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Frequently Asked Questions

What programs does Poli Mortgage offer first time home buyers? (April 10, 2015)
What is the difference between pre-qualification and pre-approval? (April 10, 2015)
How long will it take to receive pre-approval from Poli Mortgage? (April 10, 2015)
What paperwork should I prepare for pre-approval? (April 10, 2015)
Will a pre-approval letter from Poli Mortgage Group cost me a fee? (April 10, 2015)
Do I need to know which property I’d like to buy prior to applying for pre-approval? (April 10, 2015)
What types of properties can I buy if I’m a first time home buyer? (April 10, 2015)
Can I buy a home with a rent-to-own contract? (April 10, 2015)
What size down payment will be expected if I participate in one of Poli Mortgage Group’s first time home buyer programs? (April 10, 2015)
What credit score should I have in order to qualify for a Poli Mortgage first time home buyer program? (April 10, 2015)
Can any portion of my down payment be a gift from a relative? (April 10, 2015)
Are mortgage rates higher for first time home buyers? (April 10, 2015)
Will I be required to secure Private Mortgage Insurance (PMI) if I don’t have a 20% down payment? (April 10, 2015)
Are there ways to avoid the Private Mortgage Insurance requirement? (April 10, 2015)
Can I buy a two-family or a three-family home, then use estimated rental income to qualify for my mortgage loan? (April 10, 2015)
Will I need to be at my job for two years to qualify for a first time home buyer loan with Poli Mortgage? (April 10, 2015)
Am I able to qualify for a home mortgage loan with Poli Mortgage if I am self employed? (April 10, 2015)
How much should I expect to pay for closing costs if I am a first time home buyer? (April 10, 2015)
Will I have to pay closing costs when I refinance with Poli Mortgage? (April 10, 2015)
How long will it take for me to know if I qualify to refinance? (April 10, 2015)
Why are your rates lower than my local bank? (April 10, 2015)
How long will it take to refinance my home? (April 10, 2015)
What documents will I need to refinance? (April 10, 2015)
Will I need an appraisal to refinance my home? (April 10, 2015)
Can I refinance if my house value has gone down significantly? (April 10, 2015)

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Poli Mortgage Group is a Division of radius financial group inc. Corporate NMLS #1846. radius financial group inc. is an Equal Housing Lender. Poli Mortgage Group is licensed in CT, DC, FL, ME, MD, MA, NH, PA and RI. For more licensing information please visit: https://polimortgage.com/licenses/ or by visiting www.nmlsconsumeraccess.org. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs rates, terms and conditions are subject to change and are subject to borrower qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.

* This radius Pre-Approval/Credit Commitment Promise Contract ("Promise") is made and entered into, as of the date of the last signature below, by and between radius financial group inc. ("radius" or "Lender"), and the below-named Buyer and Seller. In consideration of Seller's reliance on this Promise in entering into a real estate purchase transaction with Buyer, the Parties agree as follows:

PROMISE TO SELLER. In the event that a Seller is induced to accept an offer from, and enter into a purchase and sale agreement with, a radius borrower on account of this Promise in connection either with (a) a radius Pre-Approval or (b) a radius Credit Commitment and the Buyer is unable to close on such Eligible Transaction due to a mistake made by radius (with accurate and up-to-date information) on such Pre-Approval/Credit Commitment (a "Bad Pre-Approval"), then radius shall pay Seller ten thousand dollars ($10,000), subject to the terms and conditions herein as Seller's sole remedy.

PROMISE TO BUYER. In the event that radius issues a Bad Pre-Approval to Buyer on an Eligible Transaction, radius will reimburse Buyer reliance expenses up to one thousand dollars ($1,000) for a home inspection, appraisal, or legal expenses actually paid out-of-pocket by Buyer, subject to the terms and conditions herein. This payment shall be Buyer's sole remedy.

ELIGIBLE TRANSACTION. For purposes of this Promise, an "Eligible Transaction" is a purchase money mortgage transaction for a primary residence (made on or after April 1, 2018) (not made to a radius employee or immediate family member), provided that the loan is a Conventional, USDA, VA, or FHA loan product for either (i) an existing home resale or (ii) a newly constructed home that is to be delivered and closed within ninety (90) days of the P&S.

CONDITIONS. The applicable radius Pre-Approval must not have expired prior to the date of the P&S. Offers/P&Ss cancelled due to home inspection issues or title defects are not covered under this Promise, and this Promise is void if a Bad PreApproval is the result of: (i) a change in Buyer's financial position, (ii) property specific requirements or expenses (e.g. homeowner's association dues/fees, flood insurance, or property taxes), or (iii) loan product availability or underwriting requirements, or third-party actions outside of radius' control.

FUNDS DISBURSEMENT. Any funds due and payable under this Promise will be paid if requested by Buyer or Seller in writing within 90 days of the date of an applicable Adverse Action Notice and accompanied by a fully-executed copy of this Promise. Any payments made under this Promise will be reported to the Internal Revenue Service by radius on a Form 1099-MISC or as otherwise required by then-applicable law. Please consult your tax advisor for any tax implications.