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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a RoundPoint Mortgage's loan

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Requirements

In general, the RoundPoint Mortgage loan program you select will determine your requirements, and you may expect lenders to require:

  • A credit score of 620 or up is required for conventional loans
  • A DTI of 50% or less is considered good
  • Limit of 90 to 97 percent loan-to-value ratio (LTV)
  • A 3-10% down payment is recommended
  • There may be additional requirements if you decide to go with an FHA loan. It's not uncommon for FHA loans to require a credit score of 580, with down payment possibilities as low as 3.5%.

Application details

Although RoundPoint does not mention any paperwork requirements, to apply for most loans, you will need to provide the following documents:

  • Government-issued identification card with a unique Social Security number
  • Statements on forms W-2 and tax returns for the most recent two years
  • A list of assets, including things like statements from bank accounts
  • A list of debts, including things like statements from credit cards
  • Documentation attesting to the applicant's financial standing, such as pay stubs and a work record
  • Expenses and charges.

How to apply for a loan

You can apply for a loan on RoundPoint's website, but you'll need to speak with a loan officer to complete the application process. Loan officers can be found at the lender's branch locations on the lender's website. The number of branches in each state is restricted. Therefore, an in-person meeting may not be possible if you live in one of the cities where components exist. To apply online:

  1. Start by visiting RoundPoint Mortgage Servicing's website and selecting Get Started.
  2. Indicate whether you're looking to refinance or buy a new house.
  3. Give specifics on the property you're considering.
  4. Once you've entered your contact information and work status, a loan officer will get in touch with you.

They won't check your credit right away after you apply. The credit check will be conducted upon acceptance.

FAQ

What are RoundPoint Mortgage requirements?

RoundPoint Mortgage Servicing doesn't mention its mortgage requirements on its website but expects lenders to want a 620 minimum FICO credit score for conventional loans, a debt-to-income (DTI) ratio of 50% or lower, and a maximum loan-to-value (LTV) of 90% to 97.5%. 3-10% down payment.

Can I qualify for RoundPoint Mortgage with bad credit?

Lower credit scores are still acceptable. RoundPoint conventional loans accept 620 FICO credit scores. Contact a RoundPoint Mortgage Servicing Corporation loan officer if you're worried about your credit.

Is it possible to qualify for RoundPoint Mortgage for the unemployed?

When evaluating a mortgage application, RoundPoint Mortgage may consider additional sources of income, such as alimony, retirement benefits, and even unemployment benefits in some circumstances.

Calculate loan payments at RoundPoint Mortgage

RoundPoint Mortgage calculator will allow you to calculate an approximate payment schedule for the loan

RoundPoint Mortgage calculator
Interest rates are given in accordance with the rates of the RoundPoint Mortgage in Washington, D.C. as of 03.10.2022
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What to focus on before applying for a loan with RoundPoint Mortgage

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between RoundPoint Mortgage and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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