Home Financing FAQs

  • Who is Sirva Mortgage?
    Sirva Mortgage is national mortgage lender licensed in all 50 states. We have been in business for over 25 years and are the preferred mortgage provider for homebuyers from across the globe who seek a world-class experience. Our focus and experience is in complex mortgage lending. We have a seasoned relocation mortgage consultant team averaging over 15 years of experience.
  • What types of loan products and programs are offered?
    Through Sirva Mortgage’s multi-lender approach, we can offer loan options and rates from several of the nation’s top mortgage lenders. One simple application is all that is required to access more than 200 lending programs, including conventional, fixed rates, adjustable rates, jumbo loans, FHA and VA. Associates receive the most competitive loan terms available that meet their specific situation.
  • How do relocating transferees benefit from working with Sirva Mortgage?
    When transferees work with Sirva Mortgage, they will experience seamless integration between Sirva Mortgage and Sirva Relocation. Our mortgage consultants have relocation policy knowledge as well as direct communication with Sirva Relocation Consultants to provide thorough counseling. Our verified pre-approval service will maximize relocation benefits as well as provide leverage with sellers and agents.
  • How much do I need for down payment?

    SIRVA Mortgage offers several financing options including conventional, FHA, and VA loans

    • Conventional fixed rate loans are available with as little as 3% down for many first time home buyers
    • FHA loans are available with a 3.5% down payment
    • VA loans offer low to no down payment for eligible veterans

     

    *When considering lower down payment loans be sure to review what mortgage insurance types may be required.

  • What is required to have PMI (Private Mortgage Insurance) removed from my mortgage loan?
    If you are current on your conventional loan payments, the PMI requirement is automatically removed when you are first scheduled to reach 22% equity (78% LTV) in your home.
  • What documents do I need?

    You’ll need these general items for your mortgage approval, plus other documents that may be needed to get a correct view of your financial situation:

    • W-2s
    • Pay stubs
    • Bank and/or other asset statements
    • Tax returns
     
  • What is origination charge?
    Origination is a charge for services a lender may perform, these fees may be listed as application, underwriting, processing, or administration to name a few. Reviewing lenders origination charges is one way to compare what lenders may be charging for doing the same loan.
  • Should I pay discount points?
    When you pay a discount point you are essentially paying part of your interest to the lender up front. Discount points will lower your interest rate and your monthly payment over the life of the loan. One discount point is equal to 1% of the loan amount. For example, one point on a $200,000 loan would require payment of $2,000 at closing. If you plan to remain in a property or hold your mortgage for a long time, it may be advantageous it may be to pay points. There is never a requirement to pay discount points; whether or not you decide to pay points is completely up to you and you mortgage consultant can compare options with you.
  • How are interest rates determined?
    Interest rates can change daily or multiple times during the day depending on financial markets.
  • Should I choose a fixed or adjustable interest rate?
    If you plan to be in your home for a longer period of time, you may want to consider a fixed-rate mortgage, which offers predictable payments and long-term protection against rising mortgage interest rates. If you plan to be in your home for a short period, potentially seven years or less, an adjustable-rate mortgage (ARM) could be attractive. Keep in mind that with an ARM, your monthly payments have the potential to go up each time your interest rate adjusts. 
  • Can Sirva Mortgage assist international borrowers with no U.S. credit?
    Yes. Sirva Mortgage has an experienced designated global team that will guide the assignees through the entire process and assist in obtaining an international credit report. We have programs that offer as little as 5% down and loan amounts up to $3 million.
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