the faq

Frequently Asked Questions

Get the answers to all your mortgage-related questions in one place.

About Green River Capital

Why us?

Mortgage brokers are often a better option than direct lenders like Wells Fargo and Rocket Mortgage because they have access to a wider range of loan options from multiple lenders that don't deal directly with borrowers. This allows brokers to shop around and find more competitive rates and terms that can save borrowers money in the long run. It's important to note that while mortgage brokers can only charge up to 2.75% of the loan amount legally, direct lenders like Chase and Bank of America may charge more.  Overall, we offer the advantages of more options, competitive rates, and personalized support, making us a strong option for many borrowers.

What is a lender credit? And do you offer it?

In some scenarios, yes we do. In the context of mortgages, a lender credit is a credit or rebate provided by the lender to the borrower that can help offset some of the closing costs associated with a mortgage loan. It can also be used to reduce the upfront fees paid by the borrower, which can help make the loan more affordable in the short term.

What is a mortgage?

In basic terms, a mortgage is a loan used to buy a home or other real estate property where the property serves as collateral for the loan. The borrower makes regular payments to the lender until the loan is fully paid off, usually over a period of 15 to 30 years.

Is a pre-approval and qualification the same thing?

More mortgage questions

Can I see houses with a pre-qualification?

Yes, you can see houses with a pre-qualification. However, it's important to note that a pre-qualification is only a preliminary assessment of your creditworthiness, based on basic information you provide to the lender.

What states are you licensed in?

We are licensed in California, Connecticut, Florida, Georgia, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia, and Delaware.

What salary do I need for a mortgage loan?

When it comes to income, there is no set minimum or maximum requirement for a mortgage loan. However, lenders typically want to see that you have a stable source of income that is sufficient to cover the monthly mortgage payments. This can include income from a job, self-employment, investments, or other sources. Lenders will usually require documentation of your income, such as tax returns, pay stubs, and bank statements, to verify that you have the necessary income to qualify for the loan.

Do you offer loans for investment properties?

Yes, we do offer loans for investment properties.

What is a rate lock?

A rate lock is an agreement between the borrower and lender that guarantees a specific interest rate for a certain period of time, typically between 30 and 90 days.

What is refinancing?

Refinancing is the process of replacing an existing mortgage with a new one, often with a better interest rate or term, in order to save money on monthly payments or pay off the loan faster.

Can I buy a house if I'm self-employed?

Getting a mortgage loan as a self-employed individual can be more challenging than for someone with a traditional salary, but it is still possible. To increase your chances of approval, you will need to have a strong credit score, a sizeable down payment, and at least two years of consistent income. Additionally, you will need to have all necessary financial documents, such as tax returns and bank statements, in order and ready to provide to the lender. It may also be helpful to work with a mortgage broker who has experience working with self-employed borrowers and can guide you through the process.

What credit score do I need?

We offer programs for borrowers with as low as 580 credit score.  However, a higher credit score will improve your chances of getting approved for a mortgage loan, with the highest credit scores ranging from 800 to 850. Keep in mind that credit score is only one of the factors considered by lenders when evaluating mortgage loan applications, and other factors such as income, debt-to-income ratio, and employment history will also be taken into account.

How we determine your rate?

Your mortgage rate is determined by several factors, including your credit score, down payment amount, loan type, and current market conditions.

What are closing costs?

Closing costs are expenses incurred when buying or refinancing a home, which include fees for services provided by the lender, title company, and other third parties involved in the transaction, such as appraisals, inspections, and taxes. Examples of closing costs include loan origination fees, title search and insurance, prepaid interest, and appraisal fees, among others. These costs typically add up to 2% to 5% of the purchase price of the home and are paid at the time of closing.

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Green River Capital Corp.1670 Old Country Road, Suite 220 - Plainview, NY 11803 | (866) 407-4418 / NMLS #886337 | Registered Mortgage Broker — NYS Department of Financial Services — All mortgage loans arranged with third party providers. | Licensed by the NJ Department of Banking and Insurance | Licensed by the FL Department of Financial Services | Licensed by the PA Department of Banking | Licensed by The CA Department of Business Oversight | Licensed by Connecticut Department of Banking | All Loans Arranged through third Party Providers | NMLS Consumer Access:

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