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Loan Types

  • Q: What does it mean to be pre-approved?

    A: Pre-approval is more involved and carries more weight than pre-qualification.  With Embrace, this process will be as simple and streamlined as possible so you can start finding your new home. We’ll calculate the specific mortgage amount for which you are approved. You'll also have a better idea of the interest rate you will be charged on the loan and, in some cases, you might be able to lock-in a specific rate. With pre-approval, you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. Obviously, this puts you at an advantage when dealing with a potential seller because it’s clear you are very close to obtaining the financing you need. Call 800-620-6292 for more information.
  • Q: What is an underwriter looking for in a purchase loan application?

    A: Mortgage underwriters are basically interested in two things: can the buyer repay the mortgage and what is the value of the property should the buyer be unable to pay back the mortgage? Knowing this can help you better prepare for the underwriting process. Call 1-800-620-6292 for more information.
  • Q: What is a home appraisal?

    A: Getting a home appraisal is a standard part of the mortgage process. Lenders like Embrace will give customers a loan based on the appraisal value of the property they’d like to buy or refinance. Appraisals are conducted by 3rd party companies and are not influenced by Embrace Home Loans. Home appraisals are determined by comparing recently sold, comparable homes in the same neighborhood as your home or the home you are interested in purchasing or refinancing. The appraisal company provides a report to Embrace after the appraisal is conducted.  Quite simply, when you use a home for collateral for a loan, the lender wants an appraisal report to make sure the loan will be guaranteed by the value of the property. Call 1-800-620-6292 for more information.
  • Q: What types of loans does Embrace offer?

    A: At Embrace Home Loans, we have the loan that's right for you and the expertise to pinpoint precisely which kind of loan that may be. From Conventional Mortgages—both Fixed and Variable-rate—to easier-to-qualify-for loans like FHA insured, VA or HARP 2, we offer a broad range of options, and will not rest until we find the ideal loan for you. Call 800-620-6292 for more information.
  • Q: How can I improve my credit score?

    A: Improving your score is not impossible. There are things you can do right now to begin improve your credit score, including:

    • Get copies of your credit reports and stay on top of them

    • Set up payment reminders and pay your bills on time

    •  Focus on reducing your debt

    Call 800-620-6292 for more information.

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Finding your way through the mortgage process starts with getting answers to your questions. At Embrace, we want you to rely on our expertise for the information you need to make informed decisions about your finances. We've listed the most commonly asked questions on the right. Some answers will depend on your situation, so please don't hesitate to give us a call at 1-800-620-6292 for more detailed information. We're always happy to help.

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