Find out how Stonegate Mortgage can help you
Stonegate Mortgage has been helping its customers realize the American Dream since 2005. It offers a wide selection of agency and non-agency mortgages through its network of retail offices and third-party originators across the United States.
Who is Stonegate Mortgage? What does Stonegate Mortgage do?
Established in 2005, Stonegate Mortgage Corporation offers a large selection of residential mortgage loans. It aims to combine competitive rates and flexible mortgage features with personalized customer service at every stage of the borrowing process.
Its range of mortgages includes conventional loans, Federal Housing Administration (FHA) Loans, Veterans Affairs (VA) loans, and loans for expensive property purchases, among others. Stonegate also operates a team of licensed mortgage experts to provide advice to customers on the best loan for their requirements.
Home loans offered by Stonegate Mortgage
Conventional (Conforming Agency) Loan
Available with fixed-rate terms of 10, 15, 20, 25, or 30 years, this loan is suited to those who plan to stay in their home for a long time and like the security of consistent payment amounts. Borrowers with credit scores as low as 620 may qualify for a conventional loan, but a down payment of 20% would be required. Adjustable rate mortgages with terms of three, five, and seven years are also available.
Backed by the Federal Housing Administration, this type of loan requires a smaller down payment (as low as 3.5%) than a conventional loan and is designed for those with less-than-perfect credit scores. Fixed-rate mortgages are available for terms of 15, 20, 25, or 30 years, while adjustable-rate mortgages are offered for terms of three or five years. Borrowers with credit scores as low as 620 may qualify for this type of loan.
Guaranteed by the Department of Veterans Affairs, a VA loan is available to military members, veterans and eligible surviving spouses. Available for borrowers with no down payment, a VA loan offers competitive interest rates, a streamlined approval process and no need for private mortgage insurance (PMI). Fixed-rate mortgages are available for 15, 20, or 30 years, while adjustable-rate mortgages are offered for terms of three or five years.
United States Department of Agriculture (USDA) Loan
Offering competitive rates and up to 100% financing, this loan is designed for the purchase of homes in rural areas. These loans are offered with flexible credit qualifications and no limitations on the loan amount. There are also no limits imposed on seller concessions and gifts.
Non-Agency, High Balance Loan
High balance conforming loans are available for amounts between $250,000 and $5 million. Available with a fixed rate for 30 or 15 years, or 5/1, 7/1, and 10/1 adjustable rate terms, these loans feature competitive rates and a range of flexible features. Borrowers with credit scores as low as 660 may qualify for a loan. This type of mortgage is available for home purchase and refinancing.
Home Affordable Refinance Program (HARP)
This type of loan allows you to refinance up to 125% of the value of your home, so long as the current loan-to-value ratio (LVR) on your mortgage exceeds 80%. Under the Federal Government’s HARP scheme, borrowers can access a lower interest rate and reduce their monthly mortgage payments.
If you’re looking to repair your home, a Stonegate Mortgage HIP Loan can provide the finance you need. Your home improvements or renovations can be included along home purchase or refinance in the one mortgage, allowing you to instantly create equity in your home.
Texas 50(a)(6) Refinance
If you need access to cash, this refinancing option provides cash back for discretionary use. Contact Stonegate Mortgage for more information about this product.
Pros and cons of Stonegate Mortgage home loans
- Choice. From owner-occupiers to investors and those looking to refinance, Stonegate Mortgage provides a wide range of mortgage options for borrowers.
- Mortgage advisers. Stonegate Mortgage provides a team of licensed mortgage advisers to provide advice and assistance specially tailored to your situation.
- Specialist loans. From high-value purchases to members of the military and borrowers who want to access financing under the HARP program, Stonegate provides mortgage options to meet the needs of many different people.
- No nationwide coverage. If you prefer face-to-face access when managing your mortgage, check if Stonegate Mortgage has a location close to you.
How to apply for Stonegate Mortgage home loans
If you’ve reviewed your options and you’d like to find out more about the mortgages offered by Stonegate Mortgage, click the link on this page to be securely redirected to Stonegate Mortgage’s website. You can then complete a short questionnaire to begin the borrowing process.
You’ll need to provide:
- The goal of your loan
- How you plan to use the property
- How much you want to borrow
- How much down payment you have saved
- What state the property is in
- Your name, address, and contact information
Once this questionnaire has been submitted, a Stonegate Mortgage representative will review the information you have supplied and contact you for further details.
In order to be approved for a loan, you will also need to supply information such as:
- Employment and income information, including your employer’s details and recent pay stubs
- Details about your assets and debts
- Details of the property you intend to purchase
Stonegate Mortgage offers a large range of mortgage products to suit the needs of many different borrowers, so start comparing its home loans with those offered by other lenders today.
Frequently asked questions
How does Stonegate Mortgage derive revenue?
Stonegate Mortgage derives revenue from three principal sources: mortgage origination, mortgage financing, and mortgage servicing. Click here for more information.
Who qualifies for HARP?
Eligibility criteria vary somewhat depending on the loan you wish to qualify for, but the basic requirements are as follows:
- You must have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac*
- Your loan must have been sold to those agencies on or before May 31, 2009
- The current loan-to-value ratio on your mortgage must be greater than 80%
- Borrowers cannot have missed any mortgage payments in the past 6 months and cannot have had more than 1 missed payment in the past 12 months
How long will it take to close after I am pre-approved?
Usually it will be anywhere from 45 to 60 days, but it can be less so make sure to check with your Stonegate Mortgage Advisor.
How many discount and origination points will I have to pay?
Your Stonegate Mortgage Advisor will be able to clarify anything you need to know about paying prepaid mortgage interest points to lower your interest.
You have the option to pay prepaid mortgage interest points to lower your interest rate. Ask your Stonegate Mortgage Advisor to clarify these costs and how they will impact your interest and payment amounts.
What is a buy-down?
A buy-down is a fee paid to lower the interest rate on a mortgage. The buyer, seller, or any other interested party may pay it. A permanent buy-down would lower the rate for the entire term of the mortgage, while a temporary buy-down lowers the rate for a specified shorter term, generally three years or less.