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At Earth Mortgage, we are committed to keeping you informed and in control. To help you in your loan process,
we have provided you with answers to your frequently asked questions, which will provide you with useful
Mortgage, Home Equity Loan and Lines of Credit information. For our comprehensive glossary of mortgage terms
click here.
Features and Benefits
The Process
Home Equity
Features and Benefits
How can I benefit by using by Earth Mortgage?
Earth Mortgage guarantees to provide the lowest
rate and fee combination of any licensed lender and we will
close your loan on time or we will pay you $500.00. How
is that for confidence! Check out the rates on the other web sites, and then come to us for a lowest cost
and most efficient loan process on the web!
In which states do you lend?
Earth Mortgage offers mortgages in most states. For
the most current listing of our state licenses,
please click on this link to our
Disclosure and Licensing
page or click on the "Disclosure and Licensing" link at the bottom of the pages of this website.
The Process
How much must I have for a down payment?
Depending on the loan program selected, we may
require at least 5% of the lesser of the purchase price
or appraised value of the property as a down payment
amount. Some special loan programs allow up to 100%
financing with no down payment on 1-unit properties.
What happens after I apply with Earth Mortgage on this web site?
You will receive an e-mail or phone call from a
Home Loan Consultant within 1 hour of submission of your application
during normal business
hours. We will indicate the status of your application and the next steps you need to take.
You will also receive application disclosure
documents via e-mail within 24 hours and/or sent via U.S.
mail within 3 business days of your loan submission.
What
happens after I receive a loan approval?
You will be instructed to complete the following steps:
- Pay a Application Fee of $385 (if
applicable).
- Provide additional processing information.
- Lock your interest rate.
- Schedule your closing.
When can
I lock in an interest rate?
You can lock in your interest rate after:
- You have been conditionally approved.
- You have paid your Application Fee (if applicable).
- You have provided us a written statement
acknowledging the Application Fee is
non-refundable.
What if I need help after regular business hours?
If you need help after regular business hours, please send us an e-mail at
info@earthmortgage.com. You will then be contacted by an Earth Mortgage representative the next business day.
Once you have been assigned a Home Loan Consultant,
their cell number will be provided so you will be able
to contact them directly during non-business hours.
What if I receive an e-mail that I will be contacted within 1 hour during regular business hours and the current time is not during your regular business hours?
You will be contacted by an Earth Mortgage representative the next business day.
Why am I asked to complete a survey when I didn't apply with Earth Mortgage?
To help improve our service to you. The information we collect through our survey will only be used by Earth Mortgage. This information will NOT be shared with a third party.
Home Equity
Why might a Home Equity Loan or Line of Credit be right for me?
- You can use a Home Equity Loan or Line of Credit to consolidate your debt. If you have credit cards and other high-interest debt, you may be able to reduce your monthly payments with a home equity loan or line of credit.
- You can make home improvements. Adding an extra bedroom, updating your kitchen or replacing an old roof are all smart ways to increase your home’s value and protect your investment.
- You can use the funds for a variety of other uses, such as college tuition, vacation expenses, or large purchases such as furniture, appliances, or even a car.
- You may save at tax time.* The interest on your Home Equity Loan or Line of Credit may be tax deductible* which can save you money year after year.
*Consult your tax advisor concerning the deductibility of interest.
What's the difference between a Home Equity Loan and a Home Equity Line of Credit?
Generally, a Home Equity Loan is for a fixed dollar amount, for a fixed period of time, with fixed monthly payments, and the borrowed amount is received as a single lump sum.
With a Home Equity Line of Credit, you can take out the amount of money you need, when you need it. Payments are required only when there is an outstanding balance, and you pay interest only on the outstanding balance. Further, with Earth Mortgage, if you do have an outstanding balance, you can make your monthly payment on the interest alone (and not against the principal) if you like. Because the line of credit is revolving, you can borrow, repay and borrow again.
Several factors determine how much you can borrow including the available equity in the home, income, prior credit history and our loan limits. If you qualify, the minimum home equity loan or line of credit amount is $5,000 and the maximum is $500,000.
Is the interest on my Home Equity Loan or Line of Credit tax-deductible?
In many cases, the interest on a Home Equity Line of Credit or Home Equity Loan may be tax deductible. Consult your tax advisor concerning the deductibility of interest.
Is the interest rate fixed or variable?
Home equity loans may offer a fixed interest rate and the principal is amortized over the term, while home equity lines of credit feature a variable rate. Interest rates are based on the amount you borrow and the loan term.
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