Is there any cost to apply?
No. SLM Financial Corporation does not require any up-front fees to begin the loan process and accept your application. You will be required to make a good-faith deposit once your application is in process; however, it is not a fee. Your good-faith deposit will later be credited toward your closing costs.

How can I get pre-approved?
You can get pre-approved in three ways:

a. Download and fax the application to: 856/784-1409

b. Email your application to:
    slm.mortgage@salliemae.com

c. Call toll-free during business hours:
    800/SLM-5510 (756-5510)

We can approve your loan within one business day if your loan qualifies for one of our automated underwriting systems and all your required supporting information and documentation is received and verified. Your loan can be approved within five business days even if you don't qualify for automated underwriting, providing we have sufficient information from you up-front.

What documents will I need to provide with my application?
Our streamlined loan process minimizes the documentation you need to provide. However, the actual documents that you need to send us vary based on the specific loan program. For a short list of potential paperwork, read our Mortgage Primer.

What are points?
A point (also called a discount point) is 1% of the loan amount (so one point on a $100,000 loan is $1,000). You must pay for points at closing. The number of points varies, and some mortgages carry no points. Your Mortgage Consultant will make sure you understand your "point" responsibility.

What is Private Mortgage Insurance (PMI)?
PMI is a type of insurance that protects the lender in case you should default on your loan. It's usually required on a conventional loan if your down payment is less than 20%.

What is a FICO score?
You can find a FICO score on your credit report. FICO is short for the company that developed this system (Fair, Isaac and Company). A FICO score is determined by: your payment history, outstanding debt, credit history, types of credit lines in use, and inquiries/age of new accounts. FICO scores range from the 300s to 900s, with most people scoring in the 600-700 range. Higher FICO scores mean that you are a "low risk", that you will pay off your debt completely and in a timely manner.

What is an APR?
The Annual Percentage Rate (APR) is a total finance charge and includes interest, loan fees, mortgage insurance, and points. It is expressed as a percentage of the loan amount. The APR is higher than the interest rate because it includes all loan fees. An APR helps you compare your loan options.

How is an interest rate determined?
Interest rates vary primarily based on the type and purpose of a loan, your credit history and income, loan amount, value of property, and the number of points you are willing to pay.

What is the difference between FHA and conventional financing?
A FHA loan is a government loan that includes a Mortgage Insurance Premium (MIP) and monthly Mortgage Insurance (MI). MIP is an up-front charge of 1.50% for 30-year, fixed rate mortgages. MIP is automatically cancelled when your loan balance reaches 78% of your original loan amount. FHA loans are insured by the Federal Housing Administration and require only a 3% down payment.

A conventional loan, on the other hand, either has a monthly MI or none at all. The down payment for a conventional loan is usually 5%. Private Mortgage Insurance (PMI) is required if you put down 20% or less. PMI is automatically eliminated once your loan reaches 80% of the original balance.

How much money should I put down?
Mortgage lenders usually require borrowers to make a down payment toward the price of the home, and the amount depends on the type of mortgage you get. The more money you put down, the less long-term mortgage debt you need. Usually, a down payment is anywhere from 1-20% of the purchase price. If you're a first-time home-buyer, you may find a program that requires no money down. Discuss all your options with your SLM Financial Corporation counselor.

When can I lock my rate?
You can lock your rate as soon as you find a property and complete our application. Your Mortgage Consultant will contact you after we receive your completed online Qualification Form. You can lock in your rate at that time. You must specify a property address in order to lock. See our terms and conditions for locking in your rate.

How can I figure out how much I can afford to borrow?
We can help! Call a SLM Financial Corporation Mortgage Consultant at 800/SLM-5510 (756-5510).

What if I have a previous bankruptcy?
A bankruptcy must have been discharged fully for at least two years between the discharge of the bankruptcy and the mortgage application. You must have re-established good credit and demonstrated an ability to manage financial affairs. If your bankruptcy was discharged less than a year ago, and you're having credit problems, it may be more difficult to get your loan approved.

When will I know how much money to bring to closing?
Your Mortgage Consultant will contact you a few days before closing to review the exact amount you need to bring with you. Bring your closing costs in the form of a certified check or money order, and make them payable to the settlement agent office. For a short list of what's included in closing costs, please read our Mortgage Primer .