Hi Neo community!
You’ve got mortgage questions - we’ve got answers.
We’ve seen your feedback and know this topic can be confusing. So we’ve broken it down by types of mortgages, different rates, and what to expect from start to finish.
What are the types of mortgages?
Neo offers a full suite of residential mortgage products:
Conventional: A loan that isn’t insured. If you have a good credit score and plan on making a down payment of at least 20%, this may be for you!
Insured: A loan that is protected by mortgage insurers, with the insurance premium ‌added to your total loan amount. This type is typically for people who plan to make a down payment of less than 20% and are a first-time home buyer!
Uninsured: A loan that isn’t protected. If you plan on buying a home for over $1 million, making a down payment of more than 20%, and need to take equity out of your home, this may be the right choice for you!
What are the mortgage rates?
Fixed-rate: This loan keeps the same interest rate throughout the entire loan term. If you are looking to be protected from changing interest rates and would like consistent monthly payments, this option could be beneficial!
Adjustable-rate: The interest rate for this loan can change during the loan term.You can opt in if you believe rates will remain stable or decrease and you’re prepared for changing payments.
How can I apply for pre-qualification?
App:
- Select Get Started
- Select if you’d like to buy a home, renew your mortgage or refinance your mortgage.
- Select if you want to be pre-approved, if you’ve already made an offer, if you plan to make an offer soon or if you’re just curious
- Enter the amount that your property will cost
- Enter how much your downpayment is
- Select what is your credit score
- Select one of the given options for personalized payments
Website:
- Select the Mortgages tab and click Start my approval
- Continue with the in-app steps
What are my next steps once I’ve pre-qualified?
You’ll hear from a Neo Mortgage Specialist who will help understand your needs and get the information needed for your mortgage.
You’ll need to provide a complete mortgage application with all requested documents.
Our team will assess your eligibility based on your application and documents.
If you’re qualified, you’ll receive a pre-qualification letter based on your affordability from our team.
With an accepted offer in place, our team will begin the approval process.
Need more info? Check out these handy articles:
Guide to getting a mortgage from Neo
Hope that clears things up! If anything’s still unclear, just give us a shout - we’re happy to help.