Simplist Mortgage

Simplist Mortgage Review

Simplist Mortgage are offered by Simplist Mortgage LLC (NMLS #1764611), a direct lender founded in 2018 and based in New York, NY. Simplist Mortgage are available in 20 states across the USA.

Key Takeaways

• Only two mortgage programs offered. Simplist Mortgage provides FHA VA conforming and conventional mortgages.
• Financing for single-family and multi-family properties. However, Simplist Mortgage LLC does not offer financing for manufactured homes.
• Standard interest rates types. Simplist Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Simplist Mortgage.
• Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Simplist Mortgage.

Simplist Mortgage Pros & Cons

Simplist Mortgage FAQ

What is the maximum loan term you can get with Simplist Mortgage?

Simplist Mortgage offers mortgages with terms ranging from 5 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Simplist Mortgage LLC offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Does Simplist Mortgage charge an application fee?

No, they don't charge an application fee. However, the cost of the loan process is most likely included elsewhere in the closing costs.

Do they charge mortgage origination fees?

Yes, Simplist Mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, Simplist Mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.

What property usage types does Simplist Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Simplist Mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Simplist Mortgage is (646) 992-4696.

What is the support contact email?

The support contact email for is help@simplist.com.