KNOWLEDGE ARCHIVE
Frequently
Asked Questions
Demystifying the mortgage process through clear, organized answers to help you make informed decisions.
FAQ
Welcome to Our FAQ Hub
We know you’ve got questions, and we’ve got the answers
General
What is HomePrime Mortgage?
HomePrime Mortgage is a licensed mortgage brokerage serving California, Texas, and Florida. We specialize in both residential and commercial lending, offering competitive rates with fast closings — often in as little as 14 days.
What states does HomePrime serve?
We are currently licensed and operating in California (DRE License #2044974), Texas (Mortgage Broker License), and Florida (License #MBR0703). We are continually expanding our coverage to serve more homebuyers.
How is HomePrime different from a bank?
As a mortgage broker, we have access to hundreds of loan products from multiple lenders, giving you more options and often better rates than a single bank can offer. We work for you, not the bank.
What is the $1,000 On-Time Guarantee?
We are so confident in our ability to close on time that if we miss our agreed-upon closing date due to our own processing delays, we will credit you $1,000. This guarantee reflects our commitment to efficiency and reliability.
Application
What documents do I need to apply?
Typically, you will need recent pay stubs (last 30 days), W-2 forms or tax returns (last 2 years), bank statements (last 2-3 months), a valid government-issued ID, and information about your assets and debts. Our team will guide you through exactly what is needed for your specific situation.
How long does the application process take?
The initial application can be completed in as little as 15 minutes. From application to closing, our streamlined process typically takes 14-30 days, depending on the loan type and complexity. Our 6-step process is designed to be as efficient as possible.
What credit score do I need?
Credit score requirements vary by loan program. Conventional loans typically require a minimum score of 620, FHA loans may accept scores as low as 580, and some of our specialized programs can work with even lower scores. We encourage you to reach out so we can explore your options.
Can I get pre-approved before finding a home?
Absolutely — we strongly recommend it. Pre-approval gives you a clear picture of your budget, strengthens your offers in competitive markets, and speeds up the closing process once you find your home.
Refinancing
When should I consider refinancing?
Refinancing may make sense when current rates are significantly lower than your existing rate, when you want to switch from an adjustable-rate to a fixed-rate mortgage, when you need to tap into home equity, or when you want to remove private mortgage insurance (PMI).
What are the costs associated with refinancing?
Refinancing costs typically range from 2-5% of the loan amount and may include appraisal fees, title insurance, origination fees, and closing costs. We will provide a detailed breakdown upfront so there are no surprises.
Can I do a cash-out refinance?
Yes. A cash-out refinance allows you to borrow more than you owe on your current mortgage and receive the difference in cash. This can be used for home improvements, debt consolidation, education, or other significant expenses.
Closing
What happens at closing?
At closing, you will review and sign all final loan documents, pay any remaining closing costs and down payment, and receive the keys to your new home. Our team will walk you through each document to ensure you understand everything before you sign.
How fast can you close?
Our average closing time is 14 days from the date of complete application. For straightforward transactions, we can sometimes close even faster. Our $1,000 On-Time Guarantee demonstrates our commitment to meeting deadlines.
Are there any hidden fees?
Absolutely not. Full transparency is one of our core values. We provide a detailed Loan Estimate within three business days of your application, outlining all costs. There will be no surprises at the closing table.
Commercial
What types of commercial loans do you offer?
We offer SBA 7(a) and 504 loans, conventional commercial mortgages, bridge loans, fast capital, equipment financing, and business loans. Whether you are purchasing a duplex or a full commercial property, we have a program for you.
Can I finance a mixed-use property?
Yes. Mixed-use properties that combine residential and commercial spaces are among our specialties. We can structure financing that accounts for both the residential and commercial components of the property.
What are the requirements for commercial loans?
Commercial loan requirements vary by program but generally include a solid business plan, financial statements, tax returns, property appraisal, and a reasonable down payment (typically 10-25%). Our team will work with you to find the best program for your situation.
Rates & Terms
How are mortgage rates determined?
Mortgage rates are influenced by several factors including the federal funds rate, bond market activity, inflation, your credit score, loan-to-value ratio, loan type, and loan term. We monitor these factors continuously to offer you the most competitive rates available.
Can I lock in my rate?
Yes. Once you are approved, you can lock in your interest rate for a specific period, typically 30-60 days. This protects you from rate increases while your loan is being processed. We will advise you on the optimal time to lock.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal amount, while the Annual Percentage Rate (APR) includes the interest rate plus other costs such as mortgage insurance, closing costs, and fees. APR gives you a more complete picture of the total cost of the loan.
Still Have Questions?
Our team is here to help. Reach out for personalized guidance on your mortgage journey.