Jumbo Mortgage Loan FAQs

• What rate will I get?

  You'll get a competitive APR based on your credit score, debt-to-income (DTI) ratio, and overall financial situation. Higher scores get lower rates. We will also offer you different rates depending on the term you choose. Shorter terms get lower rates.

  With a fixed-rate jumbo mortgage loan, you get the same annual percentage rate (APR) through the life of your home loan. Your rate doesn't go up or down with the markets, so your monthly mortgage payments stay the same. Budgeting is simple and stress-free.

• Can I ever lower the rate on a fixed-rate jumbo loan mortgage?

  Yes, there are two ways you might be able to get a lower rate in the future.

  • You need to wait 6 months after closing on your mortgage before the first opportunity to lower your rate, and then you can lower your rate as often as every 120 days.
  • Your loan must be current with NO late payments in the past 12 months.
  • To lower your rate, the new rate must reduce your current rate by at least .25%.

  Alternatively, a home loan refinance is a possible tool to change your rate. For example, if market interest rates drop significantly in the future and you think you can qualify for a lower rate, you could explore the benefits of refinancing. You might be able to change your term and payment or cash out equity.

• Who services Topside loans?

  To provide the best support possible, we have partnered with Credit Union Mortgage Association (CUMA), an organization that provides mortgage origination, processing, and servicing services to members of credit unions just like ours.

  The CUMA staff is eager to support your mortgage needs and operates on Topside’s behalf to make your mortgage process as smooth as possible.

  Worried that your loan is not really with the Credit Union? Don’t be – the Credit Union is ready to be your lender, relying on CUMA’s expertise to service your loan post-closing.

• How can I make mortgage payments?

  Your Topside mortgage account and details will be available on the CUMA site and you make payments online here.

• Can I calculate my mortgage rate ahead of time?

  Yes, you can use our mortgage calculator to get an estimate of what your mortgage payment will be. Please remember that there are many factors in a mortgage and mortgage payment and any advanced calculations are just estimates.

  • Fixed Rate Mortgage Calculator
  • Adjustable-Rate Mortgage (ARM) Calculator
• When does a shorter loan term make sense?

  A shorter loan term makes sense when your budget allows for it. If you can afford a higher monthly payment you will pay less in interest over the life of the loan.

• How long does the application and approval process take?

  The application itself takes 15 to 20 minutes. You can talk to a member of our mortgage team to find out when you're likely to get a response on your application.

• I want to buy a home, but I want to wait until I can get the best rates I can. How can I know when rates are right where I want them?

  You can talk to a member of our mortgage team to find out if now is the best time for you to purchase a home.

• What if I haven’t picked out a house yet? Should I still apply?

  You should apply to be pre-approved when you’re ready to start shopping. Knowing how much you’ve been pre-approved for will help you in your search for a new home. Pre-approvals last for three months and can be re-approved if you are still shopping.

• Why is Topside able to offer competitive rates?

  We keep our overhead costs to a minimum and our not-for-profit business model means we can pass revenue back to members through lower rates and higher yields.

• Does Topside offer any additional resources to help borrowers understand the mortgage process?

  Yes!

  • Mortgage Process
  • First Time Home Buyer Process
  • Insurance Guide
  • Simple Tips for a Smoother Mortgage Transaction
  • Mortgage Application Documentation Checklist
• What is the difference between APR and an interest rate?

  The annual percentage rate (APR) includes any points, fees, or other charges you pay to get the loan while the interest rate does not.

• What is the difference between pre-qualification and pre-approval?

  A pre-qualification is based on the information you submit and is not a firm offer. A pre-approval is based on verified data (like a credit check).

• How much will my monthly payment be?

  To calculate your estimated monthly payment for a fixed-rate mortgage, you will need to know the home price, down payment, loan term, and interest rate.

  • Use our Fixed Rate Mortgage Calculator.
• How can I find out how much house I can afford?

  For a quick estimate you can use your online calculator. Our mortgage lending team will be able to give you the best idea of this number when they know more about your finances and lifestyle.

  • How Much Home Can I Afford Calculator
• What sort of financial documents will I need when applying for a mortgage?

  We worked with CUMA to put a list together for you!

  • Mortgage Application Documentation Checklist
• Why is it smart to get pre-approved for a mortgage?

  Getting pre-approved helps you understand exactly how much home you can afford which aids in narrowing down your home search and gives you more power as a buyer.

• How does a mortgage refinance work?

  A refinance replaces your current mortgage loan with a new one and is often done to lower your payment, interest rate, or both. The application process is similar to your first mortgage process.

• When would someone want to refinance?

  Someone would want to refinance when:

  • Rates are lower than the time of their original mortgage.
  • They want to use the equity in their home to cash out for additional funds.
  • They can afford a higher payment and want to shorten the remaining term.
  • They want a different kind of mortgage than what they have now.
• How can I apply for a home loan?

  You can apply online here or by calling 855-913-6193 to speak with a mortgage professional.

• What loan terms are available?

  We offer a wide range of terms from 10 to 30 years. You can see them broken down here.

• What might be included in my closing costs?

  Your closing costs may include appraisal fees, title searches, title insurance, origination fees, lender fees, taxes, etc.

• What does it mean to lock in my rate?

  Locking in your rate means your interest rate won’t change between the offer and closing as long as you close within the specified time frame and do not make changes to your application.

• What is private mortgage insurance (PMI)?

  Mortgage insurance is a policy that protects the lender in the event the borrower defaults on their loan. It is usually only needed for down payments under 20%.

• Can I cancel mortgage insurance at any point?

  Private Mortgage Insurance (PMI) can be canceled once you have paid down your loan to 80% of your home’s current appraised value.

• What are mortgage points?

  Mortgage points are fees you pay as a borrower to lower the interest rate on your mortgage.