FAQs
Your Mortgage Questions Answered Quickly and Clearly
What do I need to qualify for a home loan with Universal Loans?
Typically, a credit score of at least 620, stable income, and a debt-to-income ratio under 43% are needed.
How long does the loan process take with Universal Loans?
The loan process usually takes about 30 to 45 days from application to closing.
Can I qualify for a loan without a traditional credit history?
Yes, we offer programs that accept alternative credit data like rent and utility payments.
Do Universal Loans offer assistance for first-time homebuyers?
Yes, we offer several programs aimed at first-time homebuyers including FHA loans and state-sponsored programs.
What are the benefits of refinancing my mortgage
Refinancing can lower your monthly payments, shorten your loan term, or access home equity for expenses.
Are there any prepayment penalties on loans from Universal Loans?
No, Universal Loans does not charge prepayment penalties. You can pay off your mortgage early without additional fees.