Frequently asked questions
When am I locked in?
It will depend on whether you are purchasing orrefinancing your home.
Will I be receiving disclosures?
You will receive a disclosure package within three business days after submitting a completed loan application. “Business days” for Wyndham Capital run Monday through Saturday. Sunday is not a “business day.”
Can my mortgage insurance (MI) quote change?
Yes, if qualifications do not meet what we had in the original application, the mortgage insurance rate can change based on chages to your debt-to income ratio, credit score, loan to value ratio, or a change in loan program.
How does the appraisal process work?
An appraisal may be required to confirm the value/collateral of the property. If an appraisal is required, Wyndham Capital will order an appraisal on your behalf. The assigned appraisal management company (AMC) will have an appraiser contact you, your realtor, or the listing agent, to schedule an inspection date and time. It is important for the home to be in overall good condition at the time of the inspection, with no renovations or construction underway, as to not delay your loan approval and closing.
Do I have to pay for the appraisal?
You are responsible for covering the cost of the appraisal. Appraisal pricing varies by numerous factors including state, loan type, occupancy type, and number of units. Wyndham Capital uses Appraisal Management Companies (AMCs) to complete the appraisal for you. Wyndham Capital collects the fee for your appraisal up front via a credit card. If, for whatever reason, the AMC charges less than you paid up front, the difference will be credited back to you. If the appraisal is completed “subject to” any repairs, you will be required to pay an additional fee to cover a 1004D (final inspection once the repairs are complete).
What should I expect from the appraiser assigned to my property?
Every appraiser is different in how they do business. All appraisers come from our contracted Appraisal Management Companies (unless a VA loan – these are assigned by the VA) and are not employees of Wyndham Capital. Some appraisers may talk with you and listen to any upgrades or work you have done to the home, while others may prefer not to interact at all. Take their lead and understand that they may complete the job at different paces. It is also important to note that while mentioning any upgrades or work done to the home certainly cannot hurt your value, it also does not guarantee to add any extra value to your home. Appraisers derive the value based on the specifications and measurements of your home in comparison to similar homes in your area that have sold recently.
Will I receive a copy of my appraisal?
A copy of the appraisal will be made available to you via your Wyndham Capital portal. An appraisal will be available for viewing within twenty-four hours after Wyndham Capital receives it from the Appraisal Management Company.
I have found a property to purchase and I'm ready to move forward. What’s next?
Once the sales contract has been fully executed, provide me with a copy along with a copy of your earnest money deposit. I'll import all important factors from the contract and we can look at the mortgage options that are available for you to lock in.
What documents are needed from me?
Documents that may be requested vary based on your loan type, income, and employment type. Examples include:
I have already submitted documentation. Why am I being asked again?
Some documents expire after 30 days. If you are being asked again for documents that you have already submitted, they could have expired, were not originally received, were incomplete, or not legible.
What are some things that could negatively affect my credit and/or loan approval?
Change of Employment:
Change to Debt and/or Payments:
Do not take on additional lines of credit.
Do not make any large deposits into your bank accounts without having proof as to where they came from.
Do not withdraw large amounts of money from your bank accounts.
Continue to save money in the event your closing expenses are more than originally estimated.
Provide all requested documentation as soon as possible. The quicker we receive your documents, the quicker we can close your loan.
What Will a Lender Look at When I Apply for a Mortgage?
Income and debt: how much money you make and what other bills you have to pay help the lender determine whether you can afford to make mortgage payments.
Assets: the lender needs to make sure you have enough money to cover the costs of buying a home.
Credit: whether you've met other financial obligations helps the lender predict if you can realistically repay your mortgage.
Property: the value of the home you want to buy is compared to the amount of the loan that you are seeking and the resulting ratio must meet underwriting guidelines.
What Does it Mean to Get Pre-Approved?
Getting pre-approved means that your income and credit have been reviewed by one of Wyndham's Underwriters. Having your credit pre-approved shows sellers that you’re a serious buyer and helps you establish a more precise price range upfront. Being preapproved gives all parties much more confidence in the approval of a home purchase than a traditional prequalification.
What if I Have Less Than Perfect Credit?
Please feel free to visit the link to a SmartCredit tool for a quick and easy understanding of how to understand, monitor, and improve your credit score.
What is the Minimum Down Payment I Can Make on a Home?
There is generally no minimum down payment required for buying a home. Many first-time buyers believe they must be able to put down as much as 20% of a home's purchase price in cash. That may have been true in the past, but many of the mortgage options available to today's home buyers require little or no down payment.
What is Private Mortgage Insurance?
Private Mortgage Insurance (PMI) provides your lender with a way to recoup its investment if you are unable to repay your loan. PMI is usually required when the mortgage amount is higher than 80% of the home's value. That means if you buy a home with a down payment of less than 20%, you will probably have to add the small expense of PMI to your monthly mortgage payment. In time, as you build up equity in your home, the need to have mortgage insurance goes away.
What Closing Costs Will I Have to Pay?
Should I Pay Discount Points?
Should I Choose a Fixed-Rate or Adjustable Rate Loan?
Should I Lock My Rate?
What Will My Mortgage Payments Include?
Principal, which is the total outstanding balance of the loan.
Interest, which is the cost of borrowing money.
Taxes, which are levied on the property by the local government.
Insurance, which protects the owner and the lender from losses caused by fire and natural hazards.
Mortgage Insurance, is usually required if your loan amount exceeds 80% of the value or purchase price