Real Estate Agents
Apache is functioning normally
Today we’ll take a good look at On Q Financial, a direct mortgage lender based in Tempe, Arizona that wants to make getting a mortgage simple.
In fact, their slogan is, “Mortgages Simplified,” so my guess is their loan process is pretty straightforward and possibly easier than the other guys.
That could have something to do with their digital mortgage offering that promises a faster and easier experience, complete with a smartphone app that can do most of the heavy lifting.
While they’ve only been around since 2005, they’re growing rapidly and making a name for themselves in the industry.
They weren’t in the top 100 based on 2018 HMDA data, but now refer to themselves as a top-50 lender.
On Q Financial Quick Facts
- Direct mortgage lender headquartered in Tempe, Arizona
- Founded in 2005 by former mortgage loan officer John Bergman
- A top-50 mortgage lender with more than 550 employees and 70 locations
- Offers a digital mortgage experience that allows you to apply via smartphone app
- Specialize in home purchase loans but also offer refinancing
- Licensed in 47 states and DC (not available in Hawaii, New Jersey, or New York)
- Helped over 10,000 families purchase a home in 2019
On Q Financial Digital Mortgage Process
On Q Financial prides itself on making the often-agonizing home loan process fast and easy, so you should expect a better experience than what you may have heard or are used to.
Their “Mortgages Simplified” digital mortgage solution allows you to submit income, asset, and employment information through your smartphone thanks to an app called Simplicity, available for both Apple and Android devices.
Aside from offering a full mortgage application via the app, it has various mortgage calculators, document scanning and uploading capabilities, and provides real-time loan status notifications.
Instead of having to gather your W-2 forms, paystubs, and bank statements, you can link your financial accounts and import everything right into the loan application.
They say this cuts down the processing time by four to seven days so you can close your home loan a lot quicker and with less work.
It’s also more secure than dealing with paperwork and probably more accurate too, leading to fewer duplicate requests from underwriters.
On Q Financial also offers full mortgage pre-approvals that go be beyond a basic pre-qualification with actual upfront underwriting.
Those who want a face-to-face or more personal experience are welcome to visit a local branch or get on the phone with a loan officer as well.
You can also apply right on the website and select a loan officer by name if one is known to you or if you’ve been referred to a specific individual.
All in all, they make it pretty easy to get going on your mortgage loan application.
What On Q Financial Offers
- Home purchase loans, renovation loans, construction loans, and refinance loans
- Conventional loans, government home loans, and jumbo loans
- Down Payment Assistance (DPA) and interest-only also available
- Various fixed-rate and adjustable-rate loan programs to choose from
- Lending on all residential property types including manufactured homes
One great thing about On Q Financial is the breadth of loan options available – they’ve basically got you covered no matter what type of real estate transaction is involved.
With regard to home loan type, they offer both conventional loans backed by Fannie Mae and Freddie Mac, and government home loans backed by the FHA, USDA, and VA.
They are big on home purchase loans thanks to their strong relationships with local real estate agents, and equally proficient when it comes to refinancing a mortgage, including cash out refinances.
There are also several down payment assistance (DPA) options available for first-time home buyers with limited assets.
Beyond that, they offer home renovation loans, such as an FHA 203k loan and Fannie Mae HomeStyle loan, along with construction loans.
Their builder division specializes in one-time close (OTC) construction loans, which are available via conventional, FHA, USDA, or VA.
The loan covers both the interim construction costs and the eventual mortgage, converting from a construction loan to a permanent home loan once construction is completed.
They also offer financing on manufactured homes and the Native American Home Loan HUD184.
On Q Financial can also go BIG if you need jumbo loan financing, with loan amounts as high as $5 million and low down payment options.
In the non-QM space, they also offer interest-only financing, which isn’t available from too many lenders these days.
You can get a fixed-rate mortgage with several different terms (10, 15, 20, 25, and 30 years) or an adjustable-rate mortgage such as the 5/1 ARM or 7/1 ARM.
And they lend on primary residences, second homes (vacation properties), and investment properties.
On Q Financial Contact-Free E-Closing
On Q Financial has been offering a hybrid closing option for several years, combining some online document submission with in-person signings.
But because of the COVID-19 pandemic, they realized it was urgent to develop a completely remote closing solution.
Their new E-close option is totally contact-free and allows you to close remotely from just about anywhere.
It relies upon secure document signing and automated verification, and certain core technology like an internet connection and webcam for identity verification.
When the pandemic first started, they were able to close a refinance loan for a borrower who was stranded in Costa Rica, completely online.
On Q Financial Mortgage Rates
In terms of interest rates, On Q Financial says they offer “low, low rates and excellent service.”
Just how low is a bit of a mystery because they don’t make mention of their rates otherwise anywhere on their site.
I prefer a lender that openly advertises their mortgage rates, even if they’re just generic rates, to get a better feel for their competitiveness.
For me, doing so shows they’re more transparent than other lenders. Unfortunately, On Q Financial chooses to keep their rates close to their chest.
The same goes with lender fees, so we’re in the dark when it comes to rate and fees.
In other words, take the time to shop around with other lenders if you speak with On Q to ensure they are competitive.
While easy and fast is good, a cheaper mortgage might be even better long-term.
On Q Financial Mortgage Reviews
They have a very strong rating on Zillow, a whopping 4.98 out of 5-stars, which is pretty much as close to perfection as you can get.
It’s based on nearly 1,800 customer reviews, many of which indicate that the mortgage rate was lower than expected.
They also have a 4.8 out of 5-star Google Review Rating based on 140 ratings from past customers.
Since 2005, they’ve been an accredited business with the Better Business Bureau, and currently have an A+ rating.
They have 1 out of 5 stars on the BBB, but only on a very small sample size of four total customer reviews.
Many of their individual loan officers also come highly rated via SocialSurvey.
On Q Financial Pros and Cons
The Good Things
- A fast digital mortgage process
- Free smartphone app for both Apple and Android
- Tons of loan programs to choose from
- Ability to update pre-approval at any time while shopping different homes
- E-closing option for contact-free loan fundings
- Free mortgage calculators on site
- A multilingual website (Spanish, Russian, Simplified Chinese)
The Maybe Not So Good Things
- Not yet licensed in every state
- Do not disclose mortgage rates or lender fees
- No second mortgages available
(photo: Alan Levine)
Source: thetruthaboutmortgage.com
Apache is functioning normally
In our latest real estate tech entrepreneur interview, we’re speaking with Tyler Irons from VRLY.
Without further ado…
Who are you and what do you do?
My name is Tyler Irons and I’m the Founder of VRLY. VRLY is a Technology and Marketing partner for Real Estate agents. VRLY helps agents implement the latest technology into their listings. VRLY then helps agents monetize that technology by incorporating it into their marketing campaigns. VRLY helps our agent partners have leverage over their competitors and attract future clients with targeted marketing campaigns.
What problem does your product/service solve?
At our core, we here at VRLY understand digital marketing. We utilize scanning, Drones, 3D & 6D tech, listing websites, as well as other cutting-edge technology in our 3-Step Process to conduct hyper-targeted, focused digital marketing campaigns to put our partner’s brand and listings in front of future clients.
80% of home buyers start their search online. So, we help our agent partners marketing funds to where it truly matters: mobile phones. VRLY puts their face and brand in front of a hyper-targeted audience of buyers and sellers. We use the latest tech and marketing ad’s to help sell your current listing while attracting potential new listings.
What’s are you most excited about right now?
VR Pre Built 6 Degrees OF Freedom (6DoF) is HERE! VRLY is helping our agent partners incorporate 6DoF into their offerings. Having complete control over home tours of Pre Built homes is changing the industry for home builders. Our agent partners are winning and wowing builder clients with their fully interactive home tours that are usable on Desktop, Mobile, and VR.
What’s next for you?
VRLY’s Research and Development team is always working with the latest tech to incorporate with our agent partner’s businesses. We have many projects in the works currently that will be coming out over the next year. The best way to keep up with our latest products is to follow along with our social media pages.
What’s a cause you’re passionate about and why?
VRLY has been blessed with amazing support from our home state of Nebraska. We’re passionate about helping the next generation have opportunities to travel, learn, and have positive life experiences. We have partnered with an incredible group at VRLY Storm Basketball. Storm Basketball has found a way to reach and connect with kids in our community. They’re helping kids from all over Nebraska and using Basketball as a connecting platform. We’re so grateful for the opportunity to be a part of the impact they are making.
Thanks to Tyler for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).
Source: geekestateblog.com
Apache is functioning normally
As competition heats up among home buyers in an increasingly tight market, some condominium and co-op boards are demanding that pet owners subject their furry friends to an ‘interview’ to make sure they’re a good fit.
Indeed,
some boards require a pets to have full resume with a headshot, and
even a recommendation letter in some cases.
The Wall Street Journal reports that a couple named Heidi DeCoo and Carl Norton were given such a request when they tried to buy a $500,000 co-op apartment in Manhattan. According to them, the co-op’s board insisted on meeting their two gray-haired schnoodles (a breed combining a miniature schnauzer and poodle) before they would allow the purchase to go ahead. Luckily for them, the board decided the dogs wouldn’t be a problem and signed off on the sale.
The
idea of ‘interviewing’ pets has had a mixed reaction. On the one
hand, some real estate agents say it’s absolutely absurd.
“It’s
an animal,” Janna Raskopf, a real estate pro, told the Journal.
“It’s not like you can say to it, ‘We’re going on an
interview, so be on your best behavior.’”
But
co-op and condo boards insist they have the right to meet with
tenants’ pets as there are genuine concerns to be addressed. They
don’t want dogs fighting in the hallways or waking up other
residents with their barking, for example. Boards are also worried
they might be held responsible legally if a tenants’ pet bites
another person.
Now,
some boards are going even further, bringing in experts who’ll do a
10-minute evaluation of a pet to assess if it’s likely to be a good
neighbor or not.
But this is putting pressure on condo applicants, some of whom have admitted to buying medication to calm their pets down for the interview. Others have taken their pets to animal counselors to ensure they’re on their best behavior.
Condo
and co-op boards are becoming stricter about which kinds of pets
they’ll allow to live in their buildings, with several breeds being
banned due to their aggressive or unruly behavior. The Journal
reported that one New York City building has banned a long list of
dog breeds, including Alaskan malamutes, caucasian mountain dogs,
chihuahuas, chow chows, dachshunds, dalmatians, doberman pinschers,
German shepherds, huskies, Jack Russell terriers, lhasa apsos, Old
English sheepdogs, papillons, pekingese, pinschers, pit bulls, presa
canarios, Rottweilers, toy poodles, and schnauzers. And the
building’s board will only approve pets if their owner signs a
letter acknowledging the pet is only allowed to stay at their
discretion, initially on a trial basis.
Source: realtybiznews.com
Apache is functioning normally
In this high-interest-rate environment, many prospective homebuyers are put off by high mortgage costs. Homes that might have been in your budget in the past might no longer be affordable when accounting for monthly interest payments.
But that doesn’t mean the situation is totally out of your control. While mortgage timing can be tricky, you might decide to wait to see if interest rates drop, as many experts predict will happen in the next year or so.
You can also take a number of steps to improve your financial situation and get a handle on the real estate market now as you’re figuring out when to buy a home.
See where today’s mortgage rates stand here.
What prospective homebuyers should do until interest rates drop
In particular, some action items to consider as you wait to see what happens with mortgage interest rates include the following expert-recommend tips:
Figure out what you want
If you’re waiting to see what happens with interest rates, use this time to do more research. That includes narrowing down what you want in a home and what you can realistically afford.
“Use this time to refine exactly what you’re looking for in your next home, including things like what your budget can buy you and what your ‘needs’ and ‘wants’ are,” says Merav Bloch, VP and GM of Opendoor Exclusives. “If you’re willing to trade a longer commute for your dream yard, but your partner wants to be within a 10-minute drive of their office, now is an opportune time to debate that trade-off.”
Even if you’re not necessarily ready to buy right away, you can still tour homes.
“I encourage buyers to see what’s out there and tour as many homes as possible to get a sense of what your budget will get you, what your non-negotiables are and what neighborhoods you’re open to,” Bloch says. “People typically don’t get married on the first date, and it’s usually better not to purchase the first home you tour.”
Start your mortgage search online now.
Talk to experts
As you figure out what you want in a home, it can help to talk to experts like mortgage consultants and real estate agents to narrow down what’s realistic for you.
Tanya Ball, home loans regional director at BOK Financial, suggests asking experts about down payment assistance options as well as “specialized loan programs if you are a veteran, Native American, first-time buyer or buying in a rural area.”
Plus, speaking with an expert like a mortgage professional “can let you know which items to focus on for better offers — for example, a higher down payment or paying off debt,” says Michael Merritt, mortgage servicing operations manager at BOK Financial. “The biggest benefit will vary based on your circumstances, so it is important to focus on the things that will help you the most.”
Improve your credit score
For some prospective homebuyers, improving your credit score can make a significant difference in the mortgage rate you qualify for.
“Lenders typically offer better interest rates and loan terms to borrowers with higher credit scores, so taking steps to improve your credit can help you get the best possible deal on your mortgage,” says Adie Kriegstein, licensed real estate salesperson at Compass Real Estate. “This might include paying down existing debt, making all of your payments on time and avoiding new credit inquiries or applications.”
Build up your down payment
Another way to take advantage of this time waiting for interest rates to stabilize or drop is to build up your down payment. The more you can put down, the less you have to borrow and therefore pay interest on. Plus, a higher down payment could potentially get you a lower interest rate.
“A strategy I recommend, especially for first-time home buyers, is to deposit the difference between your current housing payment and your projected payment into a high-yield account each month. This helps grow your down payment or the amount you can use to pay down debts and is a test for your expected budget to see if it is workable,” says Merritt.
Check out today’s mortgage offerings here.
Shop around
Don’t assume that what one lender offers you is the same as what all other banks and mortgage providers offer. Your borrowing limits, interest rates and terms can vary from lender to lender, so it pays to shop around.
You also might find that paying for mortgage points with some lenders (where you pay money upfront to lower your interest rate), or choosing adjustable-rate mortgages rather than fixed-rate loans, works out in your favor.
“It’s an interesting quirk of human nature that many of us would drive across town to save 30% on a sofa but not necessarily compare rates and financing options on a house-sized purchase,” says Bloch.
“If you’re waiting to buy, this is a great time to shop lenders and financing options, including lesser-known options like rate buydowns. In this market, buyers are acutely aware of interest rates, but they’re less aware of options to reduce their monthly payments,” Bloch says.
Improve your current home
Lastly, if you already own a home, you can use this time to improve your current home to try to get more money when you eventually sell. That can help offset the cost of high interest rates.
One idea is to get a home inspection now, says Jonathan Rundlett, a real estate agent and regional owner at EXIT Mid-Atlantic.
“This will allow you to take the time that you are waiting for interest rates to fall to make any repairs or updates that the inspector finds in your home,” Rundlett says. “Making any necessary repairs and updating your home so that it shows in move-in ready condition will allow you to get top dollar for your home when you are ready to sell.”
The bottom line
These action items can help many prospective homebuyers better position themselves as they wait to see what happens with interest rates. But it’s important to remember that the specific ways to improve your situation depend on personal factors
like your credit history, savings and income.
And while you might try to time mortgage purchasing, it’s difficult to know when to buy a home, as it can be both a financial and emotional decision. Some people might be comfortable paying more for their dream home, while others might want to wait to get a good deal on a mortgage interest rate. Weigh the pros and cons, and consider speaking with experts for personalized advice.
More
More
Source: cbsnews.com