Frequently Asked Questions
Revolution Mortgage is a direct mortgage lender. We underwrite and fund our own loans and set our own qualifications in house. This offers homebuyers and refinancers with more than a few key advantages:
- Flexible requirements: The loan officer who reviews your application has a direct role in approving your loan. Unlike a mortgage broker who must adhere to strict guidelines set by lenders, your loan officer has the flexibility to make exceptions to typical underwriting requirements.
- Personalized service: With a direct mortgage lender, your loan officer is your single point of contact for every stage of the loan process. All of your questions, all of your loan documents and any decisions about your loan are handled by the same person. There is no middleman.
- Faster loan process: Because we process, underwrite and fund our own loans in-house, we’re able to close your loan much more quickly than a mortgage broker, who must wait for their lender to process loans and remit funds.
- Lower fees, best rates: We continuously monitor the marketplace to ensure we are providing the lowest possible cost to our customers.
- Multiple options: In all of our years in the mortgage loan industry, we’ve learned that no two homebuyers or refinancers are alike. We take great pride in innovating new loan products that help more people afford and fulfill their dreams.
We approve loans based on a variety of considerations, but the four main factors are:
- Credit history: Your current credit score, which measures how consistently you’ve fulfilled your financial obligations, is a strong determinant in the approval process. Think of this as the history of your willingness to repay a loan.
- Income vs debt: The ratio can vary, but how much you make compared to how much you owe is critical in deciding the amount you can safely borrow. Think of it as your ability to repay your loan.
- Asset evaluation: Available cash is another important consideration in the loan process. It is a true reflection of your fiscal strength.
- Property appraisal: This ensures that the home you want to buy or refinance has sufficient value for the amount you wish to borrow.