Warp Speed Mortgage provides a large range of home loan options, which includes Conventional loans, FHA loans, VA loans, USDA loans, and Jumbo loans. They also offer specialty loans, such as short-term business real estate loans, bridge loans, land loans, bank statement loans, construction loans, and condo-hotel financing. In some states, mortgage refinancing is also available.
As a direct lender, they also have their own pre-approval process and secure online application. Not only that, but they have a rate table, also known as a mortgage calculator, that lets prospective borrowers choose and apply for their desired loan program at the desired interest rate.
Warp Speed Mortgage Mortgages Terms & Requirements
Warp Speed offers Conventional home loans, as well as FHA, VA, USDA, and Jumbo loans. They also provide refinancing options and specialty home loans, such as construction or land loans. The typical requirements for a loan include:
- Tax returns
- Proof of income (ex. pay stubs)
- Bank statements
- Personal identification and SSN
The exact loan terms and rates require pre-approval and information verification. However, most terms are fixed with 15- and 30-year options being the most common. The annual percentage rate (APR) tends to be around 6% to 7%.
Warp Speed Mortgage
If you’re interested in applying for a home loan through Warp Speed Mortgage, head to their website and click “Apply Now.” This will direct you to their mortgage calculator where you can input certain details about the mortgage loan, such as:
- Choose whether you want to purchase or refinance your home
- Property type and primary purposes
- The home purchase price
- Estimated down payment
- Property zip code
- Whether this is your first home
- Whether you’re a veteran
After submitting this information, you’ll see the different loan options available to you. You can then click on each option for more details. Once you find an option that suits your needs, click “Apply.” you can then create a profile with the company and fill out the online application. During this process, you’ll be connected to a client manager to help with the rest of the loan process.
Part of Warp Speed Mortgage’s pre-approval process also involves providing certain documentation to the lender. The lender will then review this information, check your credit, and evaluate your financial situation. If all goes well, they’ll then send you a preapproval letter to show to sellers.
Unlike some lenders, Warp Speed Mortgage does the initial underwriting process first. This is meant to speed up the lending process. After that, you’ll reach the processing stage, which is when the lender’s smart technology further reviews your application and applies any final conditions to your loan. You’ll be able to work with a client manager during this time, as well as through the final underwriting and eClosing processes.
Although Warp Speed Mortgage doesn’t specifically list their requirements online, here’s what you may need to qualify:
- Be at least 18 years of age
- Min. Credit score: 580 recommended
- Meet certain minimum credit score and income requirements
- Maximum recommended DTI (debt-to-income) ratio: 50%
- Min. annual income: Undisclosed
- Citizenship/residency: Undisclosed
- Have proof of identity, employment, and income
- Have a valid bank account
To get started with Warp Speed Mortgage, click “Apply Now” and use the lender’s online loan calculator to figure out the loan type and amount you might need. After that, complete the pre-approval process and proceed to the loan application. Be prepared with some information, such as proof of income, employment, assets, liabilities, and identity.
- Paystubs from the most recent 30-day period
- W-2’s and/or 1099’s from the past two years
- 2+ years’ tax returns (personal and business, if applicable)
- 2 months’ worth of bank statements
- 2+ months’ worth of statements from any investment or retirement accounts
- ID verification
- Recent mortgage statement, income taxes, homeowner’s insurance declaration page, and HOA statement (for current property owners)
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