Ask Semper

Commonly talked about topics

About Semper

Why should I choose Semper Home Loans and what is the Semper “Vibe”?

Why Semper Home Loans? We believe in providing our clients with A+ service and communication. Semper provides home buyers across demographics, generations and income brackets with affordable rates ...

Is Semper Home Loans a direct lender?

Yes, we are. We work with our borrowers from the initial application, through funding of the loan, internally.

Does Semper Home Loans offer mortgages in my state?

We are currently licensed to lend in 41 States and quickly growing. We are working hard to become licensed in all 50 states. You can currently work with us in: Alabama (AL) New Hampshire (NH) ...

Will Semper Home Loans service my mortgage?

Currently, Semper Home Loans does not service your mortgage for the life of the loan. Depending on which day of the month your closing falls on, Semper may collect your first mortgage payment. Your...

I loved working with Semper Home Loans, where can I share my experience?

We would love for you to share your experience with us and others! You will receive an email and text at the time of closing that easily allows you to leave a review. We know closing can be hectic,...

Pre-Approval

What is a pre-approval letter?

A pre-approval letter is a document that outlines the exact amount you can borrow, contingent on certain conditions being met later. You can show that you are a serious buyer by providing this lett...

Why do I need to get a pre-approval letter?

Pre-approval gives you real buying power. Sellers are more likely to accept an offer from a pre-approved buyer. Moving quickly when making an offer on a home can help you beat out other buyers.

When should I get a pre-approval letter?

Pre-approval is an important first step in the loan process. It is important to have a pre-approval letter in hand before you start looking at properties. Real estate agents may require you to have...

How do I get a pre-approval letter?

Apply online at www.gethomeeasy.com or download our HomeEasy® app. We will ask for some preliminary information and will review it to determine what you may qualify for. It is completely free, and ...

Who is pre-approved?

Your name, as the borrower, will appear on the top of our approval letter under ‘Borrowers’ as well as a co-borrower, if you applied with one.

Can I make changes and updates to my pre-approval?

Pre-approvals are easy to update with an average turnaround of 24 hours. If you want to increase your budget or would like to put in a higher offer to win a sale, you will need to be approved for a...

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Application

When should I apply for a loan?

You should submit your loan application after you have been pre-approved and have an accepted offer. Applying does not guarantee loan approval, it simply begins the process to move forward with pur...

What is the loan purpose and why do I need to provide it?

The loan purpose is the primary reason you are requesting a loan from Semper Home Loans. Some examples of home loan purposes would be: Purchase: Purchasing a single-family, multi-family or condo P...

How do I know what loan is right for me?

Your Mortgage Originator will help you determine what loan program will be right for your specific financial situation based on the information you provide on your application. You can find more in...

Where do I apply for a loan?

At Semper Home Loans, applying for a loan is easy. Our HomeEasy® app lets you conveniently apply from your phone or mobile device anytime. We make it simple; you make it home.

Who should be on the loan application?

If you are applying alone, you will be the only person listed on the application. If you apply with a co-borrower, they will need to be listed on the application. Having a co-borrower on the loan a...

What do I need for the application?

Depending on your job status and income there are a variety of documents you will need. Here are some items we may ask for when applying: W-2’s (for the last 2 years) Recent pay stubs Tax Returns ...

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Disclosures

What is an Initial Disclosure and how does it work?

When you apply for a loan, Semper Home Loans will provide you with an initial loan disclosure. You will receive this within three business days after you submit your application. By signing this do...

What is a Loan Estimate?

A Loan Estimate is a standard form that all lenders are required to give to you, by law, within three business days of submitting your application. Semper Home Loans will provide you with an estima...

What does ‘locking’ mean?

Mortgage interest rates can change daily. When you lock a rate, it means your interest rate won’t change during the time that your offer was accepted to the time that you close on your home. Rate l...

What if I need to break my lock?

You are free to withdraw your application and break your lock at any time. There is no fee if you need to break your lock.

Under Contract

My offer was accepted, now what?

Once your offer is accepted you want to let your Loan Officer know so they can get started right away. In addition to the documents you provided for pre-approval they will need: Your signed Purch...

What is an escrow account, and do I need one?

Escrow Account: An escrow account is when part of your monthly loan payment is allocated to cover costs associated with home ownership. Costs may include real estate taxes, insurance premiums and p...

Can I take a vacation?

Try not to plan any vacations during the home buying process. Contact can be difficult when people are on vacation and, if we need documents, this could delay the process and closing. If you have p...

Can I change jobs during the approval process?

Changing jobs in the middle of the home buying process can affect your income which may cause delays or potential denial of your home loan. Once you close on your home, changing jobs would no longe...

Appraisal & Inspection

What is an appraisal?

An appraisal is an unbiased professional assessment that determines the property value based on different factors. A homes condition, location, and the value of similar homes in the area that have ...

Why do I need an appraisal?

An appraisal is important for us to determine the value of the home. Lending a greater amount on a home, than it is worth, can result in a loss if a mortgage is defaulted on.

Who is responsible for setting up the appraisal?

Semper Home Loans is responsible for setting up the appraisal on the home you are purchasing or refinancing. Typically, the homebuyer pays for the appraisal, but you may choose to pay up front or i...

When do I get an appraisal?

An appraisal usually takes place after an offer has been accepted and the home inspection is complete.

Should I be present during the appraisal?

Typically, the buyer is not present for the appraisal. The appraiser will not disclose any information or answer any questions, so it doesn’t provide you any benefit to attend. If you are refinanci...

Can I choose my own appraiser?

Unfortunately, no. Hiring an appraiser with a vested interest in you, or the lender, would be a conflict of interest. If you are associated with the appraiser that Semper Home Loans selects, we wou...

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Closing

What is a closing disclosure?

A closing disclosure is a form provided to you at least three business days before your closing. This disclosure provides you with information regarding the terms of your loan, projected monthly pa...

What is ‘cash to close’ and how do I pay it?

Cash to Close: This is amount of cash you will need at closing. Your down payment will ultimately make up the largest percent of your cash to close. This does not include additional costs that have...

What is an electronic signature vs. a wet signature?

An electronic signature, or to ‘e-sign’, means you are electronically signing documents. A wet signature means you physically sign the documents in ink.

What is an electronic closing or an ‘e-closing’ and how does it work?

Semper Home Loans knows that e-closing is the way of the future. An e-closing is when one, or more, of the closing documents are signed electronically. An e-closing may still require meeting in per...

How long does a closing take?

A closing typically takes approximately 20 minutes to sign the documents but could extend up to a few hours if you have additional questions.

Where does the closing happen?

Your closing may be held at a title company, escrow office or real estate office. Closings can also take place at the home being purchased or a convenient location agreed upon with your Loan Officer.

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Post Closing

My loan is closed, what now?

Congratulations! It’s time to enjoy your new home. Semper Home Loans is here to help you with any of your future mortgage needs, so don’t hesitate to contact us. After 6 months you are eligible to ...

Where do I send my first payment?

Depending on which day of the month your loan closed, Semper may collect your first mortgage payment. You will be notified in advance of your payments due date. If your loan is transferred from Sem...

If I need assistance in the future, who should I contact?

At Semper, we strive to maintain our clients for a lifetime. We keep an open line of communication and stay in touch after the loan has closed. If you experience any life events, are looking to ref...

Who do I contact if I’m experiencing financial hardship?

If you are experiencing a financial hardship, contact your mortgage originator to discuss refinancing, to lower your monthly payment, and relieve some financial burden. You can also contact your lo...

Why did I get a property tax bill in the mail?

Tax bills are automatically generated and sent by the town. If you have an escrow account, your taxes will be paid from the account and you should not need to do anything else. If you receive a tax...

What happens if my taxes increase?

If your taxes increase over time and your current escrow contribution is not enough to cover the increase, you will be notified. You may have the option to make a single payment, or your monthly co...

Refinance

What does it mean to refinance?

When you refinance your loan, you acquire a new loan to pay off the debt of the original loan. If you are considering a refinance, it is important to know both the benefits and costs involved. Refi...

What should I consider before refinancing?

You should know your homes equity which is the amount you have paid off and invested in your home. 20% equity will make it easier to qualify for a loan. You should also know your credit score. Borr...

What are the benefits of refinancing?

Lower interest rate and payment: If your credit has improved or rates have dropped since you got your original loan you could save money on interest and lower your monthly payment. Change rate type...

How soon can I refinance?

You can refinance with Semper Home Loans six months after obtaining the mortgage.

How long does it take to refinance?

Semper Home Loan completes refinances in 30 days or less, on average.

What documents are needed to refinance?

The documents needed to refinance are similar to those needed to initially obtain your loan. You will need: Proof of income: W-2’s Recent pay stubs Tax Returns Proof of coverage: Homeowner’s Ins...

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Life Events

I’m getting married; how does this affect my loan?

If you buy a house on your own and then get married, the mortgage is still solely in your name until you refinance. When you refinance, you can add your partner’s name to the loan. If you purchase ...

I’m getting separated/divorced; how does this affect my loan?

If you are separating or divorcing, let your mortgage originator know right away. A few scenarios that could happen: You may both decide to move off the property, sell the house and pay off the mo...

I’m having a baby; how does this affect my loan?

If you or your partner are on maternity or paternity leave when you apply for a loan, it could affect your ability to qualify for a mortgage. If you are on unpaid leave, it could make it difficult ...

Terms

Appraised Value vs. Assessed Value

Appraised value: An appraised value is an evaluation of a property’s value performed by a professional appraiser. The value is based on factors such as location, access to amenities, condition and ...

Asset

An asset is anything of value, or a resource of value, that is taken into consideration to determine what you qualify for and how you would be able to continue making mortgage payments if you lost ...

Clear to Close

Your loan is clear to close when an underwrite has approved your loan documents and any conditions that were required, for the loan to be approved, have been met. At this point we are ready to sche...

Closing Costs

Closing costs are usually somewhere between 2% and 5% of the loan amount and include fees such as origination fee, mortgage points, title insurance, home appraisal, property taxes and real estate c...

Down Payment

A down payment is a percentage of the total price, which is paid in cash up front, with the remainder of the amount covered in the mortgage loan.

Earnest Money Deposit (EMD)

An EMD is an initial deposit made in good faith, and put into escrow, that shows the seller how serious you are about purchasing the home.

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Credit

Why does my credit score matter?

The information on your credit report helps us evaluate your ability to repay the loan based on your repayment history. The length of your credit history and on-time payments impact your score. A b...

Do you have to pull my credit?

A credit pull is required for all Semper pre-approvals and applications.

What if someone else pulled my credit?

If you are currently shopping mortgage companies, and another company has recently pulled your credit, your score most likely will not be impacted. If multiple credit checks are done within a 45-da...

There are some inaccuracies on my credit report, what do I do?

If you find inaccuracies on your report, you can contact the three credit bureaus and dispute negative marks on your credit: TransUnion Equifax Experian

Is my data secure?

Security is integral at Semper Home Loans. We ensure that our website and account portals are encrypted, secure sites, to protect your privacy and information. We have extensive security measures i...