Interactive Mortgage, also known as Winnpointe Corportation, is an online mortgage lender based in Orange, California. Founded in 2007, the company has a smaller geographical footprint than larger, national brands. Interactive Mortgage is currently licensed to originate mortgages in six states and operates branch offices in three of them.
As for loan products, the company offers both conventional mortgages and Federal Housing Administration (FHA) loans, as well as refinancing options. The company also has a useful home value estimator on its website to help prospective customers calculate how much they may earn from selling their current home.
|30 year fixed||5.21%||5.13%||+0.08|
|15 year fixed||4.39%||4.32%||+0.07|
|30 yr fixed mtg refi||5.29%||5.22%||+0.07|
|15 yr fixed mtg refi||4.40%||4.31%||+0.09|
|7/1 ARM refi||4.85%||4.82%||+0.03|
|15 yr jumbo fixed mtg refi||3.06%||3.10%||-0.04|
National Mortgage Rates
Regions Served by Interactive Mortgage
Does Interactive Mortgage Operate in My Area?
Unlike nationwide lenders, Interactive Mortgage is only licensed in California, Nevada, Arizona, Colorado, Texas and Tennessee. The company also operates three branch offices in Arizona, California and Nevada.
What Kind of Mortgage Can I Get With Interactive Mortgage?
Fixed-rate mortgage: Loan customers who seek consistent and predictable monthly payments typically opt for a fixed-rate mortgage. With an interest rate the remains the same for the entire term of the mortgage, fixed-rate loans are the most popular variety of home loans. Interactive Mortgage offers both 15- and 30-year fixed-rate mortgages.
FHA loans: Insured by the Federal Housing Administration, FHA loans are designed to help first-time homebuyers and people with lower credit scores become homeowners. With an FHA loan, a buyer can purchase a home with a down payment as little as 3.5%.
Refinance loans: Homeowners can refinance with Interactive Mortgage to tweak their monthly payments, change the term of their mortgage or cash out equity in their home. When refinancing with Interactive Mortgage, a customer can choose between a cash-out option or a non-cash-out option.
What Can You Do Online With Interactive Mortgage?
While the Interactive Mortgage website does not provide an overview of the different loan programs the company offers, it does have several key elements and tools that may prove useful for prospective homebuyers. Customers can apply for a mortgage directly through the website by submitting several pieces of personal information, including their expenses, details of their employment and more. You can also connect with one of the company’s loan officers through the website.
The company also lists the interest rates it can offer in different scenarios. Interactive Mortgage can offer 1.99% financing for a 15-year fixed-rate loan of up to $647,200 and 2.875% for a 30-year fixed-rate loan of up to $647,200 (for qualified customers). Customers hoping to get a mortgage for a home in a high-cost area may receive a 2.375% interest rate on a 15-year fixed-rate loan of up to $970,800.
As mentioned earlier, Interactive Mortgage’s website features a home value estimator that gives you a specific estimation of how much your current home is worth, as well as a range of potential values.
Would You Qualify for a Mortgage From Interactive Mortgage?
Interactive Mortgage does not provide much insight on its website about its requirements to qualify for certain mortgage products. However, to qualify for a conventional mortgage, applicants typically need a FICO score of at least 620 and a debt-to-income ratio of about 36% and no more than 43%. This means monthly debt payments should not exceed 43% of gross monthly income, although Fannie Mae permits lenders to accept DTIs of up to 50%.
FHA loans, meanwhile, typically require a FICO score of at least 580. People with scores as low as 500 can also qualify for an FHA loan, although they’ll likely be required to make a 10% down payment while those with better credit can put as little as 3.5% down. The government allows you to use 31% of your income to cover housing costs, while all debt should not exceed 43%.
What’s the Process for Getting a Mortgage With Interactive Mortgage?
Since Interactive Mortgage is an online lender, applying for a loan can be relatively convenient. You may choose to begin your house hunt and then apply for a mortgage after making an offer on a property. However, the company advises that the earlier you start the process, the better.
When applying for a loan online, you’ll need to provide various pieces of information, including your recent residential history. The company recommends providing at least two years worth of information on your recent housing and employment statuses.
After identifying a property you hope to buy, you’ll need to submit an offer and negotiate a price with the seller. After agreeing to a deal, you’ll submit the terms to Interactive Mortgage, whose underwriters will scrutinize your application and decide whether or not to approve the loan. If approved, you’ll proceed to closing where you’ll review and sign all of your loan documents, and pay the remaining down payment and other closing fees. A loan processor will guide you through this process and collect the documents. Your loan will close in two to three days, after which you’ll officially be a homeowner.
How Interactive Mortgage Stacks Up
Interactive Mortgage's website isn’t as robust as other lenders with national presences. However, the company prides itself on its online application process, saying it gives borrowers "complete interactive control of the loan process."
Because the lender only originates loans in six states, it won't be an option for homebuyers in a majority of the country. But those whose are looking to buy or refinance in Arizona, California, Colorado, Nevada, Tennessee and Texas may consider Interactive Mortgage for the convenience of its online application process. While the company does not have its own mobile app, it does operate three brick-and-mortar branch locations in Arizona, California and Nevada.
- Whether you're buying or refinancing, closing costs are an important but often overlooked expense associated with getting a new mortgage. To calculate approximately how much you can expect to pay, give our Closing Costs Calculator a try.
- When you're in the hunt for a home loan, it's important to shop around for the best mortgage rates. Lucky for you, SmartAsset has a rate comparrison tool to help you sort out your options.
- Having an experienced real estate agent in your corner can be invaluable when buying a home. A financial advisor can also play an important role, helping you save for a down payment and determine just how much you should spend. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.