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Frequently Asked Questions

Contact our Experts anytime through our online chat, send us an email, or give us a call.

  • Does closing happen online or in-person?

    Closing can be done fully in-person, or partially in-person and mostly online. However, fully-online closings are coming very soon!

  • Do I have to escrow taxes and insurance? What about flood insurance?

    Some loan programs will always need an escrow account for taxes, insurance and flood insurance. FHA, VA, and USDA loans will always require this. Conventional loans, however, have the option to not escrow taxes and insurance for many borrowers.

    Flood insurance (when required) always has to be included in an escrow account.

    To find out the escrow requirements for your loan, ask The Schutze Team.

  • How long will it take to close my loan?

    Every situation and every loan is different, so closing times are variable. On average, the closing process usually takes our experts around 30 days—that’s way faster than the 53-day*[1] industry average.

    However, we can certainly close faster than that in most situations. With our 21 in ’21 Guarantee, if we can’t close your loan in 21 days or less, you’ll receive $1,000—on us. Ask The Schutze Team about your specific scenario.

  • Can I use a gift for my down payment?

    Yes. Gifts may be used for down payments, closing costs, and even cash reserves in some situations. The requirements for using gifts as a down payment can vary among our different loan programs. For details and requirements on your specific loan, contact our experts.

  • What is the minimum down payment I need?

    The Schutze Team offers several low down payment options.

  • How much cash can I get from my home through a cash-out refinance?

    The amount you can take out from your home during a cash-out refinance will depend on the type of home loan you have.

    For most conventional and FHA loans, the maximum amount is 80% of your home’s value. So if your home is worth $200,000 you could borrow up to $160,000 total (including paying off your current mortgage(s). With our Hero Loan (VA loan) options, we can cash out up to 100% of your home’s value.

  • Do you offer any down payment assistance programs?

    Yes! We offer a variety of down payment assistance programs at both the state and national level. To learn more, contact our team.

  • What is an escrow refund?

    When you pay off a current mortgage, you will get a refund of anything that has accumulated in your escrow account (if applicable), minus any tax or insurance payments that are due.

  • Why do I need private mortgage insurance (PMI) on my loan?

    Private mortgage insurance (PMI) or mortgage insurance premiums (MIP) (used for FHA Loans) insures your loan against potential default.

    This insurance is required for borrowers who are putting less than 20% down for their down payment. PMI (or MIP) allows borrowers to take advantage of low, competitive rates even without a 20% down payment.

  • What documents do I need to provide for a loan pre-approval?

    The documentation required for a loan pre-approval may vary, depending on your employment, income, and financial history. Typically, we require borrowers to submit income and employment documentation (30 days’ worth of consecutive paystubs), your most recent two years of W-2s, and 1-2 months’ worth of recent bank statements.

    For self-employed borrowers, we will also need your tax returns (including schedules), and we may need to see your business tax returns as well.

    The Schutze Team can help explain all of the documentation we’ll need for your unique loan (and why we need it). To get started, visit our streamlined 5-Minute Loan Approval.

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