Frequently Asked Questions (FAQs)

Loanshop is a trusted platform to apply for mortgage online and get all the support homebuyers need to buy homes.

  • We are mortgage experts and we average a 12-day clear to close.
  • We partner with the nation's top lenders and offer access to 100s of loan products. We personally shop our lenders to help you find the best terms for your scenario.
  • We are licensed in 49 states. No matter where you live or where you're headed, we have got you covered.

Yes, most likely. Loanshop offers mortgage solutions across 49 states in the U.S., except New York.

At Loanshop, we have access to hundreds of loan products and offer both fixed and adjustable rates for conventional and jumbo loans. We offer FHA loans for homebuyers, USDA loans for buyers in eligible towns and rural areas, VA loans for veterans, and more.

We finance different types of properties, including primary, secondary, and investment homes:

  • Single-family homes
  • Multi-family homes
  • 2–4 unit properties
  • Townhouses
  • Condominiums
  • Planned Unit Development (PUD)
  • Manufactured homes
  • Modular homes
  • Mixed-use properties

If you need to get cash from your home, we also offer:

  • Cash out refinance
  • Home equity line of credit
  • Home equity loan

Yes, Loanshop offers mortgage for purchasing investment homes. Ready to get pre-approved? Apply now.

Yes. We also offer commercial loans. To know more or check your eligibility, contact us now.

Yes, Loanshop is licensed to offer FHA loans in 49 states. FHA loans offer lower down payments, competitive rates, and flexible credit score requirements. This makes FHA loans ideal for first-time homebuyers or anyone with lower credit scores or limited savings for down payments and closing costs.

Ready to know how much you pre-qualify for? Get started.

The VA Loan offers veterans a federally guaranteed home loan with no down payment. The program aims to provide housing and assistance for veterans, serving members, and their surviving spouses.

The Veterans Administration offers insurance to lenders in case a borrower defaults on a loan. Since the mortgage is guaranteed by the Veterans Administration, we provide VA loans with lower rates and better terms.

For more information on VA loans, visit Loans4Veterans.com.

Eligibility includes service members, veterans, and certain Reserve/National Guard members who meet specific service requirements.

Service Members:

  • Who didn’t receive a dishonorable discharge and served at least 90 continuous days.

For Wartime/Conflict Veterans:

  • World War II – Sep 16, 1940 to Jul 25, 1947
  • Korean War – Jun 27, 1950 to Jan 31, 1955
  • Republic of Vietnam – Nov 1, 1955 to May 7, 1975
  • Vietnam War – Aug 5, 1964 to May 7, 1975
  • Gulf War to Present – Aug 2, 1990 to present
  • Persian Gulf, Afghanistan, Iraq – Verify with Veterans Administration

Peacetime Service:

  • Post WWII – Jul 26, 1947 to Jun 26, 1950
  • Post Korean War – Feb 1, 1955 to Aug 4, 1964
  • Post-Vietnam War – May 8, 1975 to Sep 7, 1980
  • As an officer – Oct 17, 1981 to Aug 1, 1990
  • Enlisted veterans – Sep 8, 1980 to Aug 1, 1990

Reserve/National Guard:

  • Gulf War to Present – Aug 2, 1990 to present
  • At least 90 days of active-duty service or 6 years in the National Guard/Selected Reserve with honorable discharge.

A Home Equity Line of Credit (HELOC) is a form of revolving credit that allows you to cash in on your home equity. Similar to a credit card, you can borrow as needed, up to a preset limit, and pay interest only on the amount you borrow. Your home equity serves as collateral for the loan.

Yes, Loanshop offers HELOCs. Whether you need money for home improvement, debt consolidation, college education, or real estate investment, Loanshop can help you.

Refinancing is the process of applying for a new mortgage to replace the current mortgage. You can refinance to change the rate or term of your loan or to take cash out of your home’s equity.

Yes. Loanshop offers refinancing options to help you get better terms and more savings.

Refinancing is a good idea when mortgage rates are 2% lower than your current rate, but it can still be worthwhile with a 1% difference. Lower rates can reduce monthly payments.

Example: On a $100,000 loan at 8.5%, your payment is about $770/month; if it drops to 7.5%, it becomes $700 — saving $70/month.

A loan estimate is a 3-page form that gives you a clear idea of potential homebuying costs, including estimated rates, monthly payments, and closing fees. Lenders must provide it within 3 business days of application. It helps you compare loans and ensures transparency.

A point is 1% of the loan amount. For example, one point on a $100,000 loan equals $1,000. Points are costs paid to the lender to secure financing under specific terms. Discount points are paid upfront to lower your interest rate.

Yes, if you plan to stay in the property for a few years. Paying points can lower your monthly payments and increase savings. However, if you plan to move in 1–2 years, the upfront cost may outweigh the savings.

The Annual Percentage Rate (APR) is the true yearly cost of a mortgage, including interest, points, and certain fees. It helps compare different loans, though it doesn’t affect monthly payments.

A lower APR doesn’t always mean a cheaper loan — always compare based on total fees and loan type.

Mortgage rates can change during the loan process. A rate lock guarantees your interest rate for a set period, usually 30–60 days, protecting you from market rate increases.

Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home’s price. At Loanshop, we offer the lowest PMI.

At closing, property ownership officially transfers from the seller to you. You, the seller, real estate agents, attorneys, and escrow/title representatives participate.

Documents are signed, funds are disbursed, and keys are handed over. Before closing, a final “walk-through” ensures all agreed repairs and items are complete.

Yes, a homeowner can add another person to a property title without including that person on a refinanced mortgage. Property ownership and loan responsibility do not always have to match.

A property title shows who owns the home. A mortgage loan shows who owes the money. Although these often involve the same people, the law treats them as separate. During a refinance, lenders only require borrowers who take responsibility for repayment to appear on the loan.

When refinancing, a homeowner can add someone as a co-borrower, co-applicant, guarantor, or title holder. Each role carries a different level of responsibility.

Lenders focus on financial responsibility during a refinance. Anyone listed on the loan must qualify based on credit history, income, and existing debt. Everyone on the loan remains legally responsible for monthly payments, even if another person appears on the property title.

Co-borrowers, co-applicants, and guarantors all take on responsibility for the refinanced mortgage. These roles differ slightly, but each involves a legal obligation to repay the loan. Lenders review the financial profile of everyone in these roles, and their credit and income affect approval and loan terms. This option works best when multiple people plan to share both ownership and repayment.

A title holder shares ownership of the property without appearing on the mortgage. This person does not sign loan documents and does not carry responsibility for loan payments. The lender does not review their credit or income.

Many homeowners choose this option when adding a spouse, family member, or trusted individual as a co-owner without attaching them to mortgage debt.

In most cases, lenders do not allow changes to a mortgage unless the loan is refinanced. A mortgage approval is tied to the financial details of the person listed on the loan at the time it closed. The lender based that decision on income, credit history, and existing debt. Adding another person later changes that picture.

Because of that, lenders usually require refinancing when someone needs to be added. Refinancing gives the lender a chance to review updated financial information and clearly establish who is responsible for repayment. Without a refinance, the original loan agreement stays in place.

There are some limited situations where refinancing may not be required. These depend on the type of loan and the lender’s rules.

A mortgage assigns repayment responsibility to specific individuals. When the loan was approved, the lender evaluated only those people. Adding someone new introduces financial information that was never reviewed. That is why lenders rely on refinancing to reassess credit and income, update legal responsibility, and issue a new loan agreement that includes everyone involved.

Without refinancing, the lender continues to hold the original borrower responsible for the mortgage.

If refinancing or loan assumption does not occur, legal responsibility does not change. The lender only recognizes the borrower named in the loan agreement.

In most situations, a borrower cannot add spouse to an existing mortgage without refinancing the loan. A mortgage approval rests on the financial information of the person originally listed, and the lender relies on that information when setting terms. Once the loan closes, the lender does not automatically allow another name to be added.

Adding a spouse affects who carries responsibility for repayment. From the lender’s point of view, this matters even if the spouse plans to share payments. Because of this, lenders usually require a refinance when a spouse needs to appear on the mortgage. Refinancing gives the lender a chance to review updated income, credit history, and debts before assigning legal responsibility to both parties.

There are limited situations where a refinance may not be required. A few loans allow a process known as assumption, where a spouse takes on responsibility for the existing loan.

Without refinancing or an approved mortgage assumption, a borrower cannot add a spouse to the mortgage. Late payments, fees, and default risk stay tied to that original borrower.

Loan responsibility and home ownership also operate separately. A spouse may be added to the property title without changing the mortgage, but this step does not place the spouse on the loan. To formally share mortgage responsibility, lender approval and a new loan structure almost always become necessary.