Getting a mortgage loan at a glance
- Conventional loans
- FHA loans
- VA loans:
- Refinancing: Yes
- Jumbo loans: Yes
- Adjustable rates
- Fixed Rates:Yes (15 and 30 years respectively)
Guaranteed Rate’s division Owning is located in Chicago. Owning has a license to conduct business in 29 states, the District of Columbia, and Puerto Rico.
Pros
- Rates very competitive
- A wide range of home loans available
- On-time closing guarantee
Cons
- Website information is limited
- In some states, not available
Three things you need to know about a mortgage loan
1. Rates very competitive
You may be eligible for the lowest rates at Owning if you have good credit and can afford a minimum 20% down payment. This will save you money over your loan’s life and make your monthly payments more affordable.
Online mortgage preapproval can be applied for.
2. A wide range of home loans available
There are many mortgage options available to you, including conventional loans, VA loans, USDA loans, and FHA loans. Refinances can be done by the lender.
This variety can be helpful if there aren’t many mortgage options available or you don’t have enough down payments to buy a home.
3. Website has very little information
The website of Owning includes current rates which is a bonus. It doesn’t provide any information about the different mortgage loan options or education. For most common questions, you will need to contact the company by phone or email.
For whom is an Ownering mortgage beneficial?
Owning a home can be a good option if you are comfortable with the online mortgage process. This is especially true if your credit score is good and you can afford a large downpayment that will qualify you for the lowest rate.
If you don’t have the credit score to qualify for Owning’s lowest interest rate, you may want to consider other options.
How to Apply for an Ownering Mortgage
Preapproval is required to start the Owning mortgage process. This will require a credit inquiry. You will need to submit information about the property, income, assets, and credit. You might also need to upload documents such as W2s, pay stubs, and tax returns depending on your circumstances.
Once you have submitted your preapproval form, an email and text message will be sent to you to inform you that it has been received and assigned by a loan officer.
Preapproval letters are sent to those who have been preapproved for loans. This is basically a tentative offer to borrow a specific amount at a particular rate.
Are you unsure if owning is the right choice for you? These are some alternatives.
You can only compare rates from multiple lenders if you are within a time frame. Multiple hard credit inquiries made by lenders do not count towards your credit score. You usually have 14 days to compare rates, but it may take longer depending on your scoring model.
- Motion Mortgage HTML2_ also offers a range of loan programs.
- Bank of America:A Bank of America Home Loan might be a good option if you have an existing relationship with the bank and are eligible for one of its discount programs.