Cambria Mortgage Lender FAQ

Yes. All mortgage companies, banks, credit unions, and mortgage broker companies are requires to have a license to offer home loans.

Individual Loan Officer's can either be simply registered Loan Officers, or full Licensed Loan Officer. We only employ fully Licensed Loan Officers, and both Joe and Eric Metzler are fully licensed with combined experience over 50-years.

Yes, ALL LENDERS DO. No lender works for free.

The standard industry mortgage loan origination fee is 1% of your loan amount.

You can choose to pay this up-front as part of your closing costs, or you can choose to pay for it with a slightly higher interest rate. Any lender or broker claiming they don't charge origination is simply putting it into their interest rate quote - but not telling you.  We feel it is your money, your house payment, your interest rate. We will always show you all your options, and you can pick which version of paying the costs associated with getting a mortgage works best for you.

There are many reasons why we are an excellent choice for your home loan needs in MN, WI, ND, SD, IA, CO, TX, FL.

• Local, with an outstanding reputation to uphold
• Fully licensed Loan Officers
• Experienced - In business since 1991
• Full spectrum of loan programs to suit most people
• Underwriting done in Eden Prairie, MN
• AAA+ Better Business Bureau
• Multiple Award Winning

Contrary to popular myth, there is no incentive one way or the other for any lender today, including us, to suggesting one specific loan over another other than the loan you qualify for, and is best for you. We get paid 100% the same no matter what loan you pick. Our only real incentive is getting you approved, and making you happy!

Most people simply APPLY ONLINE or via our Mortgage App.  

You can also choose to make an office or virtual appointment, or we can take your application over the phone at (651) 552-3681.

By applying, you are not committing yourself to anything. Rather, you are simply giving us all the information needed so we can determine what loan programs you qualify for, how much house you can afford, what your down payment and cash to close requirements might be, and an idea of what interest rates and payments might look like.

If it looks good, and you wish to move forward, you must still agree to that, and sign paperwork with us to move forward with the actual loan. If it doesn't work out, or you otherwise choose not to move forward, no hard done in looking.

We are the actual lender. We originate, underwrite, fund, and close your loan, but we generally do not service your loan. The servicing company is who will be accepting your payments each month. We usually have big well know companies and banks, like Wells Fargo, US Bank, Chase, etc., collect your payments.

On a very small number of loans, primarily alternative income documentation loans, we will broker your loan instead of being the actual lender. If we are brokering your loan, we will tell you that up-front we are doing that. 

Maybe, but probably not. That depends on how bad is bad, and your down payment size. As your credit scores fall below 620, many of your traditional loan options have faded away. By the time your score falls below 580, expect only loans needing larger down payment requirements of at least 10% (or more), and an interest rate 1% to 3% higher than someone with excellent credit. There are no low down, or down payment assistance loans for those with bad credit.

Maybe. There are only two true no down payment loans with 100% financing. The VA loan for our military personal, and the USDA rural housing loan.  Click the links to learn more on these programs.

Many people can also qualify for very low down payment loans, like a HomeReady loan with 3% down, or an FHA loan with 3.50% down.

There are also down payment assistance loans for first time home buyers too. Many of these programs allow for as little as $1,000 out of your pocket to buy the home, and you get an assistance loan to cover the rest of your down payment.