What's the difference between pre-qualification and pre-approval?
Pre-qualification is a quick estimate based on what you tell us. Pre-approval follows a credit check and review of your income and asset documents, and it carries more weight with sellers.
What's the difference between the rate and the APR?
The interest rate sets your monthly principal and interest. The APR includes the rate plus certain loan costs such as origination fees and points, so it's the better number for comparing offers.
Should I pay points?
Points lower your rate in exchange for cash at closing. They pay off if you keep the loan long enough to recover the cost through lower payments.
How much house can I afford?
Lenders look at your debt-to-income ratio, typically keeping total monthly debts, including the new payment, within about 43% to 50% of gross income depending on the loan. Use the calculator to test payments.
Can I buy with a recent bankruptcy or foreclosure?
Yes, after a waiting period that depends on the loan type and event, often two to seven years. FHA and VA tend to be the most forgiving.
Do you lend outside California?
Ibex lends directly in California, Colorado, Montana, Texas, Florida. Elsewhere we refer you to a licensed partner lender.
Is my information secure?
Our pre-qualification form doesn't collect Social Security numbers. Full applications use an encrypted portal.