Commonly asked questions

Who is Northern Lakes

We are a team of licensed Loan Officers who empower people to make smarter mortgage decisions through our texting platform, ask Northern.

How long does our process take?

Typically, our refinance process takes as few as 14 days. Here are some more specific timelines: ​​typically 10-14 days for a rate & term refinance, 21 days for a cash out refinance and less than 30 days for a purchase, we don’t miss our contract dates.

How much does it cost?

We strive to keep costs as low as possible. Generally, there will be no out of pocket costs on refinances. Additionally, we have no processing fees or underwriting fees. 

What services does Northern offer?

When you contact us, we can help you lower your monthly payment, consolidate debt, make home improvements or get you into a new home.

What are current interest rates?

Current interest rates depend on many factors such as loan to value ratio, credit score, and debt to income ratio. Due to these factors, there is no “one rate fits all,” which is why we encourage you to text us so we can give you an accurate answer. 

How much am I pre-approved for?

How much you are pre-approved for depends on rates, your debts and even down payment. Things can change rapidly, but our experts can get you an idea of your purchase price in just 10 minutes.

What should my down payment be?

Honestly, it’s up to you. If you want to put 20% down, that’s great, but we have options that allow for as little as 3.5% if that makes life easier. Sometimes we even have down payment assistance programs to help you get in a home without any down payment.

What makes Northern different from other mortgage companies?

We provide a speedy, streamlined and simplified process, one that strips away all of the frustrations of the traditional mortgage process. 

What is Homeowner Certainty?

Homeowner Certainty is our program designed as a streamlined process to remove your MIP or PMI, while lowering rate for qualifying borrowers. It has minimal documentation and we aim for an appraisal waiver. We often close in as quick as 14 days.

What is our Rate Guarantee?

Our rate guarantee is very simple. Should rates fall within 6 months of closing, where you are able to capture more than a 1% decrease in note rate, we will help you refinance without our individual lender fees.

What is an appraisal waiver & why?

Appraisal waivers are awarded by our automatic underwriting system, that take an automated valuation for your home rather than requiring a traditional appraisal. Appraisal waivers or PIW (property inspection waivers) allow your loan to close much faster and with less cost. At Northern we specialize in obtaining Appraisal Waivers, learning what underwriting systems require to obtain a waiver we receive them more than other lenders.

What does deferring 2-months mean?

When completing a refinance we are able to defer two months of mortgage payments. While not the sole reason you should complete a refinance it is a nice side effect to not be required to make your following two payments. These payments aren’t skipped and the interest is accounted for within your new loan, so if you have additional questions please reach-out to one of our licensed brokers.