Plaza Home Mortgage Reviews

Plaza Home Mortgage does not advertise rates online; for information about rates, you’ll need to ask a broker or lender that offers its loans.

When you apply for a mortgage, make sure you compare your rate offer with current mortgage rates. Borrowers with higher credit scores, higher down payments and lower debt-to-income (DTI) ratios generally qualify for lower rates.

You will not work with Plaza Home Mortgage directly to get a loan if you’re an individual borrower. Instead, you’ll work with a broker or correspondent lender. Before applying, have the following documents and information ready to start the mortgage process:

• Government-issued ID
• Pay stubs, W-2s and other proof of income
• Tax returns
• Bank, investment account statements
• A list of all other assets, like retirement accounts
• Down payment gift letter (if necessary)
• List of debts

Plaza Home Mortgage offers different loans through brokers and correspondent lenders. Loan types include:

• Fannie Mae and Freddie Mac loans
• Jumbo loans
• FHA loans
• VA loans
• USDA loans
• Reverse mortgages

Refinancing

Plaza offers home loans for both purchasing a home and refinancing your current mortgage. In 2022, rates have increased, making refinancing less common among homeowners.

If you are considering refinancing, you should first identify your goal with your new loan: lowering your rate, lowering your monthly payment, shortening your loan term or taking cash out of your home equity. Refinancing usually comes with closing fees, so make sure you weigh all the costs involved.

Each lender — loan type — has its own set of requirements. For example, conventional loans tend to require at least a 3% down payment and a higher credit score than government-backed loans, which in some cases require no down payment and have lower credit score minimums.

No matter what type of loan you apply for, it is important to go over your budget first. Figuring out how much home you can realistically afford will help you avoid financial problems in the future as you make your monthly mortgage payments.

National mortgage requirements by type

The lender or broker you work with will provide an estimate of all loan costs and fees after you apply. Closing costs can cost as much as 5% of the purchase price of your home. Costs and fees are included in your Plaza loan annual percentage rate (APR); when comparing loans, the APR is a better indicator of loan costs than the interest rate alone.