FAQS - EQ Loans

What credit score do I need to qualify for a mortgage?

We realize that a home loan is one of the biggest investments you will make. Our friendly team at EQ Loans is here to answer any questions you have and help you every step of the way. Generally, to qualify for a mortgage, you’ll need a credit score of at least 600 in order to secure a home.

How much do I need for a down payment?

The minimum down payment is 3%. However, it’s possible to purchase a home with as little as zero% down depending on your loan type and credit score.

How do I apply?

At EQ Loans, applying for a mortgage is pretty straightforward. Our quick and easy online application takes only minutes to complete. Once you have gathered and uploaded all your supporting documents like tax returns and bank statements to verify your finances, one of our EQ Loans mortgage experts will contact you and assist with the easy online application process if needed. Underwriters will review your credit and documentation, and if everything checks out, you’ll set a date to close the loan — usually within 30-40 days.

What are rates?

A mortgage rate is the rate of interest charged on a mortgage. Mortgage rates are determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. Mortgage rates vary for borrowers based on their credit profile. Mortgage rate averages also rise and fall with interest rate cycles and can drastically affect the homebuyers’ market.

What states is EQ licensed in?

EQ Loans is headquartered at 1950 East Route 70, Suite 300, Cherry Hill, NJ 08003 Toll Free # 844.390.5978 NMLS #2926 Nationwide Mortgage Licensing System (NMLS) Consumer Access Website: https://www.nmlsconsumeraccess.org/company/2926

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Is EQ Loans a Direct Lender?

EQ Loans is a Direct Lender and a privately owned company that deals specifically with financing mortgage loans for the general public and operates online.

How do I reach a loan officer?

EQ Loans makes it easy to speak directly to a licensed loan agent.

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This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site or by EQ Loans.

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Finance: This offer is not guaranteed if you do not continue to meet EQ Loans criteria and other factors bearing on your credit worthiness (including acceptable property collateral, income, assets and employment history). Not all applicants will qualify for the rate and monthly payment shown. Monthly payments do not include property taxes, property insurance, and homeowners association dues. Your exact loan’s interest rate and payments will depend upon the term of your loan, your credit history, and other qualifying factors. To qualify for a mortgage, borrowers must be U.S. citizens or permanent residents, and meet Eq Loans underwriting and Investor requirements. Loans valid for the refinance or purchase of an owner-occupied residence. Loan amounts range up to $2,000,000 for Jumbo and at or under conforming loan limits within your state and county for conventional and government sponsored programs. Rate subject to change depending time of rate lock. Call 844-390-5978 for exact details and qualifying information.

Refinance: By refinancing your existing loan, your total finance charge may be higher over the life of the loan.

30yr Conventional Fixed Rate - $345,000 purchase price, 20% down payment, loan amount $275,000, 780+ credit score, Primary single family residence in Camden County New Jersey with discount points.

15yr Conventional Fixed Rate - $345,000 purchase price, 20% down payment, loan amount $275,000, 780+ credit score, Primary single family residence in Camden County New Jersey with discount points.

30yr Jumbo Fixed Rate - $1,000,000 purchase price, 20% down payment, loan amount $800,000, 780+ credit score, Primary single family residence in Camden County New Jersey with discount points. Jumbo loan offered $1.00 above conforming loan amounts varied by county.

30yr VA Fixed Rate - $300,000 purchase price, 0% down payment, loan amount $300,000, 780+ credit score, Primary single family residence in Camden County New Jersey with discount points. VA loans offered to eligible VA borrowers and/or immediate family only.