lower than fixed-rate loans.
• FHA loans: Backed by the Federal Housing Administration, these loans are often a great option for first-time home buyers and typically have lower down payment requirements.
• VA loans: Available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves, VA loans often have no down payment requirements and favorable terms.
• Jumbo loans: These loans are for amounts that exceed the conforming loan limits set by Fannie Mae and Freddie Mac and are often a great option for high-value properties.
• Refinancing options: These allow you to replace your existing mortgage with a new one to lower your interest rate, change your loan term, or access home equity.
• And more…

Contact us to determine which option best suits your needs.

Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are government-sponsored enterprises (GSEs) that play a crucial role in the mortgage market.

They do not lend money directly to borrowers but instead purchase mortgages from lenders, providing liquidity and stability to the housing market. By doing so, they help ensure that lenders have the funds to continue offering home loans to new borrowers. Their role also helps standardize mortgage terms and interest rates, making homeownership more accessible to a wider range of buyers.

You can apply online through our website. A dedicated mortgage advisor will be assigned to you and will guide you through the whole mortgage process.

Credit score requirements generally vary based on factors like loan type and amount. Get in touch with us and we can help identify the best option for your particular circumstances and needs.

The required down payment is determined by the lender, and will generally depend on a number of factors the lender takes into consideration. Here are some recent examples we have seen in the market:

• Conventional loans: 3% to 20%
• FHA loans: as low as 3.5%
• VA loans: No down payment required (for eligible borrowers)

Commonly required documents include:

• Proof of income (pay stubs, tax returns, W-2s)
• Bank statements
• Credit history
• Identification (e.g., driver’s license or passport)
• We will also need some specifics about the property you’re interested in, including the address, estimated value, and the loan amount you’re seeking.

The process typically takes 30 to 45 days, but it can vary depending on the complexity of your application and responsiveness in providing required documents. It’s possible to close faster, so be sure to speak with your mortgage advisor about your timeline.

Closing costs are fees associated with finalizing your mortgage and closing on a home. They may include appraisal fees, title insurance, loan origination fees, taxes, title search fees and recording fees. These typically range from 3% to 6% of the loan amount, but the exact amount will depend on a number of factors including the home’s price, loan amount, and the state.

Yes, you can get pre-approved for a mortgage by a lender, and it's often an important step in the home-buying process. Pre-approval involves a detailed review of your financial history and situation by a lender, including your credit score, income, assets and liabilities, to determine how much you can borrow. You must submit a formal mortgage application to seek a pre-approval, and if granted, your pre-approval generally provides a conditional commitment by the lender to extend the loan amount to you, giving you more credibility as a buyer.

Pre-qualification, on the other hand, is less formal. It can give you an estimate of how much you might be able to borrow based on self-reported financial information, but it does not involve a detailed review or commitment from a lender. While both can be helpful, pre-approval usually carries more weight when making an offer on a home.

Mortgage rates are determined by your specific lender and are often influenced by factors such as:

• Your credit score
• Loan type and term
• Market conditions
• Down payment amount

Generally, yes, many loans allow early repayment without penalties. Check your loan agreement for details.

Refinancing replaces your current mortgage with a new one, often to secure a lower interest rate, change the loan term, or access equity in your home.

It might be time to consider refinancing if:

• Interest rates have dropped
• Your credit score has improved
• You want to switch from an adjustable-rate to a fixed-rate mortgage
• You need to access cash for large expenses

Yes, we work with first-time homebuyers all the time, and many lenders provide programs and incentives to assist with a first-time home purchase.