FAQ's
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What is Central Group Mortgage?
Central Group Mortgage (CGM) is one of America’s leading mortgage providers, working with a singleton mission of helping people realize their ‘BIG’ American dream. With rigorous experience and local lending excellence, we pride ourselves on providing the best and hassle-free home mortgage experience to our diverse customers.
Our superior levels of service, affordable home mortgage programs, and multilingual assistance make us one of the most sought-after mortgage lenders in the States.
Connect with our loan experts to make your dream of homeownership a reality.
Why Should I Use a Central Group Mortgage?
Central Group Mortgage is one of the most prolific mortgage providers in the U.S. We offer the best products, competitive rates, and hassle-free digital experience to help you buy your dream home with unmatched ease and confidence. Our USPs include:
- Customized services and solutions
- Multiple home mortgage plans
- Multilingual support
- Affordable terms and low mortgage rates
- Easy qualification and minimum down payment options
- Same-day preapprovals
- Rate lock options
- Best customer service experience, and a lot more
Where is Central Group Mortgage Available?
Headquartered in Overland Park, Kansas, CGM is one of the fastest-growing home mortgage service providers in the US. With an expansive presence across 7 states in the US, including Washington DC, Pennsylvania, Missouri, Texas, Florida, and California, we are quickly expanding our horizons.
How Competitive are Central Group Mortgage Rates?
Central Group Mortgage is on a constant mission to help homebuyers enjoy the fastest and the easiest route to homeownership. For this, we go the extra mile to help you find the lowest mortgage rates in the industry. Our home loan officers shop across 20+ national wholesale mortgage lenders to make sure you get the best and the most competitive rates. Our quick in-person assistance and smart home mortgage calculator help you stay sorted.
How do I reach Central Mortgage’s customer service?
You can easily reach out to our home mortgage officers through phone, email, or chat support. To connect with us, dial +1 913-285-8098 or email us at [email protected].
You can also contact us through our Social Media Support.
What kind of loans can I get with Central Group Mortgage?
At CGM, we offer a full suite of home loan products to service the diverse lives of America’s homeowners. These include Conventional Loans, Jumbo Loans, FHA Loans, VA Loans, Construction Loans, Foreign National Loans, and a lot more.
To know more about our home loan programs, visit https://centralgroupmortgage.com/loan-programs/ or connect with our mortgage officer at +1 913-285-8098 to score the home mortgage product that will work best for you.
How does Central Group Mortgage work?
At CGM, we take every possible step to smoothen out your home loan process. Our loan experts carefully understand your needs and requirements and use our smart home mortgage calculator to calculate the home you can actually afford. They then offer you a customized home loan solution that suits your needs.
From finding the right loan solution to getting your pre-approval letter to closing your loan and providing immediate notification of any market rate movement, we do everything so that you can stay sorted and stress-free.
Who can use Central Group Mortgage?
We offer our expert home mortgage services to anyone and everyone who’s looking forward to buying or refinancing a home. So whether you are a first-time buyer, a seasoned real estate investor, a foreign national, a gig worker, a veteran, a professional with a stable income, or someone who’s struggling with a bad credit score, we at CGM finance all American Dreams and dreamers.
What kind of homes does Central Group Mortgage finance?
We offer our expert home mortgage services for all major home types. These include:
- Single-family residences
- Multi-family homes
- Condominium
- Cooperative (co-op)
- Townhouses
However, if you want to buy or refinance a property beyond the above-mentioned categories, please feel free to reach out to our Home Loan Experts for quick help and assistance.
Will I have to talk to anyone if I apply online?
As a part of the process, you may need to speak with our Home Loan Expert, either online or by phone, to answer some questions.
Once your application is complete, we will call you once your loan has been pre-approved. We will regularly communicate with you over the phone and/ or by email (as per your convenience) to share all the updates and information regarding your appraisal, closing, and other things.
What are the requirements for getting a loan with Central Group Mortgage?
At Central Group Mortgage, we offer diverse home mortgage products to expertly meet the needs of our varied customers. Based on the home loan product, our loan requirements vary too.
So while our traditional loans require tax and income proof, a decent credit score, and a viable source of income, we also have low-requirement home mortgage products for borrowers who fall outside the traditional loan requirement.
Connect with our home loan experts to know your loan approval requirement or to find a home loan product that best meets your needs and financial goals.
What are the documents that I need to apply for?
Before starting your loan application, here are a few things that you would need on hand:
- A (separate) email address of the person/ persons who will be on the loan
- Your online banking credentials – username and password
- The details about how much money is in the account that you want to use for your approval
- Your income and employer information
- Your Social Security Number
What is the minimum Credit Score required?
While your credit score is one of the most important factors during loan approval, it’s not the only thing that helps you qualify. So even if you have a less than perfect credit score, no worries! At CGM, we can get you approved with a credit score as low as 580.
Still got questions? Speak with our home loan experts to know ways through which you can improve your credit score and get approved quickly and easily.
Why do I need a pre-approval letter?
Getting pre-approved for a mortgage is one of the first steps toward successful home buying. It gives you clarity about your total house-hunting budget so that you can quickly find a house within your range. Serving as proof of funds,
it shows the seller that you are a serious buyer and can help you negotiate with confidence.
What is the cost to get a loan from Central Group Mortgage?
Applying with Central Group Mortgage is absolutely free! There’s no initial upfront cost involved. We offer free mortgage recommendations and pre-approvals to all our borrowers. However, as you move forward in the process of home buying,
certain fees will automatically roll in – just like other lenders. You can get in touch with our CGM loan experts at +1 913-285-8098 to get a precise estimate of the costs involved in your home mortgage process.
What can I expect my closing cost to be?
Your closing cost depends on whether you’re planning to buy or refinance a home. For example, if you’re buying a home, you would have to pay between 3% and 6% of the purchase price as the closing cost. However, if you’re refinancing, you might not need to pay anything out of pocket to close your loan. We automatically roll your closing cost into your loan to make the process easy and affordable.
How will applying with Central Group Mortgage affect my credit?
Checking your credit is an essential step toward getting a home mortgage. However, this does lower your score by a few points, temporarily.
But worry not. Multiple credit checks done within a 45-day window are recorded only once in your credit report. So you can shop around for a mortgage without significantly affecting your credit score.
How does Central Group Mortgage do appraisals?
Once you apply with CGM and get approved, we’ll order an independent, third-party appraisal on your behalf, if required for your loan.
The appraiser will visit the property or the home you’re buying/ refinancing to assess the property and evaluate its market value.
Does Central Group Mortgage service its own loans?
Yes, we service most of our loans. From managing your payments to informing you of any change in amount or missed payment to managing your escrow account, we do it all so that you can stay absolutely stress-free.
How do I make my payment?
At CGM, we offer two convenient payment options to all our borrowers. These are:
Digital
Simply sign in to your account and go to the Payment Centre to make a one-time payment. You can also set your EMIs to autopay.
You can also mail your payments to our address:
Central Group Mortgage, 8700 Indian Creek Pkwy Suite 150, Overland Park, KS 66210, United States
Will my loan terms change after I transfer to Central Group Mortgage?
No, your loan terms will not change even if you transfer your mortgage to CGM from another lender.
Will my payment change after I transfer to Central Group Mortgage?
Yes, your payment may get affected if it includes ancillary expenses or optional insurance products. Please speak to your CGM loan officer to know if the mortgage transfer will affect your payment.
What’s included in my monthly loan payment?
A typical portion of your monthly loan payment includes the Principal, the Interest, a part of your annual Tax and Insurance premiums, and Mortgage Insurance premium that protect your lender in case of default.
What is an Escrow account?
An escrow account is a third-party account set up by your lender. A type of savings account, your escrow account is used to keep a portion of your monthly mortgage payment for taxes and insurance when they come due.
What is my Escrow account for?
Your escrow account is a sort of savings account that’s created with an intention to make your life simple. It protects you from sudden, unexpected expenses that come with your home loan. A part of your monthly mortgage payments is saved in your escrow account, which is then used to cover additional expenses like taxes and insurance premiums.
Is my mortgage required to have an Escrow account?
Almost every mortgage loan comes with an escrow account that’s essentially created to save you from large annual property taxes and hefty insurance premiums.
Why do I have an Escrow account?
Your escrow account has been created to smoothen out your tax and insurance payments. It saves you from sudden, big-ticket expenses that may otherwise disrupt your monthly budgeting. It also reduces the chances of your property taxes and insurance becoming delinquent.
What are the advantages of having an Escrow account?
It helps to cover up all the sudden expenses that may come with your mortgage. It makes payments toward your taxes and insurance easier.
What are the funds in my Escrow account used for?
The funds in your escrow account are used to make payments toward:
- Homeowner/ hazard insurance premiums
- Property taxes
- Flood insurance premiums
- Mortgage insurance premiums
- Condo unit owner insurance
How is my monthly escrow payment calculated?
Your escrow payment is usually calculated on the basis of your most recent tax and insurance information available on your loan. The total amount is divided by 12 to determine the monthly amount to be deducted.
Will my monthly escrow payment change?
In case, your property tax or insurance premiums change, your escrow payment will also change.
What is an escrow cushion?
An escrow cushion is the reserve funds that are kept in your escrow account to cover any unanticipated disbursement or payment increase. Ideally, the cushion amount equals two months of your escrow payments.
What is an escrow shortage?
An escrow shortage occurs when the reserve funds in your escrow account drop below the permissible limit.
What happens if I have a shortage?
In case, you have a shortage, the amount will be spread over 12 months and will be added to your new monthly escrow payment. You would also have the option to pay the entire amount in full.
What is an escrow surplus?
A surplus happens when funds in your escrow account are more than the required cushion.
What happens if I have a surplus?
If the surplus is less than $50, it stays in your account but if the amount is more than $50, then it is mailed to you in the form of a check.
Can I put the surplus funds back into my escrow account?
Yes, you definitely can do that. But for this, first you need to deposit your escrow surplus check into your account and then transfer the surplus funds to your escrow account while making your next monthly payment.
How often does a lender review my escrow account?
We review your escrow account at least once a year. However, additional out-of-cycle analyses can also happen, if the need arises.
What happens to the funds in my escrow account if I pay off my loan early?
The funds in your escrow account will be sent back to you in the form of a check, within 30 days of the loan paying off.
What are closing costs and who pays for them?
Closing costs are additional out-of-pocket expenses that are involved in the mortgage loan process and are on top of your sale price. Ideally, they range between 2% and 7% of the home’s purchase price.
These include:
- Attorney fees
- Title search
- Title insurance
- Transfer taxes
- Home appraisals and inspection
- Prepaid interest and insurance
- Cost of underwriting.
- Credit report charges
- Application and origination fees
- Discount or mortgage points fees, if applicable
While some of these costs are upfront and are paid before the property is sold, others are paid when you close your loan.
Do I send the bill for my property taxes to Central Group Mortgage?
No. We automatically pay your property taxes from the funds in your escrow account. However, if you don’t have an escrow account, you would have to send your payments directly to your tax office.
What are the possible fees associated with servicing my home loan?
Some of the fees associated with your home loan include:
- Appraisal Fee
- Assumption Fee
- Bankruptcy Fees
- Consolidation, Extension, Modification Agreement (CEMA) Fee
- Foreclosure Fees
- Late Charge
- Litigation Fees
- Non-Sufficient Funds Fee (NSF)
- Prepayment Penalty (Varies based on loan type and state)
- Property Appraisal Fees
- Property Preservation Fees
- Title Search Fee
- Property Registration (VPR) Fees
To know the exact fees associated with your home loan, call +1 913-285-8098 to connect with your mortgage expert.
Who should I contact with additional questions about property taxes?
Please feel free to get in touch with CGM loan experts. We’ll be happy to help you with all your queries and concerns. Call +1 913-285-8098 to get in touch with our mortgage experts today.
What is a Homeowners Association?
Homeowners associations (HOAs) are organizations that are involved in the upkeep of common areas in a building or community. They establish acceptable standards of behavior and cleanliness and issue guidelines for the general maintenance and upkeep of lawns, garden pets, visitors, and more.
Can I “opt out” of being involved with the HOA?
No, it is mandatory for all homeowners to pay HOA dues and follow its guidelines.
Where do I send the Homeowners’ Association “HOA” delinquent letter I received?
The HOA payments are not a part of your escrow account. Therefore, they need to be addressed separately. If you are facing troubles with the disbursement of payments, please send a delinquency letter (explanation of your financial difficulties) to:
Central Group Mortgage,
8700 Indian Creek Pkwy Suite 150,
Overland Park, KS 66210,
United States.
Alternatively, you can also email your queries to
What do I need to do with the insurance check for damages to my home?
Connect with our mortgage experts at +1 913-285-8098 to discuss the details of your claim. They can help you handle your claim funds in the most efficient way.
What should I do with the past due notice from my insurance company?
Please call Central Group Mortgage at +1 913-285-8098 Monday through Friday 9 AM to 7 PM, except on federal holidays, for expert assistance.
When will my insurance be paid from my escrow account?
Once your insurance bill is received, the payment is issued within 21 days of the due date.
How do I notify Caliber of my new Homeowner’s insurance coverage?
Simply write down your new loan number on your insurance policy’s declaration page and send it to us at Central Group Mortgage, 8700 Indian Creek Pkwy Suite 150, Overland Park, KS 66210, United States. You can also mail your insurance information at: [email protected]
What should I do now that my insurance company has canceled my homeowner’s coverage?
Homeowner’s insurance is extremely important as your home loan requires it. So if your insurance has been canceled, please write back to your insurance company asking for a reason.
Simultaneously, contact your new insurer and ask them to reinstate your coverage. You can also shop for new coverage from another insurer. Call CGM experts at +1 913-285-8098 to know your options.
What do I need to do with the refund check I received from my previous insurance company?
It depends.
- If the check is made in Central Group Mortgage’s Name: Please send it to us at Central Group Mortgage, 8700 Indian Creek Pkwy Suite 150, Overland Park, KS 66210, United States. We will deposit it in your escrow account to prevent future escrow shortages.
- If the check is made in your name: You can deposit it in your account. However, we would advise you to transfer the funds into your escrow account to prevent a future shortage.
- If you do not have an escrow account: Keep the refund! It’s yours.
What is Lender Placed Insurance?
All mortgage borrowers are required to maintain adequate homeowners insurance on their property. It helps the lender protect its financial interest in the property if a calamity occurs.
However, if the borrower is not able to maintain the required coverage due to cancellation, withdrawal, or any other reason, he/she needs to buy new insurance and ‘force-place’ it in the bank. Such insurance is called Lender Placed Insurance (LPI).
What Is a mortgage clause?
It is a protective provisional agreement between the mortgage lender (Central Group Mortgage) and the insurance provider. It states that the insurance company will pay out any claims to both the mortgage holder and the mortgage lender. The mortgage clause helps protect the lender and ensure that the damage is completely covered so that the property can be brought back to its original state.
What is mortgage insurance?
It’s an insurance policy that protects your mortgage lender from fraud, if the borrower defaults on payments, passes away, or is unable to meet his mortgage obligations. Mortgage insurance is also often referred to as private mortgage insurance (PMI), qualified mortgage insurance premium (MIP) insurance or mortgage title insurance.
Will my PMI drop off automatically?
Your PMI gets automatically terminated if your mortgage balance reaches 78% of the original purchase price, provided you have good standing and haven’t missed any mortgage payments in the past.
When can I ask Caliber to stop my PMI?
Once your loan value reaches 78% of the original purchase price, Central Group Mortgage will auto-terminate your PMI. However, you can appeal your eligibility for PMI removal at any time.
Connect with our loan experts at +1 913-285-8098 to know your eligibility criteria.
Why did I receive the PMI disclosure statement?
The disclosure is an annual written statement that informs you of your right to cancel or terminate your PMI.
When is a payment reported as past due/delinquent on my credit report?
A payment is reported as ‘30 days past due’ if it is not received well within the calendar month it is due. Also, since February has 28/29 days, if the payment is not received within the month of February, you can still be reported as ‘30 days past due’.
I missed a payment. Can you make a goodwill or courtesy adjustment and remove it from my credit report?
Sorry, the information we report to the credit bureaus has to be complete and accurate. Goodwill or courtesy adjustments are not possible.
Can I get a copy of my credit report?
To get a copy of your credit report, please visit annualcreditreport.com. From here, you can download a free copy of your credit report every 12 months.
How do I correct an error on my credit report?
Please call your CGM loan expert at +1 913-285-8098 or mail your amendments to us at Central Group Mortgage, 8700 Indian Creek Pkwy Suite 150, Overland Park, KS 66210, United States. We’d be happy to help you.
I’m refinancing my loan. If I don’t make the normal payment within the month before I close, will I be reported late?
Yes, you could be reported late. A payment is reported as ‘past due’ if it’s not made within the 30 days of the month it’s due, even if you’re paying off your mortgage.
So, you need to make your payment as you have been doing previously. In case you overpay, we’ll send you a refund check.
Can I get a mortgage with bad credit?
Even if you have less-than-perfect credit, Central Group Mortgage can help you get a home loan. We have numerous home mortgage products that do not require a perfect credit score. Please get in touch with our loan experts at +1 913-285-8098 to explore your options.
We can also help you improve your credit score so that you can easily apply for your preferred mortgage product.
Can a low-income person get a mortgage?
While your income is one of the prime criteria to qualify for a mortgage, it’s not the only determining factor. At Central Group Mortgage, our home loan products have been designed to work for you. Our experts can help you easily choose a home mortgage product that you can easily qualify for. Connect with them at +1 913-285-8098 to find an ideal mortgage as per your needs.
Can I get a mortgage after going through a foreclosure?
Foreclosure hurts your credit score and limits your mortgage options. But it is still possible to get a mortgage. You might have to wait for a little while before applying for a mortgage. For example, FHA loans have a waiting period of 3 years, while conventional loans have a 7-year wait period. Please speak to your CGM loan expert to know your options or to learn various ways in which you can be mortgage-ready.
What is a 1098 interest statement?
The 1098 statement contains the details of all the interest, taxes, and insurance paid on a mortgage in a given year.
Why isn’t the co-borrower’s social on the 1098 statement?
For the 1098 statement, the social security number of the primary borrower is required.
Why does my 1098 show that no taxes were disbursed?
This may happen if your taxes were paid at closing or if the loan was paid off before the taxes were due.
What is a 1099-INT form?
It is an income form that provides the details of interest earned on your funds held in an escrow account.
Why did I receive a 1099-INT?
You’ll receive a 1099-INT if you have earned more than $10 as interest from your lender on funds held in your escrow account.
What is a 1099-C form? Why did I receive it?
A 1099-C is an income form that’s sent to you when the some or full amount of your debt gets canceled. This could happen due to the following reasons:
- Short Sale
- Third-party sale
- Loan Modification
- Deed in Lieu
- REO liquidation
When should I refinance my mortgage?
Refinance offers you an easy way to replace your existing mortgage with a new one – at better terms and/or interest rates.
It’s a great way to:
- Reduce your expenses
- Utilize your equity for home improvements
- Lock in a better interest rate
- Eliminate private mortgage insurance (PMI)
- Change your loan term
- Strengthen your financial position
When is it right to refinance? Should I consider refinancing my home loan?
Refinancing can work wonders but only when the time is right. Consider refinancing your home loan only when:
- You have built substantial equity in your home
- You are able to bring down your interest rate
- You are able to lower your monthly payment
- You need hard cash for home renovation or to cover other expenses
Get in touch with your CGM loan experts at +1 913-285-8098 to know if you should consider refinancing your home loan.
How much should I save for a down payment?
It totally depends on your loan type and credit score. While some loans require as high as 20% down, others may require as little as 3%. Check out our loan products or speak with our CGM loan experts to evaluate your options and understand your eligibility criteria.
What Is A Jumbo Loan?
As the name suggests, jumbo loans are big-ticket mortgages designed to fund homes that are a lot more expensive than average and the loan value exceeds the normal Fannie Mae and Freddie Mac loan-servicing limits. Jumbo loans need a higher down payment and a stellar credit score for qualification. Connect with our experts to know more about our Jumbo Loan program or visit our loan program page for self-help.
What is a USDA Single Family Housing Guaranteed Loan?
This is a special mortgage program created by the U.S. Department of Agriculture (USDA) to support the home buying needs of low- and moderate-income home buyers in rural areas. Under this program, a home loan can be availed with zero down payment and the borrowers get to enjoy low interest rates and flexible terms.
Connect with our home loan specialists at +1 913-285-8098 to discover if and where you qualify. We can help you find your best option.
How do I pay my FHA loan’s Mortgage Insurance Premiums (MIP)?
You do not have to pay your MIPs separately. They are included in your monthly loan payment.
What is UFMIP?
UFMIP stands for an FHA loan Up-Front Mortgage Insurance Premium that you pay when you close your FHA loan. It is an additional mortgage insurance premium that protects your lender in case you default. It usually amounts to 1.75% of your base loan amount and can even be financed into your loan amount.
What are the FHA MIP cancellation guidelines?
Your FHA MIP cancellation depends on several factors, including:
- Loan origination date
- The amount of your down payment
- Your loan term
- Your loan’s current loan-to-value (LTV) ratio
Connect with us at +1 913-285-8098 to know all about your FHA MIP cancellation rules and regulations.
What programs are available for first time homebuyers?
At Central Group Mortgage, we understand that every home buyer is different and so are his home buying needs. That’s why we have a growing portfolio of home loan products, specially designed for first time homebuyers. So whether you are someone with a perfect credit score or a homebuyer with a less-than-perfect financial situation, we make sure to have a product that can help you easily buy your dream home.
We offer home loans with:
- Low interest rates
- Low credit score requirements
- Minimum down payment (as little as 3%)
- Reducing closing fees
- No-to-minimum documentation requirement
- And a lot more
Connect with our home mortgage experts at +1 913-285-8098 and we can help you secure a home loan that works best for your situation. We ensure a high level of personal support and multi-lingual assistance.
What’s the difference between fixed and adjustable interest rates?
In a fixed rate mortgage, the interest rates are set when the loan is taken and stay fixed throughout the life of the loan. The interest rates do not change whatever the market conditions.
However, in an adjustable rate mortgage (ARM), the interest rates fluctuate as per the market conditions. While the initial interest rate is set below the market rate, it eventually rises as time goes by, making budgeting a little difficult.
How is my monthly payment determined?
Your monthly home mortgage is a mix of various things. These include:
- Your initial loan amount
- Your annual interest rate
- Th annual property taxes on your home
- A monthly premium of your annual homeowner’s insurance
- The annual premium of your private mortgage insurance (PMI)
For the best understanding and accurate estimate of your monthly mortgage payment, get with your Central Group Mortgage Loan Expert. We can crunch your numbers to help you get the best estimate possible. Call +1 913-285-8098 now.
How much should I save for a down payment?
While almost all home loans require a minimum down payment, the amount varies from one loan to the other. So, how much you actually need to save depends on the loan you are applying for and the eligibility criteria.
Check out our loan programs or get in touch with your CGM loan expert at +1 913-285-8098 to know the loans you can easily qualify for.
How do home renovation loans work? Is a home renovation loan right for me?
If you want to renovate a room, redo your kitchen, or make some major (or minor) improvements in your house without pulling cash out of your pocket, home renovation loans offer you the easiest way to finance your upgrades. There are three popular ways to use your home equity to finance your renovation project:
- Cash-out refinance
- Home equity loan
- Home equity line of credit loan
However, each of these refinance options has its own eligibility criteria and interest rates. Speak to your CGM loan experts at +1 913-285-8098 to explore your options and find the one that best suits your needs and meets your eligibility. With an expansive portfolio of home renovation mortgages, CGM experts can help you make the best choice with complete confidence.
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