Home Loans
Bring the joy back home.
Everyone says you can’t get something cheap, fast, AND good. You can only have two. Right? Well, not here. At Otter Mortgage Team, you don’t have to pick between great rates and speed-to-close and awesome client experience. You can have all three. And we’re even throwing in a fourth: fun. We’re making the whole thing fun. Cheap, fast, good AND fun. Why would you ever pick two when you Otter get four?
Our Loan Programs
Conventional
The most common option for clients with great credit and a low debt ratios. Down payments as low as 3% and some of the lowest mortgage insurance rates available. The go-to for vacation and investment buyers as well.
FHA
A more flexible lending option that accommodates lower credit scores and higher debt ratios. Down payments as low as 3.5% and potentially no money down with down payment assistance!
VA
Available to active duty military, veterans, and some surviving spouses, the VA loan requires no money down and has no monthly mortgage insurance. Credit and debt ratio qualifications are very flexible. The Otter Mortgage Team thanks you for your service!
USDA
USDA Rural loans provide a no money down option in qualifying areas designated as rural. Debt ratio requirements are more strict, and there are also maximum income caps. A great product if you and the property qualify.
Bridge
A bridge loan allows you to “bridge” the gap between a pending home sale and your new home purchase before you sell. You can use the equity in your current home to purchase before your current home sells. This is a great way to eliminate a home sale contingency, if needed.
DSCR
DSCR (Debt Service Coverage Ratio) loans forego traditional income verification, and instead look at the income generated from the subject property to help you qualify. In most cases, lenders will want to see that projected rent is at least 115% of your new mortgage payment, including taxes, insurance, and HOA fees.
Bank Statement
If you are self employed but your tax returns are not showing enough income to qualify for a traditional loan, a bank statement loan may be the answer. Our team will look at your average deposits (typically over the last 12 months) to determine income. A 10% down payment is typically required.
Everything Else…
We got you! If it can be done, the Otter Mortgage Team has access to the lenders and programs you need. Give us a call or shoot as a message with your unique challenges, and we will put together a game plan.
we work with you to find the lowest rates and best programs
How Our Loan Process Works
Step 1: Loan Application
Submit your loan application and supporting docs. Our expert team will review your application within 24 hours (usually faster). If you don’t qualify now, don’t worry; we will put together a custom plan to help you get there. If everything looks good, on to the next step…
Step 2: Pre-Approval
We will send a pre-approval letter and preliminary loan options for your review. If you haven’t done so already, connect us with your REALTOR so they know you are qualified. If you need a REALTOR referral, we know the best agents in town and will connect you with a true agent rockstar.
Step 3: Find Your Dream Home
Whether you are looking for three days or three years, we are here to help you win your next offer. We will send property specific estimates, help you structure your offer, and even reach out to the seller’s agent to let them know you are in great shape.
Step 4: Loan Underwriting
Once you are under contract, your loan will be submitted to underwriting. We will send a loan package for you to review and sign, request updated docs (if needed) and prepare everything to set you up for a smooth closing.
Step 5: Loan Approval & Closing
A typical loan process is 30 days from contract to close (but we can work much faster if needed). We will coordinate with 3rd parties like appraisers, title companies, and insurance agents – keeping you posted every step of the way. When the closing day comes, you will sign your final documents, wire any necessary funds to the attorney, and get the keys to your new home!
hear from our clients
Frequently asked questions
What are the requirements for loan approval?
Underwriting a home buyer comes down to three basic factors: Income, Assets, and Credit. Strengths in one area can often help overcome a weakness in another. But as a rule of thumb lenders want to see a credit score over 600, monthly income at least double your monthly debts (on credit) plus your new mortgage payment , and assets of roughly 5% of the home purchase price. But exceptions abound, for example you could have a credit score in the 500s but still qualify with a 10% (or greater) down payment. And there are loan options available with no down payment, though credit and income requirements may be more strict.
What does it cost?
There is absolutely no cost to have your application reviewed and approved by the Otter Mortgage Team. We are only paid if and when you close on your home purchase or refinance. If you are buying a home, there will likely be up front costs like earnest money, home inspection and appraisal. If you are refinancing your home, you may be eligible for an “appraisal waiver” which eliminates all up front costs. No matter what, we will make sure you understand any and all costs required to close on the home loan designed just for you.
What kind of loan is right for me?
Great question! Perhaps the most important question. No two clients are the same and everyone has different needs and goals. Our job is to find the rate, terms, and product that best suits you. And GREAT NEWS: we work with over 140 lenders so we can find almost any program out there and shop across almost every nationwide lender to create a customized solution just for you.
Have more questions? view all our faqs
can you spare 10 minutes to get your custom game plan?
Let’s Get Started!
Apply now or speak with our expert team to find the perfect mortgage for you. Fast, easy, and stress-free (joy-full) home financing is just a click away!