Frequently Asked Questions

Turn Times is a licensed mortgage broker powered by AI. We compare available programs, pricing, and qualification factors from wholesale lenders for your scenario. We are not a bank or a direct lender.

A direct lender, such as a bank or credit union, typically offers its own loan products. A mortgage broker like Turn Times works with multiple wholesale lenders and compares available programs, pricing, and qualification factors for your scenario. Availability, rates, and terms vary by lender and borrower profile, and a comparison does not guarantee a lower rate than every direct lender.

Yes. Turn Times may charge an origination fee. Depending on the loan, compensation is paid by the borrower or the lender, and all fees are shown on your Loan Estimate.

Turn Times is currently licensed in California and Colorado. If the property is outside those states, please contact us to discuss whether we can assist with your inquiry.

Turn Times operates as Just Homes Inc. dba Turn Times, NMLS ID: 2099552. We are licensed under the California Department of Financial Protection and Innovation (DFPI) Financing Law License #60DBO-181268, and hold a Colorado Mortgage Company Registration (NMLS #2099552).

Yes. Once your file is submitted, you will be assigned to a licensed loan officer who will guide you through the process from pre-approval to closing. You can also reach our team by phone, email, or live chat at any time during business hours.

Yes. All data submitted through our platform is encrypted in transit and at rest. We follow industry-standard security practices and never sell your personal information to third parties. Your data is used solely to process your loan inquiry and application.

Turn Times is a licensed mortgage broker, not a lender. Through wholesale lenders, options may include conventional (Fannie Mae/Freddie Mac), FHA, VA, USDA, jumbo, non-QM (bank statement, DSCR, asset-based), HELOCs and fixed-rate second mortgages, plus rate-and-term and cash-out refinances. Availability depends on the lender and your scenario.

A Conventional loan is a mortgage that may conform to guidelines used by Fannie Mae or Freddie Mac. It is not government-backed. Credit, down-payment, mortgage-insurance, occupancy, and property requirements vary by lender, program, and the complete scenario.

Turn Times is a licensed mortgage broker, not a lender, and is not affiliated with or endorsed by the VA, FHA, HUD, or any government agency. FHA program requirements, lender overlays, property standards, mortgage insurance, and final eligibility depend on the complete borrower and property scenario.

Turn Times is a licensed mortgage broker, not a lender, and is not affiliated with or endorsed by the VA, FHA, HUD, or any government agency. VA eligibility, Certificate of Eligibility requirements, funding-fee treatment, program costs, and lender underwriting depend on the complete scenario.

USDA financing may be available for eligible rural and suburban properties. Program availability, income and property requirements, costs, and lender underwriting depend on the complete scenario.

A Jumbo loan is generally a mortgage that exceeds the applicable conforming loan limit. Loan limits, credit, down-payment, reserve, property, documentation, and lender requirements vary by location, program, and the complete scenario.

Non-QM (non-qualified mortgage) loans are for borrowers who don't fit standard income documentation rules. Common non-QM programs include bank statement loans (deposits used to qualify), DSCR loans (for investors, qualified mainly on the property's rental income), asset-based loans (qualifying on liquid assets) and 1099 programs. They may be available through some wholesale lenders, subject to guidelines, and often fit self-employed borrowers and real estate investors.

Investment-property options can include conventional, DSCR, and jumbo programs. Income documentation, property-income review, credit, down-payment, reserve, and lender requirements vary by program and the complete scenario.

Turn Times doesn't currently arrange construction-to-permanent or commercial real estate loans. Our focus is residential mortgages on 1–4 unit properties: purchase, refinance and home equity.

Closing in the name of an LLC may be available through some wholesale lenders' DSCR and non-QM programs, subject to guidelines. These investor-focused loans are qualified mainly on the property's rental income.

Your rate is influenced by several factors: your credit score, loan-to-value ratio (LTV), loan type, loan term, property type, occupancy, and current market conditions (primarily the 10-year Treasury yield and mortgage-backed securities pricing). Turn Times shops your scenario across wholesale lenders to find the most competitive rate available for your specific profile.

The interest rate is the cost of borrowing the principal loan amount, expressed as a percentage. The APR (Annual Percentage Rate) includes the interest rate plus most fees associated with the loan (origination fees, mortgage insurance, points), expressed as a single annual rate. APR is a more complete measure of the total cost of the loan and is useful for comparing offers from different sources.

A fixed-rate mortgage has an interest rate that remains the same for the entire loan term. Your principal and interest payment never changes, making it predictable and easy to budget. Fixed-rate loans are available in 10, 15, 20, and 30-year terms. The 30-year fixed is the most common choice for borrowers who plan to stay in their home long-term.

An ARM has an interest rate that is fixed for an initial period (e.g., 5, 7, or 10 years) and then adjusts periodically based on a market index. A 5/1 ARM means the rate is fixed for 5 years, then adjusts once per year. ARMs typically start with a lower rate than fixed-rate loans and can be a smart choice for borrowers who plan to sell or refinance before the adjustment period begins.

Mortgage points are upfront charges that can affect the interest rate and loan pricing. Lender credits may affect pricing and closing costs. Review the Loan Estimate and a lender-specific comparison for the complete scenario.

A monthly payment can include principal, interest, property taxes, homeowners insurance, and mortgage insurance if applicable. Escrow, mortgage-insurance, and payment treatment vary by program, lender, and the complete scenario.

PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Lenders use your PITI payment to calculate your housing expense ratio (front-end DTI), which is one of the key qualifying factors for a mortgage.

A basis point is a unit commonly used to describe small changes in rates or fees. Lender pricing and disclosures explain the terms that apply to a specific scenario.

The rate shown during an initial inquiry is an estimate based on the information provided. Your final pricing and eligibility are determined after a full application, credit review, property review, and any applicable rate-lock process. Rates can change with market conditions. Turn Times can compare available program options for your scenario, but no rate or approval is guaranteed until the required review is complete.

A rate lock is a lender commitment to a specific interest rate for a stated period. The lender, not Turn Times, explains available lock terms, expiration, costs, and the conditions that apply to a specific loan.

Most borrowers lock their rate once they have an accepted purchase offer and are confident in their loan program. For refinances, lock when the rate meets your savings goal. Locking too early can result in extension fees if your closing is delayed; locking too late exposes you to rate increases. Your Turn Times loan officer will advise you on the optimal time to lock based on your timeline and market conditions.

Once locked, your rate is generally fixed for the lock period. However, if market rates drop significantly after you lock, some programs offer a one-time float-down option that allows you to take advantage of the lower rate. Ask your loan officer if a float-down option is available for your program.

If your loan doesn't close before the lock expires, the lock may need to be extended. Extension costs and terms are set by the lender and disclosed to you. Your loan officer will let you know if an extension may be needed.

Lock terms and any related cost vary by lender and program. Review the lender-issued Loan Estimate and ask about the applicable lock terms before making a decision.

A pre-approval is a written statement from a lender indicating that, based on a review of your credit, income, assets, and debts, you are conditionally approved to borrow up to a specific loan amount. A pre-approval letter strengthens your offer in a competitive market and helps you shop with confidence knowing your budget.

Start with our online questions at turntimes.com/apply or call (844) 999-8876. A licensed loan officer reviews your scenario with you, and a credit check happens only if you authorize one. Timing depends on the lender and how complete your documents are.

Pre-approval is free. There is no cost to apply or receive a pre-approval letter from Turn Times.

It depends on the lender and how quickly complete documents are provided. Your loan officer can give you an estimate for your file.

Pre-approval validity and any required updates are determined by the lender and can depend on the application, credit, property, and program. A loan officer can explain the lender’s current requirements.

No. Receiving a pre-approval letter does not obligate you to proceed with Turn Times. You are free to shop other options. However, once you choose a property and are ready to move forward, we encourage you to lock your rate and submit your full application promptly to avoid delays.

Pre-qualification is an informal estimate of what you might borrow, based on self-reported information and no credit pull. Pre-approval is a more rigorous review that includes a credit pull and document verification. Sellers and their agents strongly prefer — and sometimes require — a pre-approval letter rather than a pre-qualification.

Closing costs are fees and expenses paid at closing, in addition to any down payment. They can include origination fees, appraisal, title, settlement, prepaid-interest, tax, and insurance items. The lender-issued Loan Estimate identifies expected costs for a specific scenario.

Cash to close is the total amount of money you need to bring to the closing table. It includes your down payment plus closing costs, minus any credits from the seller, lender, or down payment assistance programs. Your Closing Disclosure, provided at least 3 business days before closing, will show your final cash-to-close amount.

PMI is mortgage insurance that may apply to some conventional loans. Its cost, cancellation rules, lender requirements, and payment treatment vary by program, servicing requirements, and the complete loan scenario.

MIP is mortgage insurance associated with FHA financing. Its upfront and ongoing treatment, costs, duration, and financing options vary by the program rules and complete lender scenario.

It depends on the loan. Many owner-occupied home loans don't have prepayment penalties, but some non-QM and DSCR investment property loans do. Any prepayment penalty is disclosed in your loan documents, so review it before you commit.

Third-party fees are paid to service providers outside the lender, such as appraisal, title search and title insurance, escrow or settlement, homeowners insurance (first-year premium) and property tax prepayments. Amounts vary by property and provider, are disclosed on your Loan Estimate and aren't controlled by Turn Times.

An escrow account may be managed by a loan servicer to collect property taxes and homeowners insurance. Escrow requirements and payment treatment vary by lender, program, and the complete scenario.

A Loan Estimate is a standardized three-page form provided within 3 business days of your application. It shows your estimated interest rate, monthly payment, closing costs, and loan terms. It is designed to help you compare offers from different sources. The Loan Estimate is not a final approval — it is an estimate based on the information provided at the time of application.

Closing timing varies based on the completeness of the application, appraisal or title requirements, underwriting conditions, lender workload, and the loan program. Complex scenarios may take longer. Turn Times will explain the likely timeline after reviewing your file and communicate material updates throughout the process.

The process generally follows these steps: (1) Pre-approval — application, credit pull, document review; (2) Property under contract — purchase agreement signed; (3) Full application — final loan program, rate lock; (4) Processing — document collection, appraisal ordered; (5) Underwriting — lender reviews all documents and issues approval or conditions; (6) Closing — sign final documents, fund the loan, receive keys.

An appraisal is an independent assessment of a property’s market value by a licensed appraiser. A lender can explain whether an appraisal is required, how it is ordered, related costs, and how it affects the review of a specific loan.

Underwriting is the process by which the lender's underwriter reviews your complete loan file — including income, assets, credit, and the property appraisal — to make a final lending decision. The underwriter may issue a 'conditional approval' requesting additional documentation before issuing a 'clear to close.' Turn Times will communicate all conditions promptly and help you respond quickly.

The Closing Disclosure (CD) is a five-page document provided at least 3 business days before your closing date. It shows your final loan terms, monthly payment, and itemized closing costs. You should compare it carefully to your Loan Estimate and ask your loan officer about any differences.

A loan commitment letter is a formal written offer from the lender confirming that your loan has been approved, subject to specific conditions (such as a satisfactory appraisal or title search). It is stronger than a pre-approval and is often required by sellers before they allow a buyer to remove their financing contingency.

Title insurance protects against claims or disputes over ownership of the property. There are two types: lender's title insurance (required by the lender, paid by the buyer) and owner's title insurance (optional but strongly recommended, protects the buyer). Title insurance is a one-time premium paid at closing.

A gift letter is a signed document from a family member or other eligible donor confirming that funds used for your down payment or closing costs are a gift — not a loan — and do not need to be repaid. Most loan programs allow gift funds for down payment; the letter must include the donor's name, relationship, amount, and a statement that no repayment is expected.

Reserves are liquid assets (checking, savings, retirement accounts) you have left after closing. Lenders may require them so you can keep making payments if your income is interrupted. Requirements vary by loan type, property and lender, and jumbo and investment property loans often require more.

For W-2 employees: 2 years of W-2s, 30 days of recent pay stubs, and 2 months of bank statements. For self-employed borrowers: 2 years of personal and business tax returns, a year-to-date profit and loss statement, and 2 months of bank statements. For rental income: lease agreements and 2 years of Schedule E from your tax returns.

Self-employed borrowers can qualify using: (1) Traditional income — 2 years of tax returns, with income averaged; (2) Bank Statement loans — 12 or 24 months of personal or business bank statements, with deposits used to calculate income (no tax returns required); or (3) P&L-only loans — a CPA-prepared profit and loss statement. The right program depends on how your income is reported and structured.

A 2-year employment history demonstrates income stability and reduces the lender's risk. Gaps in employment, job changes, or recent transitions to self-employment can affect qualification. However, exceptions exist — for example, recent college graduates, military veterans transitioning to civilian employment, and borrowers who changed jobs within the same field may still qualify with less than 2 years at their current employer.

Yes. Rental income from investment properties you own can be used to qualify, subject to documentation requirements. For existing rentals, lenders typically count a portion of the gross rental income shown on your Schedule E. DSCR loans are qualified mainly on the property's rental income.

DTI is the share of your gross monthly income that goes toward monthly debt payments. Lenders look at a front-end ratio (housing payment only) and a back-end ratio (all monthly debts, including housing). Limits vary by loan type and lender, and a lower DTI can make qualifying easier.

Credit requirements vary by loan type, participating lender, property, documentation, and the complete application. A licensed loan officer can explain the lender requirements relevant to your scenario.

A mortgage credit inquiry is a hard pull that may temporarily lower your score slightly. Credit scoring models generally treat multiple mortgage inquiries within a short shopping window as a single inquiry, so comparing lenders during that period usually has limited impact.

Review credit card balances, make payments on time, consider new credit carefully, and dispute information you believe is inaccurate through the appropriate credit-bureau process. Credit outcomes and lender review vary by the complete scenario.

Mortgage lenders pull a tri-merge credit report from all three bureaus (Equifax, Experian, TransUnion) and use the middle score of the three. If there are two borrowers, the lower of the two middle scores is used for qualification and pricing.

A refinance comparison can consider payment structure, loan term, mortgage-insurance treatment, home-equity goals, and total costs. A lender can provide a Loan Estimate and explain the complete scenario.

A rate-and-term refinance replaces your existing mortgage with a new loan at a different rate, term, or both — without taking cash out. The goal is typically to lower your monthly payment, reduce your total interest paid, or both. This is the most common type of refinance.

A cash-out refinance replaces your existing mortgage with a new, larger loan and gives you the difference in cash. Cash-out refinances are commonly used for home improvements, debt consolidation or major expenses. The new loan replaces your existing mortgage; it is not a second lien.

The break-even point is how long it takes for your monthly savings to offset the closing costs of the refinance. Divide your total closing costs by your expected monthly savings to estimate it, then compare that timing with your plans and review loan options with a loan officer.

FHA financing may be refinanced through available program options. Documentation, appraisal, mortgage-insurance treatment, lender requirements, and costs vary by the selected program and complete scenario.

Refinance closing costs can include appraisal, title, escrow, and prepaid-interest items. A lender-credit option can affect pricing and costs. Review the lender-issued Loan Estimate for the complete scenario.

A HELOC (Home Equity Line of Credit) is a revolving line of credit secured by home equity. It can have a draw period, repayment period, and variable-rate features. A HELOAN (Home Equity Loan) is a closed-end second mortgage with a lump-sum disbursement and fixed-payment structure. A lender can explain lien priority, payment terms, and how either option affects existing financing.

The amount is limited by your combined loan-to-value (CLTV) ratio: your first mortgage balance plus the new second lien, divided by your home's appraised value. Maximum CLTV varies by lender, credit, property type and program.

CLTV is the total of all loans secured by the property divided by the property's appraised value. Lenders use it to assess risk on second-lien products.

A home equity transaction can have a separate lien structure from a cash-out refinance. A lender can explain lien priority, payment terms, required payoff treatment, and how the proposed transaction affects existing financing for your scenario.

Home equity funds can be used for virtually any purpose: home improvements, debt consolidation, business funding, education, emergency expenses, or investment. There are no restrictions on how you use the funds once disbursed.

Interest on home equity products may be tax deductible if the funds are used to buy, build, or substantially improve the property securing the loan. Consult a qualified tax advisor for guidance specific to your situation, as tax laws change and individual circumstances vary.