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Sometimes buying a home that fits your needs, budget, and lifestyle can be a challenge.  Luckily, our lenders have experience in all types of market environments and with all types of mortgage situations.  They also have several exclusive loan programs that make buying a home more convenient and achievable...to name a few: 

CrossCountry Mortgage (CCM) FastTrack

When you find the house of your dreams, you want to be ready.  With FastTrack, you get a fully underwritten approval before you find a home. Sellers love FastTrack because it's virtually as good as a cash offer, which helps you stand out from other potential buyers. 

Guaranteed On-Time Closing (GOTC)

Whether it's your first home purchase or your tenth, no one wants to miss their closing.  Amongst our careful selection of expert lenders, with their GOTC program, they're so confident that they'll meet the date, they've put money on it.  $2,500 to be exact. 

Extended Rate Lock

Interest rates are always on the move and even a small change can have consequences.  The Extended Rate Lock program gets rid of those worries.  We can lock your mortgage rate for up to one year, allowing you to buy or build a home with confidence. 

Programs for homebuyers with limited income

Having a limited income shouldn't stop you from getting a mortgage loan to purchase a home.  That's why we offer Fannie Mae's HomeReady and Freddie Mac's Home Possible.  With these programs, your FICO Score can be as low as 620 and you can put down as little as 3% - and many types of down payment sources, such as gift funds, are acceptable.  

Standard Products:

• Conventional mortgages with a fixed or adjustable interest rate
• Jumbo loans for higher-priced homes
• FHA loans with a low 3.5% down payment option
• FHA 203(k) loans for fixer-upper properties
• USDA loans for rural country homes with a 0% down option 
• VA loans with 100% financing and other benefits for Military Veterans

Specialty Products:

• Doctor loans with 0% down option and relaxed debt-to-income ratios
• Bank statement and 1099 loans with alternative income qualification methods for self-employed borrowers
• Asset qualifier loans for high-net worth borrowers to qualify solely off their liquid assets
• Investor cash flow loans that use the subject property's rental income for loan qualification
• Foreign national loans for borrower's who do not have a U.S. residency or credit
• Full doc loans with unique features to help a borrower who cannot qualify for other loan programs

There are a number of good reasons to refinance your mortgage, especially when interest rates are low - and it's not as complicated as it sounds.  OUr preferred lenders offer several refinance loans, such as the cash-out refinance, debt consolidation refinance, and rate-and-term refinance, along with others.

At KeyfactorCo, our lenders offer a wide range of loan options - and the expertise to pinpoint precisely which loan is right for your situation.  From fixed and variable-rate Conventional mortgages to easier-to-qualify-for loans like FHA insured to VA, Jumbo, and loans for self-employed borrowers.  Also offered are many proprietary programs that can make buying or refinancing a home easier.  And we will not rest until we find the ideal loan just right for you. 

Your monthly mortgage payment may include additional costs like your homeowner’s insurance and property taxes. We can add the monthly portion of each of those accounts to your mortgage payment. That money is held in an escrow account managed by a third-party to make sure those costs are paid on time.  There are other words used interchangeably with escrow accounts, such as impound account, trustee account, deposit account - depending on what region you're in. 

A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections on a property that is going to be sold.  The inspector examines the structural aspects of the home, heating and cooling systems, plumbing, electrical work, water and sewage to ensure they are all functioning properly.  

The type of inspection can influence the average home inspection cost.  A general home inspection in Maryland usually costs around $425; however, a specialized inspection, like a foundation inspection, may cost around $800.  

Getting a home appraisal is a standard part of the mortgage process. When you use a home as collateral for a loan, the lender wants an appraisal report to make sure the loan will be guaranteed by the value of the property. Appraisals are independently conducted by a third-party company and are not influenced by KeyFactor or its preferred affiliated lenders.  Home appraisals are determined by comparing recently sold homes in the same neighborhood as the property you are interested in purchasing or refinancing. The appraisal company provides a report to the lender after the appraisal is conducted. A courtesy copy of the valuation report is provided to both you and the lender.  

Rising home values have led to increases in home equity, giving homeowners a valuable source of available cash.  A Closed End Second loan is a second mortgage that allows you to tap into your home equity without affecting the rate on your first mortgage.  It's an attractive alternative to a cash-out refinance or a home equity line of credit (HELOC).

What is a second mortgage? 

A second mortgage is a loan that is taken out against a home when a mortgage is already on the property.  It is called a second mortgage because it is put in second lien position. A second mortgage is commonly referred to as a Home Equity Loan (HELOAN). 

Do I have to get a second mortgage from the same place as my first mortgage?  

No. You are not required to get a second mortgage from the same company that has your first mortgage.  

Do I need to refinance my current mortgage? 

No! A second mortgage is a mortgage on the equity in your home. You do not have to refinance your current mortgage to take advantage of this program. 

What's the different between a refinance and a second mortgage? 

The difference between a second mortgage and refinance is that a refinance is going to pay off your current loan in its entirety and give you a new loan with new terms (different interest rate, payments, etc.) Utilizing a second mortgage will keep the terms of your first mortgage in place, giving you an additional loan. 

How does a borrower get the equity in their home from the mortgage?

A borrower can get the equity out of their home in the form of a second mortgage. Once the loan closes, the borrower will get the funds. 

How much money can I take out in a second mortgage? 

It depends on the value of a person's home and the amount that they currently owe on their first mortgage.  

How many mortgages will I have? 

A borrower will have two separate mortgages. The borrower will have their original mortgage that they used to buy their home and a second mortgage that is based on the equity pulled out of the property. 

When would a borrower get the cash? 

The borrower will get the funds once the loan closes. 

When should I get a second mortgage?

You should consider getting a second mortgage if you are looking to cash out your equity but have favorable terms on your first mortgage. 

Does it matter how a borrower uses the funds? 

There are no restrictions on the way you use the money. It can be used to: 

✅ Pay off higher-interest debt

✅ Pay for college tuition

✅ Increase your savings or retirement accounts

✅ Take care of emergency expenses

✅ Renovate your home

What are the lenders Closed End Second loan requirements?

Primary residence only

Loan amounts $100,000 - $500,000

Maximum combined loan-to-value 80% (1st and 2nd mortgages combined

Available fixed loan terms of 30, 25, 20 years

Available in all states except CO, OK, TN, TX

Reduce your monthly payment with a temporary mortgage rate buydown program, which gives buyers a lower rate and lower monthly payments for 1-3 years at the start of their loan. The seller or builder provides the savings, so there's no cost to the buyer. 

3-2-1 Buydown

The 3-2-1 Temporary Buydown reduces the buyer's interest rate by 3% for the first year of their loan, 2% for the second year, and 1% for the third year. 

Examples: 

Sale price: $250,000

Down Payment: $50,000

Loan amount: $200,000                 

30-year fixed rate: 6.5%

Annual percentage rate: 6.637%

-----

Year 1: 3.5%

P&I: $898.09

Monthly Savings: $366.05

Total Savings for Year 1: $4,392.60

Year 2: 4.5%

P&I: $1,013.37

Monthly Savings: $250.77

Total Savings for Year 2: $3,009.24

Year 3: 5.5%

P&I: $1,135.58

Monthly Savings: $128.56

Total Savings for Year 3: $1,542.72

Year 4+: 6.5%

P&I: $1,264.12

Monthly Savings: $0

Total Savings for Year 4+: $0

Total savings and seller credit:  $8,944.56

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2-1 Buydown

The 2-1 Temporary Buydown reduces the buyer's interest rate by 2% for the first year of their loan, and 1% for the second year.

Example: 

Sale price: $450,000

Down Payment: $90,000

Loan amount: $360,000                 

30-year fixed rate: 6.5%

Annual percentage rate: 6.619%

-----

Year 1: 4.5%

P&I: $1,824.07

Monthly Savings: $451.37

Total Savings for Year 1: $5,416.44

Year 2: 5.5%

P&I: $2,044,04

Monthly Savings: $231.40

Total Savings for Year 2: $2,776.80

Year 3: 6.5%

P&I: $2,275.44

Monthly Savings: $0

Total Savings for Year 3: $0

Total savings and seller credit:  $8,193.24

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1-1 Buydown

The 1-1 Temporary Buydown reduces the buyer's interest rate by 1% for the first two years of their loan.

Example: 

Sale price: $650,000

Down Payment: $130,000

Loan amount: $520,000                 

30-year fixed rate: 6.5%

Annual percentage rate: 6.612%

-----

Year 1 & 2: 5.5%

P&I: $2,952,50

Monthly Savings: $334.25

Total Savings for Year 1: $4,011

Year 3+: 6.5%

P&I: $3,286.75

Monthly Savings: $0

Total Savings for Year 3+: $0

Total savings and seller credit:  $8,022

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1-0 Buydown

The 1-1 Temporary Buydown reduces the buyer's interest rate by 1% for the first year of their loan.

Example: 

Sale price: $450,000

Down Payment: $90,000

Loan amount: $360,000                 

30-year fixed rate: 6.5%

Annual percentage rate: 6.619%

-----

Year 1: 5.5%

P&I: $2,044.04

Monthly Savings: $231.40

Total Savings for Year 1: $2,776.80

Year 2+: 6.5%

P&I: $2,275.44

Monthly Savings: $0

Total Savings for Year 2+: $0

Total savings and seller credit:  $2,776.80

[The sample rates provided are for illustration purposes only and are not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard.  KeyFactor&Co. nor its preferred lenders cannot predict where rates will be in the future.  The payment example does not include assessments.  Actual payment obligations may be greater and may vary.  Mortgage Insurance Premium (MIIP) is required for all FHA loans, and Private Mortgage Insurance (PMI) is required for conventional loans where the LTV is greater than 80%.  Rate(s), APR(s) and payment info is valid as of 12/14/2022 and assumes a first lien position, 740 FICO score, 25-day rate lock, based on a single-family home. All terms are subject to change without notice.  Loans are subject to underwriting guidelines and the applicant's credit profiles, not all applicants will receive approval.  Contact KeyFactor&Co. for more information. Available for conventional, FHA, VA, and USDA loans only.  Equal Housing Opportunity.  All loans subject to underwriting approval.  Certain restrictions apply.  Call for details.] 

• Immediate impact
• Ease into homeownership (especially helpful for first-time homebuyers)
• Rate protected if rates rise
• Refi later if rates drop

• Buyer signs a temporary buydown agreement with CCM
• Seller (or builder) funds the buydown with an upfront deposit
• Amount of seller's deposit equals amount of buyer's savings over buydown term
• Deposit held in escrow account
• Funds paid monthly to lower buyer's mortgage payment

Good for buyers, sellers, and builders

For sellers considering a price cut

> Savings for the buyer without lowering the sale price

For builders who want to move inventory

> An alternative incentive

For buyers stretching their dollars

> Immediate monthly payment savings

> Savings for 1, 2, or 3 years

> A locked rate if rates increase

> Room to refinance if rates fall

High-cost prices, rising mortgage interest rates - all sound too familiar by now. If you are in the market to buy a house, consider locking in your mortgage interest rate so you don't have to worry about rising interest rates and unpredictable loan costs. Learn everything you need to know about mortgage rate lock, when to lock in your mortgage rate, and how to do it. 

Mortgage Interest Rate Basics

When buying a house, it is important to know how much you will end up paying on mortgage interest rate. Your monthly mortgage payment is made up of principal, interest, and (usually) property tax and homeowner's insurance. The principal is the money you borrow. The interest is the fee charged to borrow that money. The interest rate is a percentage of the principal and has a major impact on the amount you will pay over the life of your loan. 

Interest rate lock basics

What's a mortgage interest rate lock?

A mortgage interest rate lock is when you ask your loan originator to lock in your rate when buying a house. Your rate is then set for your loan, as long as you close on time. It won't change during your loan term if you choose a fixed-rate loan. Locking in your interest rate is an important step in your home loan process. 

How long can I lock in a mortgage rate? 

Your mortgage rate lock period will be for a specific length of time, usually from 30 to 90 days, to allow time for your loan to be approved and, if you're buying a home, for your purchase contract to be finally approved by both you and the seller. There are extended rate lock options for construction loans.

When can I lock in my mortgage interest rate? 

You can lock in your mortgage rate as soon as you complete your loan application and select a mortgage. Or you can wait until a few days before closing. The choice is yours, but there are pros and cons: 

> Locking in your rate early means you won't have to worry about rising mortgage rates. You'll have peace of mind knowing you've made your decision. If rates drop before you close, you'll be locked into a higher rate, unless you've taken a float down (explained below). However, you can always refinance your loan in the future if rates fall enough to make it worthwhile. 

> Locking in your rate later means you'll see how rates are trending, and possibly lock at a lower rate. You need to be comfortable taking the risk that rates might rise, but waiting could pay off. 

No matter when you want to lock, discuss your preferences with your loan officer. 

How to lock in your mortgage rate?

Your loan officer locks in your rate when you tell them to. Rates change constantly, even in the course of a day, so it's important to have a knowledgeable advisor keeping an eye on them. Your loan officer will watch the rate trends for the kind of mortgage selected, and let you know if it looks like a good time to lock in your mortgage interest rate. 

You could decide to lock because it appears that rates are rising, or staying steady, or have dropped and aren't expected to fall further. There may be longer-range signals, like economic reports, international events, or actions by the Federal Reserve. Influences on mortgage interest rates are many and complex, so having a trusted expert will help you make the decision that's right for you. 

What if rates go down before my closing? 

If rates fall after you've locked, and you're still within the lock period, you'll probably have to pay the rate you locked. If your rate lock expires, you'll need to discuss the options for a new lock with your loan officer. Talking to your loan officer is the best course of action whenever you have questions about your loan. 

What can void a rate lock? 

As long as the information on your loan application stays the same once you've locked in your rate, the lock will stand. However, if you change loan programs (from conventional to FHA, for example), or your income or employer changes, or your credit score drops, your rate lock may not be valid. For that reason alone, you'll want to keep everything the same until after your loan closes. More importantly, your loan could be cancelled by your mortgage lender if you make changes that affect your creditworthiness. 

What if you could lock in your mortgage loan before you found the house you want to buy? You can!

Our preferred lender allows you to lock in your mortgage interest rate up front by following these four simple steps: 

1. Apply for your mortgage loan, get fully credit-approved
2. Lock your rate for up to 90 days
3. Shop for your home
4. Once your offer is accepted, you'll be ready for a fast closing

Extended rate lock for new construction

When you decide to build a home, you want some certainty in the process. Building takes a long time, and rising interest rates could make your dream home unaffordable. Use CCM's extended rate lock program to lock in your mortgage rate for up to 12 months. 

[Our preferred lenders cannot guarantee that an applicant will be approved or that a closing can occur within a specific timeframe. All closing timeframes may vary based on all involved parties' level of participation at any stage of the loan process. 

Home construction loans are short term loans with a life span that's usually under a year.  As a riskier investment for mortgage lender, construction loan rate scan be higher than the average mortgage rates.

The funds from a construction loan cover the construction costs for the house and any permanent fixtures. This includes land, labor, materials, services like construction plans and permits, etc.

This information covers how construction loans work - including loan options and important items to consider when building your home.  

Types of Construction Loans

Stand-Along Construction Loans:

A stand-alone construction loan is a short-term, adjustable-rate loan typically issued for a year. It solely covers the cost of building the property during the actual building period. Once the property is complete, the borrower must pay off the balance, either by paying in cash or refinancing.  

This may be a good solution for someone living in an existing home that intends to sell once construction is completed. It also comes with the possibility of timeline issues and the necessity for two closing (with associated closing fees.)

Construction-to-Permanent Loans

Construction-to-permanent loans allow borrowers to transition from a stand-alone construction loan to a traditional fixed-rate mortgage once construction is completed. These loans benefit from a single round of application, paperwork, and closing fees. 

This loan type converts into a permanent mortgage more easily. It also allows borrowers to save on closing fees and possibly lock in a lower mortgage rate if rates are increasing.  

On most construction loans, the monthly payments during construction are interest-only and are based solely on the funds that are drawn during that period, not the full loan amount. 

The Application Process

Since construction loans are more complex than traditional mortgages, the application process can be more demanding. 

Prequalification:

Since construction loans are riskier for lenders than traditional mortgages, the qualification requirements are typically higher. Lenders will normally look for: 

> A credit score of 620 or higher,

   sometimes 720 or higher. 

> Lower debt-to-income ratios. 

> Strong income history.

> Higher down payment requirements

   than traditional mortgages.

Documentation

In additional to strong prequalification requirements, construction loan lenders need paperwork from both the borrower and the construction company. Here are some common documents you should expect to provide: 

> Standard mortgage loan documentation. This could include paystubs, W-2s, tax returns, statements for bank accounts, retirement account statements, etc. 

> A signed construction or purchase contract with your builder or developer.  You will need to find a reputable home builder by contacting the National Association of Home Builders (NAHB)

> Full set of plans and specs for the home to be built. 

> Budget with a cost breakdown of the project that is to be financed. 

> The contractor you choose may also have to provide qualification to prove their competence and legitimacy, including financial statements, current license, and insurance. 

HOW FUNDS ARE DISBURSED

Unlike a mortgage or personal loan, the funds for a home construction loan are not released in a lump sum at closing. "Draws" are typically disbursed at various stages during the construction period. In addition, although borrowers are usually required to sign off on each draw, they typically do not have direct access to the funds, and it is common for draws to be made payable directly to the builder. Once the builder has the funds, they are typically required to ensure they are allocated correctly. 

Draws: 

The lender makes payment directly to the builder to cover construction costs, labor, etc., as they complete each building stage. These installments are known as "draws" and are typically subject to receipt and approval of an inspection and lien update on the property. 

The builder must provide an estimate of the construction costs as well as a timeline of the project prior to loan closing, which will determine the loan amount, then during construction, funds are disbursed as work is completed. Most lenders do not pay subcontractors directly, so it's the builder and buyer's responsibility to ensure that the subcontractors and suppliers are paid on time. Their legal recourse is against you, and you would need to sue the builder to recover losses in case of mishaps. 

Timing of Disbursements

The timing of disbursements varies depending on the lender. Some lending institutions may allow for monthly draws, while others only allow them after a certain "stage" of construction is complete. 

Inspection Process

An inspection precedes each draw to ensure that each milestone is competed according to plan. The lender arranges the inspection. It is important to understand that most lenders do not inspect or guarantee quality of workmanship. These inspections are typically used to simply determine what progress and line items are "substantially" complete and warrant being paid out. 

Managing Construction Loan Finances

There are many factors to take into account when applying for a construction loan and managing the funds. 

Contingency Funds

Construction projects often run into delays, especially when labor shortages, increasing material costs, and supply-chain issues are common occurrences. Therefore, most contractors, and sometimes lenders, include a contingency fund of 5% to 10% of the budgeted costs to cover any unexpected expenses. 

Contingency funds typically do not cover costs associated with upgrade or the borrowers changing their minds.  They are strictly here to cover unforeseen and unavoidable budgetary issues. 

Managing Construction Costs

Many borrowers start their construction projects with an idea in mind but change their preferences along the way.  Be aware that change orders that affect the cost to build or the completion timeline are subject to review and approval. 

The cost of these upgrades must typically be covered by the borrowers' cash reserves.  It is also best to work with a contractor familiar with the drawing process to avoid delays because of insufficient funds. 

Monitoring the Project

Since construction loans can be a risky investment for lenders, they keep a close eye on the home-building process. The final draw is subject to final appraisal to confirm the value of the house is on par with the total loan value and that it was built according to the original plans and specs. Therefore, it is essential to choose an established and reliable home builder. 

Benefits and Drawbacks of Construction Loans

There are both benefits and drawbacks to construction loans.

Benefits:

> The borrower typically only pays interest for the funds used during the building process.  This makes the cost of building a home while renting or owning another home more manageable. 

> Construction loans provide more flexibility than traditional loans, such as personal loans. 

> Lending guidelines and frequent inspections may seem like a hassle, but they ensure that your project stays on budget and schedule. 

You can choose a construction loan that fits your timeline and priorities. 

Drawbacks:

> Since construction loans are riskier for the lender, interest rates can be higher. 

> Qualifying requirements are stricter than most loans and mortgages. 

> There is always a share of risk associated with any loan. If issues arise during the construction process, you are still responsible for paying the balance of the loan once it expires. 

> It is your responsible to select a qualified builder. Since the lender is not inspecting for quality of workmanship or paying subcontractors directly, issues that arise between you and the builder may impact your mortgage loan. 

Yes, you can buy a home after a bankruptcy, foreclosure or short sale.  It just takes time. Here are the waiting periods for each.

Loan Type: FANNIE MAE/FREDDIE MAC

Chapter 7 Bankruptcy: 4 years from discharge or dismissal date.

Chapter 13 Bankruptcy: 2 years from discharge date - 4 years from dismissal date.

Foreclosure: 7 years from completion date.

Short Sale (Deed-in-Lieu): 4 years

Loan Type: FHA

Chapter 7 Bankruptcy: 2 years from discharge date.

Chapter 13 Bankruptcy: 1 year of the payout must lapse. Payment performance must be satisfactory. Court's permission required to enter into a mortgage.

Foreclosure: 3 years from completion date.

Short Sale (Deed-in-Lieu): 3 years from completion date.

Loan Type: USDA

Chapter 7 Bankruptcy: 3 years from discharge date.

Chapter 13 Bankruptcy: 1 year of the payout must lapse. Payment performance must be satisfactory. Court's permission required to enter into a mortgage.

Foreclosure: 3 years from completion date.

Short Sale (Deed-in-Lieu): 3 years from completion date.

Loan Type: VA

Chapter 7 Bankruptcy: 2 years from discharge date.

Chapter 13 Bankruptcy: 1 year of the payout must lapse. Payment performance must be satisfactory. Court's permission required to enter into a mortgage.

Foreclosure: 2 years from discharge date.

Short Sale (Deed-in-Lieu): unspecified (assume foreclosure rule of 2 years).

Connect with your Loan Officer to discussion your options.

Start Exploring the many products that fit many situations.

Expansive Suite of Programs:

Jumbo loan financing

• Interest-only options for loans with 10% down
• No limits to cash-out
•  5% down payment and no mortggae insurance on purchases up to 1.75M
• Higher debt-to-income ratios accepted, above 43%
• Delayed financing exceptions for buyers who previously purchased all-cash
• Use of restricted stock as income

Government loans

• FICOs as low as 500 for FHA/VA
• Manual underwriting
• Credit and non-credit qualifying streamline without an appraisal
• VA IRRRL refinance with no appraisal and 100% cash-out option

Investment opportunities - Loan amounts up to $3.5M and unlimited cash out for multi-unit properties

Specialty Offerings

FastTrack pre-approval - by providing qualified borrowers fully underwritten pre-approvals, they can begin their home search with confidence and better compete with all-cash offers.

Asset qualification - No income or tax returns, just a borrower's assets to help qualify as an alternative method for income documentation, eliminating excess paperwork. 

Reduced income documentation - One year of tax returns or bank statements are used to calculate income for self-employed borrowers.  Great opportunities for entrepreneurs.

Non-warrantable options - Financing available for projects with more than 10% single entity ownership, condos with owner occupancy under 50%, those involved in litigation, and more. 

Extended lock periods - Up to 360 days available. 

Multiple mortgage insurance options - With multiple leading insurance companies, offering more options to pay for mortgage insurance. 

80/10/10 financing - Provides all the benefits of a 20% down payment without the added cost. Buyers contribute 10% while the remaining 10% is financed through a second loan. 

Investment properties can bring in extra cash to your bank account, but they can also deplete your savings quickly if you're unprepared. 

Our preferred lenders offer down payment options as low as 15% on single family units or 25% on 2-4 family units.

CONSIDER THESE QUESTIONS BEFORE DECIDING TO INVEST: 

• What type of properties would you want to purchase? 
• What might the minimum down payment be? 
• Will your credit score affect the interest rate and the cost of the property? 
• How much reserves will you need after closing? 
• What is your debt ratio without rent? 

Our preferred lender makes it easier to buy properties. 

• 80% maximum loan-to-value (LTV)
• 620 minimum credit score
• Loan amounts up to $2 million
• Up to 30 financed properties allowed

MINIMUM DEBT SERVICE COVERAGE RATIOS

LTV up to 70%

• 700 credit score or higher and purchase: no minimum

699 credit score or lower: 1.00%

LTV above 70% and up to 75%:

• 700 credit score or higher and purchase: no minimum
• 699 credit score or lower and/or refinance: 1.00%

LTV above 75%-1.00%

*Debt Service Ratio loan program allows you to finance an investment property by using the property's gross rent to qualify instead of your personal income.  

Speak with your loan officer to discuss your future investment options with you.