Frequently Asked Questions

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 will my rate be?

Interest rates are based on a variety of factors including but 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 pre-qualification 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.

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. Home buyers 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. Homeowners can build their wealth as they gain more equity over the course of time.

How can I start my application?

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

  • Call us at 866-OnQ-Easy (866-667-3279).
  • Find a location to visit or call an On Q Mortgage Consultant.
  • Or click the button below to get started!