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Frequently Asked Questions

What is X2 Mortgage?

X2 Mortgage is a technology forward Mortgage Brokerage designed around people; not profits. We offer a streamlined mortgage experience that’s simply better. We do the heavy lifting for you. That means you’ll not only know exactly how much you'll be approved for, but you’ll also be getting the best loan offer possible through our vast network of partnerships. Our modern structure and processes save money through the origination process, which ultimately transfer to you, the consumer. We’re here to give every client a world class experience that’s worth telling friends and family about.

Can you break down how X2 charges $0 in loan fees?

You see during the typical mortgage transaction, there’s numerous hands in the pot making it happen. There’s your mortgage salesperson, assistant, processor, underwriter, closer, funder, etc. Oh, and don’t forget the managers! This leads to tons of overhead for the mortgage company, meaning they need to charge someone for these added costs. In addition, most companies want you to believe that their only compensation are the fees that you see in the “Origination Charges” box on a loan estimate.

However, that’s false. Mortgage companies also make a percentage of the loan amount that you, as the borrower, never see – leading to even more profits for the big banks and lenders. Our technology reduces the need for unnecessary employees, ultimately reducing the need to charge unnecessary fees.

So how does X2 Mortgage make money then?

Our wholesale mortgage partners provide the entirety our compensation, so you don’t have to. That means we’ll make a small percentage of the loan amount on a successful closing. Think of it like a marketing expense. Our partners grow their portfolios as they generate revenue each month you make your payment. And in turn, they only had to pay a small upfront fee to X2 Mortgage for that. It’s a win-win-win for everyone.

Can you explain this whole “lower rates” thing?

Due to the fact that we aren’t actually the ones funding your loan, our partners give us their wholesale pricing to be extremely competitive in our local markets. Plus, since we have so many established partners and each one of them knows this, so they are constantly competing with each other for our business. This leads to special pricing incentives and rock bottom rates for you.

That means you’re not a lender, investor, or a bank?

Correct. X2 Mortgage is a technology-enabled brokerage with the sole goal of having our customers’ best interest in mind. We do not fund loans from our own accounts. Instead, we originate your loan through top-rated lenders and provide ongoing counsel all the way up to closing.

Can I request a specific X2 partner or specifically avoid one?

Definitely! X2 Mortgage only works with reputable and financially secure mortgage lenders. If you prefer one over the other, just let us know and we can easily accommodate the request. It is important to know that each of our active partners are rigorously vetted and screened to meet our standards.

Who are your main customers?

X2 Mortgage is really tailored to anyone who is thinking about buying a home with a mortgage or refinancing. We’re able to lend on almost all property types and take pride in how low our turndown rate is. In fact, we urge everyone to at least start the conversation with us. Our industry experts have years of experience that can provide life changing advice in regard to your financial landscape. We’re always willing to listen and are happy to help.

Will working with X2 Mortgage affect my credit?

A credit check is a required part of the mortgage process. However, that doesn’t necessarily mean it will negatively impact your credit. In fact, in almost all cases, a single inquiry on your report is incredibly rare to make any impact at all. Now we do understand that a credit check might not be ideal for you right now which is why we can most definitely accommodate with a soft credit check upon request. We will say that a soft credit check is unfortunately very limited and will only give us a general idea of where your application is at.

Is my personal information secure?

Security is our utmost priority at X2 Mortgage! We understand that the mortgage process requires highly sensitive information and documentation which is why we treat your data as if it’s our own. All information transmitted to and from our website, application process, emails, fax, etc. are secured and encrypted for privacy. We never share any of your private information without your consent. If at any point in the process, you feel as if your information isn’t being handled properly or is at risk, please let us know immediately.

Can you explain what closing costs are with a mortgage?

This is the most asked question in our industry due to the vast difference between each company, state, and scenario. Closing costs are the fees associated with closing not only your mortgage, but your entire real estate transaction. These typically include fees for a title search, title insurance, appraisal, tax certs, transfer taxes, attorney charges, property taxes, homeowners’ insurance, government recording fees, etc. These fees vary depending mainly on the companies you’re working with, location of the property, and transaction type. and the location of the property. The mortgage professionals at X2 Mortgage are always available to walk you through your loan estimate that outlines each and every line item.

How much is required for a down payment?

This completely depends on your specific financial scenario and what loan program you’re looking to qualify for. Some programs require $0 money down, while others require a significant amount.

Does a refinance cost me anything out of pocket?

Generally, no. We structure almost all of our refinances to be $0 out of pocket for you where the new loan absorbs any costs that you might incur. However, some scenarios unfortunately will require some money out of pocket but your mortgage professional will inform you of this well in advance of closing.

How long does the mortgage process take?

This year’s industry standard from application to funding, according to Forbes research, is 49 days. X2 Mortgage finds that unacceptable an utterly embarrassing. We’re currently averaging 24 days, but we always tell customers to plan for 30 days.


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