How long does the loan process take?

At Nickel City Funding, our loan process is organized. We have a step by step process with the most educated processing in the area. Usually loans close within thirty days on refinances and forty five days on purchases.

How much is needed for a down payment?

We offer zero percent down payment programs for qualified buyers.

Can closing costs be paid from loan proceeds in a refinance?

Yes! We will not accept any money upfront on either refinances or purchases. We feel payment should not be made until the loan is closed.

Can I buy a home with little or no credit?

Sure! There are many programs that offer little or no credit. Lenders will require down payment for purchases or low loan to value on refinances.

What does LTV mean?

Loan to Value. Which is the percentage of the property value borrowed(Loan Amount divided by Property Value equals this percentage)

Why should I choose a mortgage broker vs. a bank?

Mortgage brokers offer a much wider range of loan programs that can help all types of credit customers. In most cases, mortgage brokers can offer lower rates than the bank.

What is PMI?

Principle Mortgage Insurance. Which is an insurance forced by lenders that borrow more than eighty percent of the value of the home or property price. Nickel City Funding has several options in determining PMI.

How do lenders determine if I am bankable?

Lenders will look at a combination of things. It is broken down into three categories: Credit, Collateral, and Capacity to Pay. Usually if a borrower can display two of the three categories, lenders can deem the client bankable. Ask a loan officer for further detail.

What is tax escrow and is it required?

Tax escrow is including your property taxes and homeowner's insurance into your monthly payment. This eliminates paying your property taxes in lump sums. Some lenders require escrow and some do not. Ask your loan officer about programs and requirements.