FAQs

ETHOS Lending, Inc. (“ETHOS”) is your ultimate mortgage marketplace. We leverage advanced technology to find the mortgage options that best suit your needs. It's like having a personalized mortgage search engine at your fingertips.The best part? You only have to enter your information once, and you'll instantly receive rates from top-notch lenders, all conveniently in one place.

At ETHOS, we get you. We know everyone's got their own story. That's why we use top-notch tech to hunt down the best mortgages tailored just for you. We've got your back from start to finish, guiding you through the whole process, from application to close. With our team of mortgage pros and industry innovators, we'll ensure you get the mortgage you truly deserve.

No, ETHOS doesn't handle loan servicing. The loan documents you sign will have a first payment coupon that will provide the name of the lender and their information.

ETHOS currently originates mortgages in the state of California: We're working on adding AZ, CO, FL, ID, OR, TX, TN, UT, WA soon. If you're in a state not listed, keep an eye out for updates by signing up for our newsletter.

Yes! Choosing ETHOS won't entail any expenses for you. There are no application fees or processing fees involved—zero costs upfront. Our payment is contingent upon the successful closure of your loan. As with any loan, there are closing costs and additional third-party fees to take into account. However, rest assured, we'll provide you with a clear breakdown. Within three days of receiving your complete application, we'll furnish you with a Loan Estimate disclosure form detailing all closing fees.

Easy. After completing your application, ETHOS will connect you with one of our loan experts. They'll contact you and assist with every step of the process. They’ll make the process a smooth and phenomenal experience.

Simply enter your information once and our advanced system will provide a curated list of options from reputable lenders. From there, you can select a loan to fit your unique needs, and track your application progress via our easy-to-use dashboard.

No, it won't impact your credit score as initially we only conduct a soft credit pull. A hard credit pull only happens after you submit your application and even then it will only have a minimal effect on your score. This is standard procedure when obtaining a loan that can not be avoided.

We don’t require any documentation upfront. Our simple digital application process only takes a few minutes to complete.

Absolutely. Our aim is to streamline the mortgage process for you. Our dashboard enables you to complete the entire process independently. Should you need to chat with an ETHOS Loan Expert for extra details, the goal is to empower you to navigate the process solo. However, if you prefer to be guided by an expert advisor, we're always here to lend a hand.

We've got you covered! You can easily arrange a call with a ETHOS Loan Expert, and we will be happy to assist you in finding what you need.

ETHOS is the perfect option for anyone thinking about purchasing or refinancing a home, and who prefers a streamlined process. Whether you're a straightforward borrower or have a more complex situation, we’ll take pride in helping you to secure the best loan.

Generally yes. However, we advise you to contact an ETHOS Loan Advisor to advise you about programs that best fit your needs.

Absolutely! At ETHOS, we understand that every client’s situation is unique. Our range of options is designed to serve even those outside conventional parameters. In today’s dynamic mortgage landscape, the notion of "normal" is constantly evolving, and we adapt accordingly.

Certainly! Please contact an Ethos Loan Advisor for more details.

ETHOS currently provides a range of loan types, including both adjustable and fixed-rate loans. These are available for single-family homes (such as condos, townhouses, co-ops, and planned unit developments) as well as multi-family homes (up to 4 units). We offer both purchase and refinance loans to suit your needs.

Yes, we can provide loan options for investment properties. Please reach out to a Loan Advisor for more details.

Yes, we offer both FHA and VA loans.

Yes we do. Check with your ETHOS Loan Officer to explore the current programs that are available.

Absolutely, we provide loans for purchasing foreclosure or bank-owned properties.

Yes, we provide numerous options for refinancing homes held in LLCs.

We understand there's no one-size-fits-all lender. By recognizing your individuality and . leveraging technology, we maintain significantly lower costs compared to traditional mortgage firms. We pass these savings on to you. Our goal is simple: to ensure you secure the best mortgage at the most favorable rate.

Absolutely. We make every effort to ensure that the rate you're quoted is the rate you receive. Providing the information in your digital application is accurate, the quote you selected is typically the rate we can lock your loan at. Please speak to your advisor for more details.

We rely on technology to link you with the top rates offered by all our lenders. Your rate quote is influenced by various factors including your credit history and specific property details, among others.

Generally, the monthly payment covers your interest, principal, taxes, and insurance. In some cases, MI (mortgage insurance) or HOA (HomeOwners Association) dues are included.

A 30-year fixed-rate mortgage is a loan that spans 30 years with a constant interest rate throughout the entire period. These mortgages gradually pay down the principal through regular monthly payments. At maturity date, after 30 years of consistent monthly payments, the loan is fully repaid and you will own your home outright.

An adjustable-rate mortgage (ARM) is a type of home loan where the interest rate can fluctuate over time based on changes in a specified financial index.

An interest-only mortgage is a type of loan where you're not obligated to repay the principal amount monthly for a set period. During this initial phase, payments cover only the interest, resulting in lower monthly payments. However, once this period ends, the payments increase as the loan begins to amortize and repay both principal and interest.

By “locking” your interest rate we ensure it remains unchanged for a specified duration, regardless of market fluctuations.

Yes, in many instances, you can opt for a different product even after locking your loan. If you wish to make changes following the rate lock, simply reach out to your ETHOS Loan Advisor for assistance.

After locking your rate, you can rest assured that any market fluctuations won't impact your rate.

At ETHOS, our rate locks range from 30 to 90 days, and the majority of our loans close before the lock expires. After locking, ETHOS loans can close in as little as 15 days, provided you furnish the necessary information. If you need an extension for your rate lock, please reach out to your ETHOS Loan Expert.

Yes, we advise locking your rate so it stays fixed as we progress through the loan process together. Since market conditions fluctuate daily, this allows you to complete the process with confidence as any changes won't impact your monthly payments.

Definitely! We're dedicated to simplifying this complex process for you. If you're prepared to obtain pre-approval for a home purchase, we're here to help you understand how much you can afford.

The amount needed depends on the suitable loan type for you and the home's purchase price. Typically, you'll want to have a minimum of 3% of the home's purchase price for a down payment, along with between 2% and 5% of the purchase price for closing costs.

Certainly! Just complete our brief digital application and upload your purchase contract. We'll ensure to accommodate any deadlines you need to meet and expedite our process to ensure a timely closing.

Unfortunately, ETHOS does not currently offer loans for mobile or manufactured homes.

Absolutely, we can assist you in securing the ideal loan for your new condo.

Absolutely! You can utilize ETHOS for purchasing a second home or investment property.

The amount needed depends on the suitable loan type for you and the home's purchase price. Typically, you'll want to have a minimum of 3% of the home's purchase price for a down payment, along with between 2% and 5% of the purchase price for closing costs.

They become payable when your loan closes. The only fee payable prior to closing is the appraisal fee, which we collect before you lock your loan.

When securing your optimal loan, various third parties play a role in facilitating the process. These could include an appraiser, legal services, and a title company, among others. You'll be accountable for their fees at loan closure. ETHOS doesn't inflate or derive any compensation whatsoever from third-party fees.

For a standard home purchase, you'll need to cover the following third-party fees: appraisal fee, credit report fee, title insurance fees, flood certification fee, recording fees, real estate taxes, settlement/escrow fees and HOA (Home Owners Questionnaire).

Generally, the seller does not cover any third-party fees. However, certain states may mandate the seller to cover specific fees, but this varies depending on the circumstances.

ETHOS provides two types of refinance loans: Cash Out and Rate & Term. In a Cash Out refinance, you can increase the size of your loan and access equity from your home for other purposes. On the other hand, a Rate & Term refinance aims to lower your monthly payment and/or modify the term of your existing loan

Yes, HELOCs are offered by Ethos.

Sorry, no. ETHOS does not offer loans for mobile or manufactured homes.

Absolutely, we can assist you in obtaining the ideal loan to refinance your condo.

Yes, ETHOS makes it easy to refinance a second home or investment property.

Your closing costs will depend on several factors, such as the property's location, prepaid interest (determined by your scheduled closing date), and third-party fees (which can vary depending on the type of loan you select).

Upon choosing a loan and arranging an appraisal, we'll collect the appraisal fee (ETHOS doesn't conduct the appraisal or profit from it). All other fees are settled at the closing.

Please continue making your current mortgage payments until the new loan is closed. ETHOS will collaborate with your current lender to request a payoff statement. This final payoff amount will be outlined in the final closing disclosure, which we'll furnish to you a few days before closing.

It's important to continue making your mortgage payments until the new loan is finalized. ETHOS will liaise with your current lender prior to closing to determine the exact payoff balance. This finalized payoff amount will be detailed in the final closing disclosure which we provide you with several days before the closing date.

A pre-approval letter from ETHOS confirms the amount you can borrow for a home, and helps you figure out what price range of homes you can look at. It also shows sellers or real estate agents that you're serious about buying. The amount is calculated based on the information and documentation you provide

It's quick and easy! Our ETHOS digital application only takes a few minutes to fill out. Once we have your details, our technology can generate a pre-approval letter for you in just seconds.

Great news! At ETHOS, pre-approval letters are free!

No, a pre-approval letter doesn’t need a hard credit check.

Your verified income is determined by industry standards and specific lender policies. It considers factors like your income source, employment history, and future earning potential. The bright side is, ETHOS collaborates with numerous lenders offering a wide array of loans to suit diverse needs. We understand everyone has a unique situation, and we strive to provide the best options for our borrowers.

Sometimes, verified assets might not match what you expect. Here's why: 1) With retirement accounts, only a portion of these assets can be used for qualification. 2) Business accounts are considered on a case-by-case basis. 3) Large deposits in certain accounts might be ineligible if they're cash, cash advances, or undocumented.

Absolutely. At ETHOS, we prioritize privacy and security. We employ encryption to safeguard your personal data, ensuring it remains confidential and secure.

Within minutes of completing our application, you’ll be assigned an ETHOS Loan Advisor.

No, you’re under no obligation when you get pre-approved.

Just select your loan and decide to move forward with the lender of your choice, and you’ll have the opportunity to lock your rate.

Processing times vary for each individual and mortgage type. We do the legwork to work to find you the right mortgage as fast as possible.

Most lenders require an escrow account. An escrow account is an account set up by the lender to accept your monthly taxes and insurance payments. In certain cases, the lender will allow you to waive that requirement. Please contact your ETHOS Loan Advisor to discuss your situation.

No, it's not possible to transfer an escrow account.

Generally, a higher credit score allows lenders to offer lower interest rates. However, if your credit score isn't as high as expected, don't worry. We're here to assist and may assist you in securing the most suitable loan for your unique situation.

Although ETHOS doesn't offer this service there are several online platforms where you can check your credit score. Additionally, the FTC provides guidance on obtaining a free copy of your credit report every 12 months from each of the three major credit reporting agencies. For more details, visit this link: FTC Credit Report Info

A soft credit check doesn't impact your credit score at all. It helps ETHOS create a clearer picture of your borrowing profile for our lenders, enabling us to pair you with the most suitable loan options.

A hard credit check signals to the credit bureaus your intent to apply for a new loan or credit line (eg, a credit card, personal loan, or mortgage). It generally causes a slight decrease in your credit score.

If you suspect an error in your credit score, it's advisable to contact the credit bureaus directly. ETHOS doesn't have any control over your credit score.

If you encounter something unfamiliar on your credit report, it's best to contact the credit bureaus directly. We do not have any influence on your credit report.

It's typical to have multiple credit inquiries when you're shopping for a loan. Generally, within a 30-day window from your initial credit check.

ETHOS retrieves your credit scores from all three major credit bureaus, then selects the median score. If you have a co-borrower, we go with the lower of the two median scores.

When applying with a co-borrower, we'll consider the lower of your median score and your co-borrower's median score.

We generally offer loans to customers with a 620 credit score or higher. If your credit score is just below 620 we may still be able to find options for you. Please contact your ETHOS Loan Advisor for more details.

An appraisal is an expert opinion of the value of a property based on its location, condition, and specific attributes, and are used to establish the current market value of the property.

The value of the property you're using as collateral affects the loan amount you can receive.

No. The lender has to place the order for the appraisal on your behalf. Luckily, we’re here to help, so we will work with you to book the appraisal at a time that fits in with your lifestyle.

No. The lender selects the appraisal company.

This depends on the type of loan. However, in some cases it could take up to 30 days.

No. A home inspection assesses the condition of the property. An appraisal estimates its value.

The appraiser personally visits the property to asses the condition of the property. They also review recent sales of comparable properties in the area and make adjustments for any differences.

No, the appraised value won't alter your taxes. It's solely used by the lender to assess the property's fair value, and isn't provided to the tax assessor.

Yes, you will receive a get a copy of your completed appraisal report.

There's no universal answer in real estate valuation.

The lender will send you instructions on how to make your monthly payments within 30 days of closing. You will also receive a copy of your first payment coupon with your loan documents with the details where to send your first payment.

ETHOS will not be servicing your loan. Prior to closing your loan, you can set up automatic payments with the servicing company that will service your loan.

Of course! Our goal is to support you at every step of the process. Contact your ETHOS Loan Advisor and we'll help you resolve any concerns or potential issues.