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Mortgage FAQ · Pick My Mortgage Rate
Straight answers about how we work, the $2,000 Best Price Guarantee, loan programs, buying a home, home equity, and our licenses, all in one place.
Answers from Jerry Kindig, licensed mortgage broker, NMLS #2397823.
We are an independent mortgage broker powered by Loan Factory. Instead of offering one bank's pricing, we compare your loan across 220+ wholesale lenders so you can see your options side by side and choose.
A retail lender offers its own loans. As a mortgage broker, we work for you and shop your loan across our network of wholesale lenders.
Yes. Our online application uses AI to guide you through each question, gather what lenders need, and get your file ready to shop. You can stop and finish later, and a licensed loan officer reviews everything. Prefer a person? Call or text (480) 526-4505.
Yes. Apply with AI lets you apply once and tells you exactly what to upload. You can also use Shop Rates to compare options.
A licensed mortgage broker from our team, led by Jerry L. Kindig III. Reach out and we will match you with a broker licensed in your state.
Call or text (480) 526-4505, or send the form, and a licensed loan officer will walk you through your options.
If you close with another lender at a lower combination of interest rate, fees, and monthly mortgage insurance on an identical loan, we send you a $2,000 check. It applies to loan amounts of $200,000 or more, is not available in Washington, and other conditions apply. See the full terms on our Best Price Guarantee page.
Fixed-rate Conventional conforming loans (no jumbo or high-balance loans), FHA, and VA loans, on identical matching loan types and products offered by Loan Factory, with loan amounts of $200,000 or more.
The guarantee is available in all states except Washington.
Interest rates change every day, sometimes multiple times a day. Comparing quotes from different days is not a fair comparison, so you must share the competitor quote the day you receive it and get our written quote that same day.
A detailed written competitor quote, your locked Loan Estimate within one business day of locking, and your final, signed Closing Disclosure and Note within 10 days of the disbursement date. All documents must match.
Yes. Offers from a builder's preferred lender and from credit unions are excluded. You are also not eligible if you decline a better price from Loan Factory made after you lock with a competitor and before you close.
No. It applies only to fixed-rate Conventional conforming, FHA, and VA loans on identical loan types, with conditions. It does not apply to Down Payment Assistance (DPA), Reverse, Non-QM, DSCR, USDA, Construction, Mobile, Fix and Flip, or Wealth Builder HELOC loans. See the Best Price Guarantee page for the full terms.
Every program we offer is available for both purchases and refinances, including Conventional, FHA, VA, USDA, DSCR, Non-QM, Reverse, and more.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency like FHA, VA, or USDA. Most follow guidelines set by Fannie Mae and Freddie Mac.
An FHA loan is a mortgage insured by the Federal Housing Administration. That insurance helps lenders offer more flexible credit and down payment guidelines.
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, service members, and surviving spouses.
A USDA loan is a mortgage guaranteed by the U.S. Department of Agriculture for eligible buyers in eligible rural and suburban areas.
A Non-Qualified Mortgage (Non-QM) loan is a flexible mortgage for borrowers who don't fit the standard lending box but are still financially capable of buying or refinancing a home.
Yes. Bank statement programs use 3 to 24 months of business or personal bank statements to show income instead of tax returns.
A reverse mortgage lets eligible older homeowners convert part of their home equity into cash. Instead of making monthly mortgage payments to a lender, you can receive funds from the loan.
Programs are available from age 55. A HECM, the most common type, requires at least one borrower to be 62 or older.
A loan for buying a mobile home to use as your primary residence or second home, with or without the land it sits on.
Options include FHA, down payment assistance, VA for eligible veterans and service members, USDA for eligible rural and suburban areas, and Conventional loans. Eligibility varies by program, and all loans are subject to approval.
Eligible first-time buyers may put as little as 3% down, subject to eligibility. Your required down payment depends on your credit, the property, and the program.
Eligible borrowers may put as little as 3.5% down, subject to eligibility. Gift funds and down payment assistance may help cover it.
No down payment is required for eligible borrowers, subject to eligibility and entitlement. You can still choose to put money down.
Yes. FHA allows documented gift funds from eligible donors, such as family members, toward your down payment.
Down payment assistance programs provide funds, often as grants, forgivable loans, or deferred-payment loans, to help cover part or all of the down payment and sometimes closing costs.
It depends on the type. Grants do not have to be paid back. Forgivable loans are forgiven after you meet certain requirements. Deferred loans are due when you sell, refinance, or pay off your mortgage.
Many programs focus on first-time buyers, but some allow repeat buyers too.
You can generally request PMI removal once your loan balance reaches 80% of your home's original value, and it generally ends automatically at 78% if you are current on payments. Your servicer's requirements apply.
A temporary buydown lowers your interest rate for the first years of the loan, then the payment returns to the note rate. A 1-0 buydown lowers the rate by 1 percentage point in year one. A 2-1 lowers it by 2 points in year one and 1 point in year two. A 3-2-1 lowers it by 3, 2, and 1 points in years one to three.
It is a free, on-demand recorded webinar. Watch it anytime, at your own pace, and revisit the course material whenever you like.
Yes. You can use a conventional loan for a rate-and-term refinance, a cash-out refinance, or to refinance out of an FHA loan and its mortgage insurance, subject to approval.
It is about how long it may take for a lower monthly payment to recover your closing costs. A new loan term also changes the total interest you pay over time.
It is a home equity line of credit that is a second lien behind your current mortgage, so your first mortgage stays in place. The application, approval, and funding process is completely digital.
No. You can get an offer with a soft credit check that does not impact your credit score. The hard pull happens only if you accept the loan.
This online HELOC is a second lien that keeps your current first mortgage. The Wealth Builder HELOC is a first-lien HELOC used for a purchase or to replace your mortgage.
Wealth Builder is a first-lien HELOC that works as both a mortgage and a checking account. It is an open-ended line of credit, so you are not locked into a fixed amortization schedule.
Deposits into your Wealth Builder account are applied to your principal through an automated nightly sweep. Because interest accrues daily on the remaining balance, each dollar of principal reduction lowers the next day's interest.
It is the Loan Factory IQ Report: a free, personalized monthly snapshot of your home's estimated value, your equity, refinance scenarios, and your purchasing power for a next home.
Options include a HELOC, which is a second lien that keeps your current first mortgage, a first-lien Wealth Builder HELOC for a purchase or refinance, or a cash-out refinance. All loans are subject to approval.
A Debt Service Coverage Ratio (DSCR) loan lets real estate investors qualify based on a property's rental income instead of personal income.
No. DSCR loans do not require tax returns, W-2s, or pay stubs. Approval is based on property cash flow.
A short-term loan that finances both the purchase and the renovation of an investment property, built for speed.
A loan for ground-up construction, major additions, or substantial redevelopment, with capital released in draws as construction milestones are met.
Instead of a lump sum, capital is released in phases as milestones are met. You only pay interest on the funds you have actually drawn.
No. Results are estimates for educational purposes based on the information you enter. They are not a loan approval, a rate quote, or a commitment to lend. All loans are subject to approval.
We do not prefill a rate. Enter a rate you were quoted or one you want to test. To see current options for your scenario, use Shop Rates or talk with a loan officer.
Principal and interest, plus the property taxes, homeowners insurance, HOA dues, and mortgage insurance you enter. Your actual payment may differ.
It is your total monthly debt payments, including the new housing payment, divided by your gross monthly income. This calculator uses 50% as the limit.
No. We do not pay referral fees or give anything of value in exchange for referrals. We earn your trust by taking good care of your buyers.
Your buyer applies with AI, which tells them exactly what to upload. We review the file and shop the loan across our wholesale lenders. All loans are subject to approval.
Yes. We keep you and your buyer updated at each key milestone, and you can call or text (480) 526-4505 anytime.
Eligible buyers can. Conditions apply, including loan amounts of $200,000 or more, fixed-rate Conventional conforming, FHA, and VA loans on identical loan types, and it is not available in Washington. It does not apply to Down Payment Assistance (DPA), Reverse, Non-QM, DSCR, Fix and Flip, Construction, Mobile, Wealth Builder HELOC, or USDA loans.
Jerry Kindig is personally licensed in 19 states: Alaska, Arizona, Arkansas, California, Florida, Illinois, Indiana, Kentucky, Massachusetts, Michigan, Nevada, New Hampshire, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Utah, and Washington. Through our brokerage, Shop Rates works in 48 states.
Loan Factory (NMLS #320841), the brokerage behind Pick My Mortgage Rate, is licensed in 48 states and the District of Columbia. Shop Rates works in those 48 states through our brokerage, while Jerry personally originates loans in his 19 licensed states.
Search NMLS Consumer Access for Jerry Kindig, NMLS #2397823, or Loan Factory, NMLS #320841. It is the official, free lookup for mortgage companies and loan originators.
A unique number assigned by the Nationwide Multistate Licensing System and Registry (NMLS) to each mortgage company and loan originator. It stays the same across every state.
Shop Rates works in 48 states through our brokerage. Call or text (480) 526-4505 or send the form, and we will point you to the right next step.
Call or text (480) 526-4505, email [email protected], or send the form on this page. A licensed loan officer will follow up.
Yes. Text (480) 526-4505.
Call or text (480) 526-4505, or send the form, and a licensed loan officer will follow up.