Information
About lender
Founded in 2012 and headquartered in California, ClearPath Lending is a mortgage lender that employs cutting-edge technology and a staff of lenders and mortgage specialists to help borrowers obtain mortgages and explore refinancing opportunities.
ClearPath Lending provides mortgage loans with both fixed and adjustable interest rates. Their interest rate on an adjustable-rate loan is set for a certain period and then changes with the market based on a national rate index. Most (approximately 99 percent) of ClearPath Lending's business provides mortgage loans to Veterans of the United States Armed Forces.
Most of the mortgages are refinancing for veterans who have already paid off their loans, most likely IRRLs (VA IRRRL). In 2020, they backed mortgages worth $5.57 billion, and they're authorized to operate in 29 states. It spreads mainly in the states of California, Florida, and Texas. They don't do business with special conditions in Minnesota, Missouri, New York, Utah, and Washington. Since they only have a call center and no brick-and-mortar locations, you'll have to complete the loan closing process over the phone or online.
Pros and cons
Pros
- 15 minutes prequalification process
- Consult with a loan officer for assistance
- Calculators available online for estimating the expenses of loans
- Easily attainable in 29 different states
- Provides comprehensive refinancing options
- Convenient home loans
- With loyalty program
- Simple online application
- Borrower portal available online for managing your loan.
Cons
- Not accessible in all states
- No internet access to pricing and rates information
- No available physical branches
- Do not provide USDA loans.
Terms and conditions
ClearPath Lending does not disclose the interest rates or costs associated with its loans on its website. Make sure you have a conversation with a loan officer at ClearPath and acquire detailed data on the firm's rates and costs before you commit to getting a loan via the company. The annual percentage rates (APRs) and interest rates fluctuate over time and are often determined by several criteria, such as the type of mortgage you have, the length of the loan term, and your credit score. ClearPath Lending provides access to a wide variety of lending options, including conventional loans, FHA loans, VA loans, and jumbo loans, the latter designed specifically for purchasing more expensive properties. In addition, the organization offers several different refinance products, such as FHA Streamline loans, which are tailored to customers who already hold an FHA loan but would like to refinance it.
Refinancing
ClearPath Lending is a good choice if you need a loan or refinance. Refinancing with ClearPath Lending is an option if you want to cut your monthly payments, access your home's value, or pay off your loan sooner. The organization provides many different lending options, and they have people who can assist you figure out which one is best for you. You can shorten your interest payments on an existing loan with the assistance of ClearPath.
Fixed-Rate Home Loan
One type of mortgage loan is the fixed-rate mortgage, in which the interest rate remains constant during the life of the loan. Fixed-rate loans typically have a term (duration) of 30 years, but we can provide loans with words of your choosing. A more outstanding monthly payment is typical for fixed-rate loans with shorter durations, but the overall amount of interest paid will be lower. The stability of a fixed rate is especially appealing if you want to remain in the same house for an extended period. Even if interest rates go up after you close on your loan, you will be locked in at the interest rate you got on the day you signed.
Adjustable-rate mortgage
A 3/1, 5/1, or 10/1 adjustable-rate mortgage (ARM) can help you save money on your monthly payments if you plan to live in your house for only a few years. The interest rate of an ARM might fluctuate over time in response to changes in monetary indexes on a national scale (within certain limits). In the case of adjustable rate mortgages, the interest rate is first set at a fixed rate for a specific period before fluctuating at subsequent predetermined intervals.
FHA streamline loans
Borrowers who already have an FHA loan have a new refinancing option called an FHA Streamline Loan. Using this system, refinancing is simple. In most cases, you won't have to provide the standard loan-related paperwork like proof of income and employment, bank statements, credit reports, or appraisals. Applying for an FHA Streamline refinance is easier and faster than many other lending programs. There are also FHA Streamline Loans that might reduce your payment even if your present equity is negative.
Jumbo loan
Contrary to popular belief, a jumbo loan is significantly larger than a conventional loan. A jumbo loan is greater than the maximum amount allowed by most standard loan programs. Jumbo loans offer fixed and adjustable rates, making them ideal for borrowers who need financing for homes with a more significant price tag.
Funding a loan
To get things started, you can either give them a call immediately or go to their website and fill out a brief contact form there. You should expect a call from a loan officer who will discuss the loan terms and your eligibility for it. If you decide that what you have been told is satisfactory, they will give you a link to an online application for an entire mortgage.
You can manage your loan through an online borrower portal once it has been submitted. Through this portal, you can check your loan status, upload any necessary documents, and communicate with your lending team regarding any queries you may have. The preliminary qualification process only takes about 15 minutes to complete. You will be able to retrieve the funds if you comply with the directives provided to you by your loan officer.
No unanticipated costs or fees are concealed anywhere, and most loans are funded within thirty days or even sooner, depending on the program.
ClearPath Lending is available to serve customers from Monday through Friday, beginning at 7:00 AM and continuing until 7:00 PM.
