Question 1

What do I need to get started with a mortgage?

Accepted Answer

You don’t need to have everything figured out before talking to us. An Elliman Capital expert can start by learning about your goals, finances, and the type of property you’re considering. From there, we can help you understand your options and what information or documentation may be needed.

Question 2

When should I talk to a mortgage lender?

Accepted Answer

Earlier than you might think. You don’t need to have a property picked out before starting the conversation. Getting an idea of your financing options early can help you understand your budget and shop with more confidence.

Question 3

Do I need to know which type of mortgage I want?

Accepted Answer

No. That’s our job. Tell us what you’re trying to accomplish and we’ll help you explore financing options that may fit your situation.

Question 4

Can I start before I find a home?

Accepted Answer

Absolutely. In many cases, that’s the better way to do it. Getting your financing organized before finding a property can make the process easier once you’re ready to make an offer.

Question 5

What is pre-qualification on Elliman Capital?

Accepted Answer

Pre-qualification is a preliminary review of the mortgage scenario and financial picture you provide. You submit a scenario from your dashboard, a licensed Elliman Capital loan officer reviews it, and you’re told whether it looks like a fit or what else is needed. It helps you understand your potential purchasing power before a formal application.

Question 6

How long does pre-qualification take?

Accepted Answer

Timing depends on the complexity of your scenario and how quickly any follow-up information is provided. You can track the status of each scenario in your dashboard and message your loan officer directly.

Question 7

Is pre-qualification a loan approval?

Accepted Answer

No. Pre-qualification is not a loan approval, a pre-approval, or a commitment to lend. Final approval depends on a formal application, underwriting, the property, supporting documentation, and other applicable loan requirements.

Question 8

Does pre-qualification apply to every scenario I build?

Accepted Answer

No. Pre-qualification is specific to the scenario you submit. If you change a scenario in a material way after submitting it, your loan officer’s review may need to be updated. Other scenarios are not covered automatically.

Question 9

Does pre-qualification affect my credit?

Accepted Answer

Using Elliman Capital, exploring scenarios, and completing pre-qualification does not by itself result in a credit inquiry. If a credit report is needed later, it is obtained only with your authorization.

Question 10

What happens after I’m pre-qualified?

Accepted Answer

Your loan officer can walk you through next steps and, when you’re ready, send you a link to the secure formal application. A formal application requires additional information, disclosures, and documentation.

Question 11

What can I do in my Elliman Capital dashboard?

Accepted Answer

Your dashboard lets you build and save mortgage scenarios, run payment and buying-power numbers, save loan programs, track your financial profile, follow your roadmap to home, read market news and learn mortgage terms, and message your Elliman Capital expert.

Question 12

What is a scenario?

Accepted Answer

A scenario is a saved picture of a possible purchase or refinance, including the price or value, down payment, loan term, and estimated costs. You can create several, compare them, and choose one as your primary deal. Numbers shown are estimates, not a quote.

Question 13

What is Elli?

Accepted Answer

Elli is Elliman Capital’s AI assistant for mortgage questions. It gives educational, general answers and can help you think through your scenario. Elli does not make credit decisions, approve or deny loans, or issue commitments to lend, and its answers may be incomplete. Please don’t enter Social Security numbers, account numbers, or passwords.

Question 14

Can I refinance or open a HELOC through Elliman Capital?

Accepted Answer

Yes. When you build a scenario you can choose refinance goals such as a lower rate or payment, cash out, shortening your term, removing mortgage insurance, or opening a HELOC. Availability and eligibility vary by borrower and property.

Question 15

How do I talk to a mortgage expert?

Accepted Answer

You can browse licensed Elliman Capital experts by state, view their profiles, and message them from your dashboard. Requests are routed based on the property location and the loan officer’s licensing coverage.

Question 16

Where do the market rates on Elliman Capital come from?

Accepted Answer

Rates shown on the site are a national market index with a source and last-updated time. They are not an Elliman Capital quote, and your actual rate depends on your loan scenario.

Question 17

Can I delete my account?

Accepted Answer

Yes. You can delete your account from the Profile page in your dashboard. Some records related to mortgage lending may need to be retained as required by law.

Question 18

Do I need 20% down to buy a home?

Accepted Answer

Not necessarily. Depending on the loan program and your qualifications, financing may be available with significantly less than 20% down.

Question 19

What is the minimum down payment?

Accepted Answer

There isn’t one universal minimum. Down payment requirements vary based on the loan program, property, occupancy, credit profile, and other factors. Some qualified borrowers may have access to low down payment options.

Question 20

Can I use gift funds for my down payment?

Accepted Answer

Gift funds may be permitted with certain mortgage programs when they meet the applicable guidelines and documentation requirements. Your Elliman Capital expert can tell you what is allowed for your specific loan.

Question 21

Can I buy a home with no down payment?

Accepted Answer

Certain loan programs may offer 100% financing to eligible borrowers. Availability depends on the program and borrower qualifications.

Question 22

What credit score do I need to get a mortgage?

Accepted Answer

There is no single credit score required for every mortgage. Different programs have different requirements, and your credit score is only one part of the overall qualification.

Question 23

Can I get a mortgage if my credit isn’t perfect?

Accepted Answer

Potentially. A less than perfect credit history doesn’t automatically mean homeownership is off the table. We can review your situation and help determine what financing options may be available.

Question 24

What income can be used to qualify for a mortgage?

Accepted Answer

Depending on the program, qualifying income can include salary, hourly wages, bonuses, commissions, self employment income, retirement income, Social Security, rental income, and other eligible sources.

Question 25

I’m self employed. Can I still qualify?

Accepted Answer

Yes. Self employed borrowers have a variety of potential financing options. Depending on the program, qualification may use traditional tax returns or alternative documentation such as bank statements or other eligible income documentation.

Question 26

What if I have significant assets but limited traditional income?

Accepted Answer

Some mortgage programs are designed for borrowers with substantial assets who may not fit traditional income qualification. Ask us about available asset based qualification options.

Question 27

How are mortgage rates determined?

Accepted Answer

Mortgage rates are influenced by financial markets as well as factors specific to your loan, including the loan program, credit profile, property type, occupancy, down payment, loan amount, and other characteristics.

Question 28

Why is the rate I see online different from the rate I’m offered?

Accepted Answer

Advertised rates are usually based on a specific example and set of assumptions. Your actual rate and pricing depend on your individual loan scenario.

Question 29

What does it mean to lock my rate?

Accepted Answer

A rate lock generally protects an agreed upon interest rate and pricing for a specific period while your loan moves toward closing, subject to the terms and conditions of the lock.

Question 30

Should I choose the lowest mortgage rate?

Accepted Answer

Not always. A lower rate can sometimes come with higher upfront costs. The better comparison is often the combination of rate, fees, monthly payment, and how long you expect to own or finance the property.

Question 31

What types of mortgages does Elliman Capital offer?

Accepted Answer

Available financing may include conventional, FHA, VA, jumbo, DSCR and investment property, bank statement, asset qualifier, foreign national, condo, renovation, bridge, HELOC, and other specialized mortgage solutions. Availability and eligibility vary by borrower and property.

Question 32

What’s the difference between a fixed rate and adjustable rate mortgage?

Accepted Answer

A fixed rate mortgage keeps the same interest rate for the applicable loan term. An adjustable rate mortgage typically has an initial fixed period followed by a rate that can adjust according to the terms of the loan.

Question 33

What is a jumbo loan?

Accepted Answer

A jumbo mortgage is generally a loan that exceeds applicable conforming loan limits. These loans are commonly used for higher priced properties and may have different qualification requirements.

Question 34

Can Elliman Capital finance investment properties?

Accepted Answer

Potentially. Financing options are available for many types of real estate investors and investment properties. The right structure depends on the property, borrower, investment strategy, and loan program.

Question 35

Do you work with borrowers who don’t fit traditional mortgage guidelines?

Accepted Answer

Yes. Every borrower’s finances look different. In addition to traditional mortgages, we can explore specialized programs designed around different income, asset, property, and investment profiles.

Question 36

How long does it take to get a mortgage?

Accepted Answer

Every transaction is different. Timing depends on factors such as documentation, underwriting, the property, appraisal, title work, insurance, and the loan program. Our job is to keep each step moving and communicate clearly along the way.

Question 37

What documents will I need?

Accepted Answer

Common documents can include identification, income documentation, bank or asset statements, employment information, and information about the property. The exact documentation depends on your financial profile and loan program.

Question 38

What is underwriting?

Accepted Answer

Underwriting is the lender’s review of your loan to determine whether the borrower, property, and transaction meet the applicable requirements for approval.

Question 39

What is a loan condition?

Accepted Answer

A condition is an item that needs to be provided, verified, or completed before the loan can move to the next stage. Conditions are a normal part of the mortgage process.

Question 40

What is an appraisal?

Accepted Answer

An appraisal is an independent professional opinion of a property’s value. Lenders commonly use appraisals to help evaluate the property securing the mortgage.

Question 41

What does “Clear to Close” mean?

Accepted Answer

It’s a phrase borrowers love hearing. Clear to Close generally means the lender has completed the required underwriting review and the loan can move into the final closing process, subject to any remaining closing requirements.

Question 42

What are closing costs?

Accepted Answer

Closing costs are expenses associated with completing the mortgage and real estate transaction. They can include lender charges, title and settlement fees, appraisal costs, prepaid expenses, escrow deposits, taxes, insurance, and other applicable costs.

Question 43

How much money will I need at closing?

Accepted Answer

Your cash to close generally includes your down payment plus applicable closing costs and prepaid items, less any eligible deposits, credits, or other adjustments. You’ll receive disclosures showing the estimated and final amounts.

Question 44

What happens on closing day?

Accepted Answer

Final loan and real estate documents are signed, required funds are delivered, and the transaction is completed according to the closing and funding requirements. Then comes the part you’ve been waiting for. Your new home.

Question 45

When will my first mortgage payment be due?

Accepted Answer

Your closing documents will specify the exact date of your first payment. Your Elliman Capital team can also help point you to the information you need before you leave the closing table.

Question 46

Can my mortgage payment change?

Accepted Answer

It depends on your loan. Principal and interest on a fixed rate mortgage generally remain the same, but the total payment can change if taxes, homeowners insurance, mortgage insurance, or other escrowed expenses change.

Question 47

Can I pay my mortgage off early?

Accepted Answer

Many mortgages allow additional principal payments or early payoff, but the terms vary by loan. Review your loan documents or ask your Elliman Capital expert about the terms applicable to your mortgage.

Question 48

Can I refinance later?

Accepted Answer

Potentially. Borrowers may refinance for many reasons, including changing their rate or term, accessing equity, or restructuring their financing. Whether refinancing makes sense depends on your circumstances and market conditions.

Frequently Asked Questions