Frequently Asked Questions
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We can pre-underwrite files in as little as 24hrs, so you don’t have to wait when you want to make an offer. We can close in as little as 2 weeks. Our operations are nimble, and we are confident we can help you close on time.
Mortgage brokers typically collect anywhere between 1-2% on a transaction. We earn either 1% or 1.25% depending on the market. This allows us to pass back savings to clients in the form of lower interest rates.
We give our best rate up front, giving you confidence you are getting the best deal.
We experienced first hand through our brokerage team how difficult it can be to get a mortgage. We set out with this in mind, elevating the level of service you can expect from a mortgage broker. Not convinced? Take it from our customers: check out our 5-star reviews on Yelp and Zillow.
Earnest Money Guarantee - Up to $40k
Flyhomes Mortgage is so confident in our pre-underwriting commitment that we will guarantee up to $40K towards lost earnest money*. We will do a complete review of your income, credit, assets and the property you are looking to buy. And with our stamp of approval, you can be the most confident and protected buyer in the market!
*Only paid out when we made a mistake in underwriting the file
- Flyhomes Mortgage has the ability to operate as both a mortgage broker and a direct lender depending on your needs. This flexibility gives you the best of both worlds - you get a local, dedicated team with the ability to leverage nationally recognized mortgage lenders that offer competitive rates and fast turn times.Was this helpful?
- Flyhomes Mortgage is currently licensed in CA, MA, OR and WA.
If you would like to request your state, please let us know by reaching out to [email protected]. We would love to meet you!Was this helpful?
- The Flyhomes Real Estate Rebate is separate from our lender credits. This means you are collecting savings at each point in the transaction.Was this helpful?
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- Put simply, pre-underwriting is the only reliable answer to a big question: How much can I spend on a home? It’s a written commitment from a mortgage lender confirming the loan amount and program you’re qualified for.
- Not only does pre-underwriting give you certainty about how much you can offer on a home, it makes you a more competitive buyer and it might even get you the home you want for a lower price.
- All home loans involve underwriting, but typically not until there’s a specific property to consider. With pre-underwriting, the lender carefully reviews your ability to pay back the loan before a property is involved. Once you’ve found a home, the property title and appraisal will be underwritten.
- The process of being pre-underwritten starts with you giving a loan officer documents pertaining to your credit, assets, and debt-to-income ratio. The loan officer shares the information with an underwriter, who carries out pre-underwriting.
- Pre-Qualification and Pre-Approval processes are similar, but they do not carry the same level of certainty that Pre-Underwriting does because your application is typically not reviewed by an underwriter. Put another way, a Pre-Underwritten commitment letter offers you the opportunity to waive your financing contingency with confidence that you can afford your mortgage, whereas a Pre-Qual or Pre-Approval might not.
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- Getting pre-underwritten answers the question “how much can I afford?”, allowing you to shop with confidence.
- It also gets all of the heavy lifting out of the way up front. So when you are under contract on a home you want to buy, we can move quickly and ensure you will close on time.
- It costs nothing to get pre-underwritten. Should you decide to move forward with Flyhomes Mortgage, you will incur the costs of working with us on your closing date.
- There are two basic steps to getting pre-underwritten:
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- The first is to submit an online application. It takes about 15-20 minutes to fill out, and it will ask you to outline your employment history, residence history, and your income and asset information.
- Once completing the application, the second step is to submit income and asset documentation that supports what is written on your application. This includes, but is not limited to, 2 most recent tax returns and W-2’s, 2 most recent months of bank statements and paystubs, and any current visa documentation and mortgage statements if applicable. Once you have completed your application, a licensed loan officer will confirm the exact documents required, but it is a good idea to start gathering all of the documents listed above.
- Your pre-underwritten commitment letter is good for up to 90 days.Was this helpful?
- There is no upfront cost to getting pre-underwritten. We do include an underwriting fee in your closing costs if you do ultimately choose to work with us, and this fee covers the entire processing of your loan.Was this helpful?
- No! You are free to close your loan with whatever company you like. Just note that if you have not been pre-underwritten with that company, you will have to start the whole process over again, which can be costly in terms of timing, especially if you have a short closing period.Was this helpful?
- Flyhomes Mortgage is so confident in our pre-underwriting commitment that we will guarantee up to $40K towards lost earnest money*. We will do a complete review of your income, credit, assets and the property you are looking to buy. And with our stamp of approval, you can be the most confident and protected buyer in the market!
*Only paid out when we made a mistake in underwriting the fileWas this helpful?
- In order to take advantage of the EMG, you will need to be pre-underwritten with Flyhomes Mortgage.
The guarantee is property specific and subject to review of the property.
The guarantee is price specific and will include information about your proposed down payment.
Your loan will be subject to the following and are not covered by the guarantee:
- A valid appraisal at or above the purchase price
- A clean title report
- A final verification of employment prior to closing
You must lock in your rate and sign an Intent to Proceed with Flyhomes Mortgage within 3 days of mutual acceptance in order to allow sufficient closing time.
If you lose part or all of your earnest money, you must provide proof to be eligible for reimbursement. Reimbursement is capped at the lesser of the lost earnest money or $40,000.Was this helpful?
- We typically charge a set of closing costs including underwriting fees, appraisal fees, and a few minor fees for things like credit reports and flood reports. Note that every mortgage company will have a different set of closing costs, so it’s important to always get an official quote and compare only the fees that a mortgage company can control.
The team can provide you with a fee worksheet that outlines all of these specific charges, but overall you can expect between $1700 and $2700 in closing costs from Flyhomes Mortgage. These do not include closing costs for Title and Escrow Companies or any other settlement providers.
Our pricing structure is set up to offer you a sizable lender credit, significantly reducing your closing costs if not cancelling them out all together. We are always happy to discuss your options!Was this helpful?
- As long as you get your credit pulled by multiple mortgage companies within 14 days, the multiple pulls will actually only read as one pull. This shows credit bureaus that you are shopping, so you can make sure you are getting the best deal without being worried about your credit.Was this helpful?
- We at Flyhomes Mortgage cannot approve you for a mortgage until you have credit history. The definition of "credit history" starts at 6 months of credit. I would recommend you visit your bank, apply for a credit card, and in six months revisit your options.Was this helpful?
Industry tips and insight from our Mortgage Loan Officers, all at the Flyhomes Mortgage blog.