Will my credit history prevent me from getting a mortgage?

An On Q Financial Mortgage Consultant can help explain how your credit will affect your ability to get a loan and can discuss available financing options.

What is a Good Faith Estimate (GFE)?

A Good Faith Estimate is an estimate of costs that you, the borrower, will have to pay at time of closing, provided by On Q Financial after you apply for a loan.

What will my rate be?

Interest rates are based on variety of factors including by not limited to; loan purpose, credit history, ability to repay, and loan amount.

How long does it take to get prequalified for a loan?

The prequalification process is very quick. Our mortgage professionals will run your credit and ask for your income, assets, employment, and property information.

What types of loans are available?

On Q Financial offers a wide variety of loan products designed to fit the financial needs of every prospective homebuyer. View our Loan Options page for more information.

How much do I need for a down payment?

Your down payment requirements will depend on the type of home loan you choose and the type of property you are buying. Your required down payment will usually range from 3-20% of the home’s purchase price. On Q Financial, Inc. offers a variety of different loan programs including a variety of down payment assistance programs, contact a Mortgage Consultant for more information.

What will you need from me to process a loan?

On Q Financial utilizes an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your application. This system compares your financial profile with statistical data from millions of other homeowners and uses that comparison to determine the level of verification needed. In many cases, a single W-2 or pay stub can be used to verify your income or a single bank statement can be used to verify the assets needed to close your loan.

How can I start my application?

We offer many convenient ways to begin your mortgage applications process:

Can I apply for a loan before finding a home to purchase?

Yes. Submitting a loan application before you find your next home is wise. When you apply in advance, On Q Financial will issue a pre-qualification letter subject to you finding your new home. You can use this letter to assure real estate professionals and sellers that you are a qualified buyer. This pre-qualification process can also give you the peace of mind that you are looking in the right price range to fit your budget.

Why should I buy a home rather than rent?

Paying a mortgage payment each month for your home can be as affordable as renting, and in some part of the United States, it can be more affordable to own rather than rent. Borrowers can compare costs by researching home prices in the areas they want to live, calculate what a mortgage loan would cost them, and compare that to the cost of renting a similar type of home.

The biggest advantages of owning a home, rather than renting, are building equity and earning tax advantages. Borrowers can build their wealth as they gain more equity over the course of time, and there are several tax breaks for homeowners.

How does On Q Financial help me compete for purchase business?

Real Estate Agents want to have confidence knowing that their preferred mortgage professional can offer a wide range of loan programs with competitive pricing that meet their buyers’ needs, and that their purchase transactions will close on time with the least amount of hassle.

On Q Financial is a Tier 1 Lender and direct Fannie / Freddie / Ginne seller, along with an impressive list of primary investors that provide a number of unique loan programs many smaller mortgage companies do not have access to.

We believe in hiring the most qualified and professional Operations staff so that you can rest assured your loan is being processed by the best in-house team who are guided by common common principles of speed, efficiency and communication.

In addition to operational support and an impressive matrix of loan programs and competitive pricing, On Q Financial has an in-house marketing team that is constantly crafting unique strategies to promote you and your agents.