FAQs

Q: What is the interest rate?

The only way for us to tell you the interest rate you might pay on a mortgage would be to provide you with a personalized estimate.

Mortgage pre-approval is a process through which you can receive that estimate.

Individual factors determine what you qualify for, such as your credit score, income, and debt-to-income (DTI) ratio.

Mortgage rates change continuously as well, so when your loan is approved is another determining factor.

Q: How high will my down payment be?

Your down payment is like your interest rate in that individual factors determine what you qualify for.

Along with those factors (i.e. your credit score and DTI ratio), we also must consider the type of mortgage for which you are applying.

Q: What if I cannot afford a 20% down payment?

Buying a home does not require a 20% down payment as many first time homebuyers believe.

In fact, no down payment is necessary if you qualify for a VA mortgage or a USDA home loan.

Low down payments also are available to borrowers applying for conventional and FHA loans, depending on their credit scores.

What if you do not qualify for a low enough down payment to buy a home right away?

Some borrowers choose to wait, but you can also check whether you are eligible for any down payment assistance programs.

Sometimes that makes it possible to purchase a home immediately. We can explain more to you about your options during your consult.

Q: What credit score is required?

The credit score requirements vary from loan product to loan product. To find out the current requirements for the type of loan that interests you, please ask us directly.

We can also check your score and simply tell you what loan products you may qualify for based on your score during the pre-approval stage.

It might be possible to increase your score before you apply for a home loan. We can give you ideas for how to do this quickly once we know more about your scenario.

Q: How much can I borrow to purchase a home?

Many of the same factors that impact the answers to the other questions in this list also affect how much you are able to borrow when you are shopping for a home.

We will look at your qualifications and also the type of mortgage for which you are applying when telling you the upper limit.

There also are sometimes specific caps for different lending products. For example, a conforming loan must be within the Fannie Mae and Freddie Mac conforming loan limits.

If the loan limits for a particular product are too low for you, we can recommend alternatives (for example, non-conforming loans).

Q: What area do you serve?

Our headquarters are in North Palm Beach and West Palm Beach. But we serve the entire state of Florida.

Q: Can I buy a home even if I do not have a W-2?

Did a bank turn you down when you tried to buy a home without a W-2 form? This still happens a lot with big box lenders, despite how many homebuyers simply do not have this form.

We do not require this form if you do not have it. Instead, we invite you to apply through our simple and fast bank statement loan process. We use your bank statements to document your income instead of a W-2.

Get Answers to Your Mortgage Questions Now

Still looking for more answers about buying a home or our mortgage process? Let’s get you in for a consultation. To get started, please call (720) 640-7034.

See What Our Clients Are Saying About Us

Paul straetmans
Paul straetmans
03:28 21 Oct 21
Want to have the best rates in the game and get in your dream home faster than everywhere else? Look no further!!
Alexa Bednarz
Alexa Bednarz
23:39 20 Oct 21
Josh made my experience so easy when working with Uproar. He was so responsive to any of my questions (I had a lot!) and we closed in 12 days. I recommend everyone go through Josh and the uproar team when looking to refinance!
Jay Hamilton
Jay Hamilton
23:17 20 Oct 21
Working with UpRoar was definitely easy. Not only are they knowledgeable, but very professional and responsive to all of the questions I’ve had along the way. They will present you with the best option for your particular situation and cater the process to you. Do yourself a favor and choose them to assist you in any of your mortgage needs! You won’t be disappointed.
Erfan Alizadeh
Erfan Alizadeh
19:54 20 Oct 21
Very helpful in helping me navigate thoroughly all of the things I wanted to know in purchasing my home. Always responsive and communicative, they’re awesome.
Hanna Houle
Hanna Houle
16:15 20 Oct 21
Extremely impressed by this team's responsiveness and ability to help me navigate everything I need to know to get ready for my first purchase! Highly recommend
Carly Morrison
Carly Morrison
00:18 24 Sep 21
My whole experience with the UpRoar team was great! They made me feel extremely comfortable after initially feeling a little uneasy about a potential purchase.
Matt Peck
Matt Peck
21:35 23 Sep 21
Super helpful as I was trying to navigate the waters as a first time home buyer. Always kept in the loop and would highly recommend!
Nick Engelhart
Nick Engelhart
13:40 07 Sep 21
Josh and Brian at UpRoar Financial should be everyone's go to mortgage professionals! They will get you the best deal and close your loan no longer than 2 weeks I could not believe how fast this process was!
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