Frequently asked questions
Straight answers, before you apply.
The questions New York buyers and homeowners ask us most. Still stuck? Call 800-880-8557 and a real broker will pick up.
What does a mortgage broker do that a bank doesn't?
A bank can only offer you its own mortgage products. As a broker, Vivid Mortgages submits your file to a panel of wholesale lenders and compares their pricing, so you see several real options instead of one. We handle the paperwork and coordination through to closing.
How much does it cost to work with Vivid Mortgages?
Getting pre-qualified and comparing options costs you nothing. Broker compensation is disclosed in writing on your Loan Estimate before you commit to anything, and it is either paid by the lender or included in your closing costs — never both.
Will getting pre-qualified hurt my credit score?
A pre-qualification based on the numbers you give us does not affect your score. A full pre-approval requires a credit pull, which is a hard inquiry, but mortgage inquiries made within a 45-day shopping window are treated as a single inquiry by the FICO scoring models.
What credit score do I need for a mortgage in New York?
It depends on the program. FHA loans can go down to a 580 score with 3.5% down, conventional loans typically start around 620, and jumbo loans usually want 700 or higher. We also place bank statement and non-QM loans for borrowers who don't fit those boxes.
How much do I need for a down payment?
Less than most people expect. FHA is 3.5% down, many conventional programs start at 3% for first-time buyers, and VA loans allow 0% down for eligible service members and veterans. We also run zero-percent-down purchase programs.
How long does the mortgage process take?
Pre-qualification takes minutes. From a signed contract to closing, a typical New York purchase runs 30 to 45 days, depending on the appraisal, the attorney review and how quickly documents come back. Refinances are often faster.
Which areas of New York do you serve?
All of New York State. Our office is in Queens Village, and we regularly close loans in Albany, Broome, Fulton, Madison, Montgomery, Oneida, Onondaga, Oswego, Rensselaer, Saratoga, Schenectady, Warren and Washington counties, plus the five boroughs and Long Island.
Can I refinance to pull cash out of my home?
Yes. We arrange cash-out refinances and home equity lines of credit (HELOCs). Which one is cheaper depends on your current rate — if you're sitting on a low first mortgage, a HELOC usually beats refinancing the whole balance.
Do you work with self-employed borrowers?
Regularly. Bank statement loans qualify you on 12 or 24 months of deposits instead of tax returns, which is often a far better reflection of what a self-employed borrower can actually afford.
Is Vivid Mortgages licensed?
Yes — Vivid Mortgages, Inc. is a Registered Mortgage Broker with the New York State Department of Financial Services, Company NMLS #1279925, Loan Officer NMLS #244341. All mortgage loans are arranged with third-party providers.
