The Lender Exchange FAQs
About The Lender Exchange
The Lender Exchange® is an online mortgage experience developed to help you connect with the leading lender officers in the United State.
The Lender Exchange isn’t a calculator; it’s a way to get a mortgage. Just tell us about yourself, your home and your finances, and we’ll give you real interest rates and numbers – not just our best guess. Then, you can use The Lender Exchange® to get approved, ask questions about your mortgage.
You don’t need to pay out of pocket to close your refinance loan with The Lender Exchange®. In fact, we only connect you with the best and trustworthy lender officer near you.
When you refinance with Lender Exchange®, you can get a loan to take cash out, lower your payment, shorten your term, or even do a combination of those depending on your numbers.
The Lender Exchange® recommends loans you may be eligible for based on the information you provide. When you use Lender Exchange® help to apply, you may see mortgage recommendations for conventional loans, FHA loans (including FHA Streamlines), VA loans (including Interest Rate Reduction Refinance loans) and jumbo loans.
Refinancing With The Lender Exchange
You don’t need to pay out of pocket to close your refinance loan with The Lender Exchange®. We’ll automatically recommend a loan officer to help roll all your closing costs into your loan to make refinancing more affordable.
No. The Lender Exchange® doesn’t currently offer HELOCs, so they’re not available through The Lender Exchange®. But you can use The Lender Exchange® to get a cash-out refinance, which gives you money you can put toward the same things as a HELOC, like paying down debt.
No. Lender Exchange doesn’t currently finance mortgages for mobile or manufactured homes.
Buying A Home With The Lender Exchange.
Yes! If you’re ready to get approved to buy a home, The Lender Exchange® is a great way to understand exactly how much you can afford. Because RThe Lender Exchange® considers your credit score and financial information in determining how much you can afford, it’ll give you more accurate numbers than a calculator would.
How much you need depends on the type of loan and the purchase price of the home. In general, you’ll want to have at least 3% of the home’s purchase price for a down payment. You’ll also want to have between 2% and 5% of the purchase price for closing costs – even for no-down-payment loans, such as VA loans.
The Lender Exchange® connect you with the nearest lender to provide you with a Prequalified Approval Letter, which is like a preapproval letter. It shows you and your real estate agent how much you can afford so you can make offers with confidence.
Once you’ve got your approval, you can make it even stronger by contacting a Home Loan Expert for a Verified ApprovalSM. With a Verified ApprovalSM, we verify your income, assets and credit before you shop for a home. It’s the next best thing to a cash offer, and it’s only available from Lender Exchange®.
Yes! Once you’ve filled out our online eligibility quote form, one of our Home Loan Experts will give you a call so we can speed up your mortgage process.
The Lender Exchange® recommends loans you may be eligible for based on the information you provide through a loan office.
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