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Embark on your journey toward mortgage approval right here.

At Rate Simple, securing your dream home begins with the first step of the mortgage approval process. By initiating your application with us, you're taking the essential stride toward turning your homeownership aspirations into reality.

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Attention homebuyers, veterans, and active duty military, our dedicated team is here to support you every step of the way. We offer a simple yet effective process to provide current market rates, to help get you going on your mortgage journey.

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Rate Simple, Inc. | NMLS ID# 2232647 | NMLS Consumer Access Link

8383 Wilshire Boulevard, Suite 540/B, Beverly Hills CA 90211

If you have any questions, comments, or concerns, please email us at management@ratesimple.com By submitting this form, I agree that Rate Simple may contact me at the phone number provided.via automated technology, including autodialing, prerecorded message, artificial voice, and/or text message. I understand that I do not have to consent to receive such calls or text messages to purchase goods or services from Rate Simple

This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the State of New York will be accepted through this site.

  1. A Rate Simple HELOC is secured with your home as collateral, whereas personal loans and credit cards are not.
  2. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
  3. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing.
  4. The Rate Simple Home Equity Line of Credit is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
Learning Center|Down Payment Assistance

Down Payment Assistance

Deciding on the ideal down payment amount can be a complex process. Rate Simple is here to provide clarity. Your decision should align with your unique financial situation and preferences.

Loan types

FHA Loan

With an FHA loan, you can secure a single-family home or condominium with as little as a 3.5% down payment. However, lower down payments on conforming loans often trigger the need for mortgage insurance (PMI).

USDA Loan

Dreaming of a home surrounded by pastoral landscapes? Buyers in rural and suburban markets can explore USDA loans requiring no down payment. Income limitations may apply, and PMI may be necessary for down payments under 20%.

VA Loan

Military veterans qualifying for a VA loan can purchase a home with zero down payment. For added flexibility, some non-conforming mortgage loan programs allow 80/20 setups, where borrowers can secure a second mortgage to cover the 20% down payment.

Customized Solutions for Varied and Unique Loan Needs

Navigating the complexities of down payments is easier with our experts. We provide tailored guidance to address your unique circumstances and financial goals. Contact our loan specialists today to develop a personalized plan that aligns with your budget.

Costs and Benefits

Low or no down payment programs come with specific costs, which impact your monthly payments

Higher Interest Rates

  • Increased mortgage insurance premiums
  • Mortgage insurance can be removed once your equity reaches a certain level, offering potential savings in the long run.

Advantages of Low Down Payments

Despite the downsides, low down payments offer benefits:

  • Less money is required upfront.
  • Potential for a higher rate of return on your investment.
  • Opportunity cost – allowing you to invest available cash elsewhere


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Personal Considerations

Selecting the right down payment amount is a crucial decision. Your lender will assess your qualification based on income, but your comfort with the monthly payments is equally important. Carefully evaluate what you can afford to ensure a comfortable homeownership journey.

Down Payment Assistance

Down payment assistance programs come in various forms, including grants, loans, and more. Eligibility depends on factors like household income and credit history. Organizations like HUD, local housing authorities, or nonprofits can administer these programs. Research their requirements, grant versus loan terms, and lender acceptance before applying.

Types of assistance

Grants

Grants are a valuable form of down payment assistance, representing a gift that homeowners don't need to repay. However, some may create a second lien on your home, so reviewing terms carefully is essential.

Forgivable Loans (At 0% Interest)

Forgivable mortgage loans typically come with a 0% interest rate and are forgiven after a specified number of years.

Deferred-Payment Loans (At 0% Interest)

These second mortgages only require repayment once you move, sell, refinance, or pay down your primary loan.

Low-Interest Loans

Some organizations offer second mortgage loans simultaneously with your primary mortgage, requiring installment repayment.

Matched Savings Programs

Buyers can deposit funds into an account, with the bank, government agency, or community organization matching the deposit. These funds can be used for down payments.

Rate Simple is your partner in navigating the down payment journey, ensuring you make informed decisions on your path to homeownership.