A Better Mortgage from a Broker Who Shops 20+ Lenders, Not One

A mortgage broker shops your loan across multiple wholesale lenders, you get the rate and program that wins. A bank sells you only its own loan at retail pricing. As a wholesale broker, OnPoint shops 20+ lenders for every file, including specialty lenders that banks don't offer at all (Reverse, Non-QM, jumbo specialists). California law also requires mortgage brokers to act as fiduciaries for borrowers, banks do not have that legal duty.

Use the 28/36 rule as a starting point: total housing payment (PITI + HOA) should stay at or below 28% of your gross monthly income, total debt obligations under 36%. A $120,000 household income translates to roughly a $2,800/month full housing payment, which at 5.875% on 30 years with 20% down equals a $700,000 home. Plug your income into our calculator to dial it in.

FHA: 580 with 3.5% down (sometimes 500-579 with 10% down). VA: most lenders accept 580+, some go to 550 with compensating factors. Conventional: 620 minimum, with pricing improving notably at 680, 720, and 760+. Non-QM programs typically require 640+ with compensating factors. Higher credit scores unlock both lower rates and lower mortgage insurance.

21 days on most qualified purchase loans. Refinances often 14-18 days. The rate-limiting step is usually the appraisal (1-2 weeks) followed by underwriting (1-2 weeks). Borrowers who provide complete documentation upfront close faster. Non-QM and Jumbo files can run 25-30 days depending on complexity.

Conventional: 3% (first-time buyer programs) or 5% standard, 20% to avoid PMI. FHA: 3.5%. VA: $0 (the only major program with true zero-down). Jumbo: typically 10-20%. Non-QM: 15-30% depending on program. Higher down payment improves your rate and unlocks more lenders.

For conventional/FHA/VA QM loans: 2 years W-2s, 2 years personal tax returns, recent pay stubs (30 days), 2 months bank statements, government-issued photo ID, and homeowner's insurance information (we can help shop this). Self-employed adds 2 years business tax returns plus a mid-year P&L if needed. Non-QM programs use different docs (bank statements for Bank Statement loans, lease/rent rolls for DSCR, etc.).

An affordability benchmark used by mortgage underwriters and recommended by most financial advisors. Housing costs (full PITI plus HOA) should not exceed 28% of gross monthly income. Total debt obligations (housing plus car loans, credit cards, student loans, all other monthly debts) should not exceed 36%. Lenders may approve borrowers up to 43-50% DTI, but the 28/36 rule is the level where most households maintain savings, retirement contributions, and an emergency fund without strain.

The interest rate determines your monthly principal-and-interest payment. The APR (Annual Percentage Rate) is a federally-defined number that includes lender fees, origination, points, and certain other charges, all expressed as an annualized cost. APR is always higher than the interest rate. APR makes it easier to compare loans with different fee structures, a 6.5% rate with $0 fees is cheaper than a 6.25% rate with $8,000 in points, and the APR makes that obvious.

OnPoint Mortgage Pro is licensed to originate mortgage loans in nine states: California, Colorado, Florida, Idaho, Maryland, New Hampshire, South Carolina, Texas, and Virginia. Our company NMLS is #2134550. Each state has its own dedicated landing page (e.g., /mortgage-california/) with state-specific loan limits, licensing details, and city coverage.

Non-Qualified Mortgage. A loan that doesn't meet the CFPB's strict Qualified Mortgage rules under Dodd-Frank, typically because of alternative income documentation (bank statements instead of tax returns), DTI above QM caps, or borrower categories QM doesn't accept (foreign nationals, ITIN, recent credit events). Non-QM is NOT subprime, most Non-QM borrowers have strong credit and large down payments. See our Non-QM page for details on the 8 program types we broker.

Three common reasons to refinance: rate reduction (current rate is meaningfully below your existing rate), term change (15-year to lower total interest, or 30-year to lower payment), or cash-out (tap equity for home improvement, debt consolidation, etc.). The break-even point on a refinance is usually 18-36 months. If you plan to stay in the home that long and the rate savings are meaningful, refi typically wins. Use our refi calculator to run the numbers.

Yes, this is exactly when a broker matters most. Banks have rigid guidelines and a single yes/no decision. We have 20+ wholesale lenders, each with slightly different programs. A file that fails at one bank often passes at the next. We specifically broker Non-QM programs for borrowers who don't fit conventional guidelines, self-employed, investor, foreign national, recent credit event, ITIN, asset-based. If two banks told you no, a broker with deeper relationships is your real shot.