Mortgage Broker Silver Mortgage - Since 1981

Frequently Asked Mortgage Questions

These frequently asked questions address common mortgage scenarios for self-employed borrowers, military families, retirees relocating to Texas/Colorado/Florida, and first-time homebuyers.

❓ I’m self-employed – can I get a mortgage with Silver Mortgage without showing 2 years of tax returns?

Yes. Self-employed mortgage borrowers (business owners, contractors, freelancers, gig workers) write off business expenses to reduce taxable income, which can impact mortgage qualification despite strong cash flow. We offer bank statement loans that use 12 or 24 months of business deposits as income documentation with self-employed workers in eligible tech, medical, real estate, construction, tourism, and hospitality industries across Texas, Colorado, and Florida. $0 application fee, 21-30 day closings.

❓ I’m relocating to Texas, Colorado, or Florida – will Silver Mortgage pre-qualify before I move? For Free?

Yes. You don’t need to be physically in-state to get qualified for a mortgage with Silver Mortgage. We handle remote pre-approvals daily for relocations (California → Texas, New York → Florida, out-of-state → Colorado). Process: Apply for your mortgage online, upload customary mortgage approval documents digitally, get same-day pre-qualification and full pre-approval upon mortgage underwriting review. Common scenarios: military PCS orders, job relocations, retirees moving for no state income tax (Florida), remote workers relocating for lower cost of living. $0 mortgage application fee and a fully remote process.

❓ I’m a veteran or active-duty military – what makes VA loans better than FHA or conventional?

Three major advantages: (1) 0% down payment (vs 3.5% FHA, 3-5% conventional), (2) No PMI monthly or annual premuims compared to FHA( or conventional with less than 20% down), (3) Competitive rates and lenders accept BAH (Basic Allowance for Housing) as mortgage qualifying income. VA mortgage loans have a one-time VA Funding Fee (2.15% for first-time use, can be financed into loan). We can close VA mortgage loans in 21-30 days and understand PCS timelines. Serving military families at Fort Cavazos (TX), Fort Carson (CO), Pensacola NAS (FL), and all military installations. $0 mortgage application fee.

❓ I have $500K+ in retirement accounts but low W-2 income – can I still apply for a mortgage with Silver Mortgage?

Yes. This is extremely common with retirees and snowbirds relocating to Texas, Colorado, or Florida. Traditional mortgage lenders require  Asset depletion loans calculate qualifying income by dividing your liquid assets by the loan term. Example: $600,000 in IRAs/401Ks ÷ 360 months = $1,667/month qualifying income. Asset-depletion loans are Popular with California/New York/Illinois retirees relocating to Florida (no state income tax), Colorado mountains, or Texas Hill Country. We access 20+ lenders with asset-depletion mortgage programs. $0 application fee, 21-30 day closings.

❓ What’s the difference between Silver Mortgage and a bank?

Banks offer their own mortgage loan products exclusively. Mortgage Brokers like Silver Mortgage access multiple lenders to present different loan programs. Silver Mortgage provides a same-day mortgage pre-qualification and a detailed worksheet showing your estimated rate, monthly payment, and all customary closing costs. This gives you the power to choose the mortgage loan that best fits your needs, while minimizing your risk or obligation to proceed. As both a mortgage broker and direct lender, Silver Mortgage can present a wide range of competitive mortgage loan options so you can choose your best rate.

❓ How long does it take Silver Mortgage to fund your new purchase or refinance mortgage in Texas, Colorado, or Florida?

On average, Silver Mortgage  loan closings and fundings in Texas, Colorado, and Florida takes 21 to 30 calendar days. Timelines vary by mortgage loan type. For example, VA mortgage loans for military families often close in as few as 21 days to accommodate PCS schedules, while FHA mortgage loans and conventional mortgage loans typically close and fund in 21 to 30 days. The Silver Mortgage  process includes coordination with title companies and home appraisal management companies (“AMC’s”), providing you with direct access to your mortgage loan processor.

❓ Does Silver Mortgage charge an application fee or upfront costs?

No. Silver Mortgage charges $0 application fee and $0 upfront costs to get started. Broker compensation is either lender-paid (built into your rate) or borrower-paid (paid at closing), never both. Silver Mortgage provides you with transparent disclosures upfront. Third-party fees (credit report ~$95, appraisal ~$595 for conforming loans) are paid directly to vendors with no markups. As both a mortgage broker and mortgage direct lender, Silver Mortgage offers you the benefit of maximum loan options with competitive pricing. No risk, no obligation to proceed. You choose your best rate.

*Disclosure: Direct lending services provided through Secure Financial Services, Inc. (NMLS #70160), an affiliated company. Steve Silver (NMLS #314817) is a licensed loan originator for both Silver Mortgage Funding Group, LLC (NMLS #360472) and Secure Financial Services, Inc. (NMLS #70160).