Frequently Asked Questions


Who is Bee Mortgage App?

Bee Mortgage App, or Bee for short, is redefining the real estate industry by making mortgages simple and convenient. 

Founded by Floridians who are experts in mortgage lending, real estate, and technology, Bee uses new technology and processes to make getting a mortgage fast and easy. 

As a Florida mortgage broker that works with multiple lenders to get you the lowest rate possible, Bee is achieving its mission of making homeownership more accessible and affordable for everyone.

Who is Bee for?

While we specialize in helping first-time and returning home buyers, Bee serves all customers buying a home or refinancing a current one in Florida.



Why should I use Bee?

For people who love supporting local businesses who are seeking a simple and easy way to get a mortgage, Bee offers:

  1. Instant preapprovals online, in person, over the phone, or in the app 
  2. Low rates & payments
  3. Fast closings
  4. Start-to-finish support guiding you through the entire process
  5. Supporting your local community with locally sourced home loans

But don’t just take our word for it, check out the customer testimonials and press coverage Bee has been featured in. 

Who can use Bee?

Anyone looking for a mortgage in Florida is apply with Bee. 



What kind of loans can I get with Bee?

Jumbo Loans

$647,201 - $3,000,000

 

Conventional Loans

Up to $647,200

 

VA Loans

Up to $3,000,000

 

FHA Loans

 

Single-Unit Property

 

Low-Cost Area

$420,680

Mid-Range Area

$420,681 - $970,799

High-Cost Area

$970,800




 

2-Unit Property

3-Unit Property

4-Unit Property

Low-Cost Area

$538,650

$651,050

$809,150

Mid-Range Area

$538,651 - $1,243,049

$651,051 - $1,502,474

$1,502,475

High-Cost Area

$970,800

$809,151 - $1,867,274

$1,867,275



County

One-Unit Property

Two-Unit Property

Three-Unit Property

Four-Unit Property

ALACHUA

$420,680

$538,650

$651,050

$809,150

BAKER

$432,400

$553,550

$669,100

$831,550

BAY

$420,680

$538,650

$651,050

$809,150

BRADFORD

$420,680

$538,650

$651,050

$809,150

BREVARD

$420,680

$538,650

$651,050

$809,150

BROWARD

$460,000

$588,850

$711,800

$884,600

CALHOUN

$420,680

$538,650

$651,050

$809,150

CHARLOTTE

$420,680

$538,650

$651,050

$809,150

CITRUS

$420,680

$538,650

$651,050

$809,150

CLAY

$432,400

$553,550

$669,100

$831,550

COLLIER

$552,000

$706,650

$854,200

$1,061,550

COLUMBIA

$420,680

$538,650

$651,050

$809,150

DESOTO

$420,680

$538,650

$651,050

$809,150

DIXIE

$420,680

$538,650

$651,050

$809,150

DUVAL

$432,400

$553,550

$669,100

$831,550

ESCAMBIA

$420,680

$538,650

$651,050

$809,150

FLAGLER

$420,680

$538,650

$651,050

$809,150

FRANKLIN

$420,680

$538,650

$651,050

$809,150

GADSDEN

$420,680

$538,650

$651,050

$809,150

GILCHRIST

$420,680

$538,650

$651,050

$809,150

GLADES

$420,680

$538,650

$651,050

$809,150

GULF

$420,680

$538,650

$651,050

$809,150

HAMILTON

$420,680

$538,650

$651,050

$809,150

HARDEE

$420,680

$538,650

$651,050

$809,150

HENDRY

$420,680

$538,650

$651,050

$809,150

HERNANDO

$420,680

$538,650

$651,050

$809,150

HIGHLANDS

$420,680

$538,650

$651,050

$809,150

HILLSBOROUGH

$420,680

$538,650

$651,050

$809,150

HOLMES

$420,680

$538,650

$651,050

$809,150

INDIAN RIVER

$420,680

$538,650

$651,050

$809,150

JACKSON

$420,680

$538,650

$651,050

$809,150

JEFFERSON

$420,680

$538,650

$651,050

$809,150

LAFAYETTE

$420,680

$538,650

$651,050

$809,150

LAKE

$420,680

$538,650

$651,050

$809,150

LEE

$420,680

$538,650

$651,050

$809,150

LEON

$420,680

$538,650

$651,050

$809,150

LEVY

$420,680

$538,650

$651,050

$809,150

LIBERTY

$420,680

$538,650

$651,050

$809,150

MADISON

$420,680

$538,650

$651,050

$809,150

MANATEE

$420,680

$538,650

$651,050

$809,150

MARION

$420,680

$538,650

$651,050

$809,150

MARTIN

$431,250

$552,050

$667,350

$829,350

MIAMI-DADE

$460,000

$588,850

$711,800

$884,600

MONROE

$710,700

$909,800

$1,099,750

$1,366,750

NASSAU

$432,400

$553,550

$669,100

$831,550

OKALOOSA

$539,350

$690,450

$834,600

$1,037,200

OKEECHOBEE

$420,680

$538,650

$651,050

$809,150

ORANGE

$420,680

$538,650

$651,050

$809,150

OSCEOLA

$420,680

$538,650

$651,050

$809,150

PALM BEACH

$460,000

$588,850

$711,800

$884,600

PASCO

$420,680

$538,650

$651,050

$809,150

PINELLAS

$420,680

$538,650

$651,050

$809,150

POLK

$420,680

$538,650

$651,050

$809,150

PUTNAM

$420,680

$538,650

$651,050

$809,150

SANTA ROSA

$420,680

$538,650

$651,050

$809,150

SARASOTA

$420,680

$538,650

$651,050

$809,150

SEMINOLE

$420,680

$538,650

$651,050

$809,150

ST. JOHNS

$432,400

$553,550

$669,100

$831,550

ST. LUCIE

$431,250

$552,050

$667,350

$829,350

SUMTER

$420,680

$538,650

$651,050

$809,150

SUWANNEE

$420,680

$538,650

$651,050

$809,150

TAYLOR

$420,680

$538,650

$651,050

$809,150

UNION

$420,680

$538,650

$651,050

$809,150

VOLUSIA

$420,680

$538,650

$651,050

$809,150

WAKULLA

$420,680

$538,650

$651,050

$809,150

WALTON

$539,350

$690,450

$834,600

$1,037,200

WASHINGTON

$420,680

$538,650

$651,050

$809,150

 

Where is Bee available?

Jacksonville

Orange Park

Palatka

Ocala

Gainesville

St. Augustine

Flagler Beach

Daytona Beach

Palm Coast

Melbourne 

Palm Bay

Port St. Lucie

Jupiter

Fort Pierce



What kind of homes does Bee work with?

Single family homes (detached or attached)

Multi-unit properties up to 4-units

Condominiums 

Townhomes

Manufactured homes (double wide only)



Can I get a mortgage for a second home or investment property?

Yes, Bee works with both of those types of residencies.

How do I reach Bee’s customer service?

(855) 866-1999 call/text 

Curtis@beemortgageapp.com 

How safe and secure is Bee?

Using bank level encryption and data privacy practices, Bee is one of the most secure mortgage companies in America. By partnering with Drata, a data security advisor, Bee’s technology is designed and engineered in accordance with SOC2 industry standards, which are the organizational controls related to security, availability, processing integrity, confidentiality or privacy.



What national news outlets have covered Bee?

TD Ameritrade’s TV Network

The Washington Post

The Washington Post

CBS News

NBC News

Business Insider 

National Mortgage Professional 

Mortgage Professional Association 

TIME Magazine 

Bankrate

News4Jax

Crowdfund Insider

KFI Radio LA

National Mortgage Professional 

Apartment Therapy

Bankrate

Housingwire

National Mortgage News

Forbes

National Mortgage News



Why has Bee been covered in the national news?

Bee uses new technology, such as Web3, and new processes to originate mortgages. Seen as a new innovative leader, Bee and its Co-founder & CEO, Curtis Wood, have been featured in local and national news for market commentary, exclusive product features, and insight for what the future of mortgages look like. 



What can I expect to do when buying a home?

While there are many smaller steps, these are the basics you can expect to go through: 

  1. Identify how much you can afford to buy. 
  2. Start looking at houses online or on Zillow. 
  3. Get preapproved. 
  4. Hire a real estate agent. 
  5. House hunt with your agent. 
  6. Make an offer on a home. 
  7. Sign a purchase agreement to buy the home. 
  8. Lock in your rate and order appraisal with the lender. 
  9. Loan Processing: Provide requested documents to lender. 
  10. Close! 

 

Now we’ll review them in a little more detail. 

Identify what your prospective buying budget is. 

Starting out, you might want to know what price range to be looking in. This is where Bee’s app can help. With no personal information required and free, buyers can download Bee in the App Store or Google Play to get a rough estimate of what their buying power is. 

While this estimate is no substitute for an actual preapproval, it will give you a good starting point of what to expect for a total monthly mortgage payment that includes principal and interest, taxes and insurance. 

Easy to personalize by adjusting the data to match your desired monthly payment, the app tells you what the minimum and maximum amount you can afford to buy might be.  

Start looking at houses online or on Zillow. 

Start dreaming! Be sure to check out multiple homes to get a good idea of what’s out there for you. This is a big purchase, your nest egg, so be sure to find the home that’s best for you.

Get preapproved. 

When you find a home you like and are ready to make an offer, you’ll need to get preapproved with a lender, hopefully Bee! 

Getting preapproved with Bee takes a few minutes and can be done in three ways:

  • In our app (for iOS users)
  • On our website 
  • Directly with a loan officer 

We verify your credit, income and assets electronically for most buyers. In the event we can’t, we’ll need to gather your two most recent pay stubs and bank statements. 

If your down payment is coming from a gift or grant, be sure to let us know. 

Once you’re preapproved you’ll receive a preapproval letter that looks like this 

Lastly, be sure to talk to your loan officer about rate lock options. They’ll review everything with you ensuring you’re making the right decision on when to lock in the rate.  

Hire a real estate agent. 

Before you make an offer on a home it’s best to hire a real estate agent to represent you in the transaction if you haven’t done so already. Buyers who have an agent statistically get better deals than those without. 

Your agent is your advocate in the purchase to make sure you’re getting a good deal, and you don’t have to pay them anything. 

Their commission is paid by the seller, even if the seller has an agent selling the home for them. 

They’ll ask you for a copy of your preapproval letter to provide to the seller so that they know you’re qualified to buy the home. 

If you don’t know a friend or family member who is a real estate agent, Bee is happy to refer you to a local agent who can help. 

Working with a good real estate agent ensures the process goes as smooth as possible. 

House hunt with your agent. 

Your agent will gather a list of houses for you to look at that are in your price range. If you see one you like, they’ll make an appointment to see the home in-person. You’ll do this until you find the one you want to make an offer on to buy.  

Make an offer on a home. 

When you find the home of your dreams, it’s time to make an offer. Your agent will work with you to help you structure your offer best. There’s multiple ways to structure a deal depending on your needs. 

You might want to request the seller give you some credits that help you cover the cost of closing. This is common.

The agent will also help you price your offer best, either below the asking price or above; each situation is unique with multiple market factors they're most likely familiar with. 

Regardless of the situation, rely on your agent’s expertise to help you during this part. 

Buyers who use agents tend to get better deals than those without.  

Sign a purchase agreement to buy the home. 

Once your offer is accepted by the seller, you’ll both sign a contract to buy the home. 

Closing normally takes place about 30 days after the date you sign the agreement, but could go up to 60 days depending on the circumstances of the deal. 

After you get a copy of the signed contract, you’ll need to send it to your lender.  

Lock in your rate and order appraisal with the lender. 

After the lender reviews and accepts the signed contract, the next step is to order the appraisal and lock in your rate, if you haven’t done so already.

Some mortgage companies offer long-term rate lock options. However, these lock terms tend to have more fees than shorter terms, and while they might be a good option if rates are trending up, it’s really a gamble as to what the market will do in the future. 

If rates are higher than they used to be when you go to lock in a rate, you can always refinance the home in the future when rates drop. 

Based in part on Fed monetary policy and the 10 year Treasury, the mortgage rates have cycled between periods upward and downward trends, and always will. 

Don’t worry, if you lock in your rate and rates drop afterwards, you can always try and refinance the loan into a lower rate. Plus, you can usually roll in all the closing cost into the new loan when you refinance so you don’t have to pay any money out of pocket at closing. 

Loan Processing: Provide requested documents to lender. 

After you lock your rate in and order the appraisal, your file goes to loan processing where the lender will make sure the property is eligible for financing. This is the property approval step, and is called loan processing by the lender. 

The lender completes three main steps in processing:

  1. Establish the current value of the home with an appraisal. 
  2. Make sure the title is clear of any liens or encumbrances. 
  3. Verify all costs associated with the home such as property taxes or any dues homeowners are required to pay. 

While this is going on, you will be asked to provide certain documents to the lender such as: 

  • Homeownership insurance policy information verifying adequate coverage on the home 
  • W2’s verifying job history
  • Survey of the property
  • Letters of explanation for various things such as credit inquiries

Borrowing tips: 

  • Good communication between all parties involved 
  • Follow all lender instructions or requests quickly 
  • Sending in requested documents quickly
  • Letting the lender know of any updates you receive on your end

Any delays on your end could cause you to miss your closing date or have to pay to extend your rate lock. 

If you’re buying a condo, you’ll most likely have to pay to have a condo questionnaire completed by the company that manages the condo units and common areas for the homeowners association. 

Please note: Do not use your credit to buy anything new until after you close. Financing anything new could jeopardize your ability to qualify for the home loan. After you close, you can buy whatever you want with your credit. It won’t matter at that time.  

Close! 

Get ready to sign your name a gazillion times at the title company’s office! 

Most closings are done in-person in Florida. However, there are scenarios where the title company will send a remote notary to meet you somewhere to sign the closing documents. 

You’ll most likely get the key to your new home from the seller or the agent when you’re done signing. 



What are the requirements for getting a loan with Bee?

While there are many requirements for loan approval, the main ones are: 

  • 620 or above credit score
  • Two years employment
  • Income high enough to qualify for the monthly payment
  • Enough assets to cover the down payment and closing costs 

Will I have to talk to anyone after I apply?

Only if you want to. While we normally text customers, we’re here to help any way you need it. If you ghost us though, we might call you in order to move things along. 



What documents do I need to apply for pre-approval?

If we can’t verify your income and assets electronically, you’ll need your: 

  • Two most recent pay stubs
  • Two most recent bank statements

How do I know which loan is best for me?

You should see if you qualify for a conventional loan first as they tend to have lower costs than FHA loans. However, an FHA loan might be the only loan you can get, which isn’t bad at all. After all, the goal is to buy the home with a mortgage that fits your budget. 

You can always refinance out of the FHA loan in the future assuming you qualify at that time. 



What credit score is required?

You typically need a minimum score of 620 to qualify.

Will applying with Bee affect my credit?

Yes. When you complete a pre-approval application the lender is required to do a hard credit pull which can deduct about 1 - 3 points from your score. However, if you’re shopping around with multiple lenders and submit loans applications with each, they usually don’t deduct points from your score for subsequent credit pulls.  



Where should I start if I’m not ready to get pre-approved?

Download Bee from the App Store or Google Play store. It’s free to use and requires no personal information, and does not affect your credit. 

After answering some quick questions, Bee’s mortgage calculator will estimate how much you can afford to buy, simple and easy. 



What are the job or income requirements?

You typically need two years of consistent employment to qualify, however certain exceptions can be made for one year. 



What’s the minimum down payment required?

3% for conventional loans

3.5% for FHA loans 



What are Bee’s rates?

Although Bee works with some of the lowest rate lenders in America, rates change daily and sometimes multiple times per day. 

Bee doesn’t set rates and does not get paid anything from the lender based on the rate you get. Bee is paid on the loan amount only, nothing else. 



How much is Bee paid per loan?

Bee earns up to 2.25% on each loan it closes.

Who pays Bee’s commission?

The lender does most of the time. However, there are some scenarios where the borrower gets a better rate by paying Bee’s commission themselves thereby saving more money over the life of the loan with a lower rate and payment. 



How competitive are Bee’s rates?

They are very competitive. Bee works with some of the lowest rate wholesale lenders and hasn’t been beat yet. Buying with Bee is like shopping at Costco instead of the grocery store. You simply get better deals. 



What if rates drop after I lock my rate in?

Keep in mind that once you lock your rate in, you normally can’t change it. So, if rate go up, you’re protected, but if rates drop after you lock you might have regret. 



How accurate are the numbers I get from Bee?

Very accurate. Although there are many impacts to your ability to qualify for a mortgage, the initial review and verification of your credit, income and assets produces a highly accurate preapproval. 

However, any negative changes to your credit, income, or assets could possibly impact your ability to buy a home. 



How do I buy a home?

There’s three main steps buying a home: 

  1. Credit approval
  2. Property approval
  3. Closing  

Credit approval is where you get approved to buy the home based on your credit, income and assets. 

This includes verifying your credit, income and assets with:

  • A credit pull to check your credit and credit score
  • Two most recent pay stubs
  • Two most recent bank statements 

 

Property approval is where the lender verifies the home you want to buy is eligible for financing. 

This includes verifying the market value, property title and taxes with:  

  • An appraisal completed by the lender’s licensed appraiser
  • A title search completed by a title company 
  • Tax verification with the county

 

Closing is where you sign all the papers to buy your home! 

While the title company chooses how you sign the closing documents, there’s generally three ways to close:

  • In person
  • Remote notary
  • eClosing

Please note: most closings are done in-person in Florida when buying a home, and the buyer has little to no say over how closing is done. 




What’s the difference between a mortgage and a home loan?

Nothing. They’re the same thing and are interchangeable terms in lending lingo. 



Does Bee service its own loans?

No. We don’t control who services your loan after you close. You’ll receive loan servicing information after you close from the loan servicer. 



Do I pay anything up front?

You might be asked to pay for the credit report and appraisal up front. Credit reports are about $25 per person, and appraisals are about $500 - $750 depending on how much the local appraiser in your area charges. 



What is a conventional loan?

Conventional loans (loan amounts up to $647,200) tend to be the preferred options because they have the lowest fees and lowest down payment requirements (3%). These are the loans that are insured by Fannie Mae and Freddie Mac and run the entire mortgage industry. 



What is a FHA loan?

An FHA loan allows those with less than perfect credit to qualify. However, they tend to have higher fees than conventional loans. 



What is a fixed rate loan?

A fixed rate loan means the interest rate is set and wont change for the entire life of the loan.

What is a jumbo loan?

Any loan above $647,200. 



What is a VA loan?

VA loans are excellent options for active duty or military veterans.

What is an adjustable rate mortgage?

An adjustable rate mortgage means the interest rate will change at certain points during the life of the loan. If rates are lower at the adjustment period the rate will go down; if rates are higher at the adjustment period the rate will go up. 

Adjustable rate mortgages are good for those who know they won’t be in their home long-term, or for those who believe the market will cycle giving them an opportunity to get a lower rate or refinance into a lower rate. 



Do you offer USDA loans?

No, we don’t. 



What is an earnest money, deposit, binder, or escrow deposit?

All of these terms mean the same thing. 

When you sign a contract to buy a home you’re required to put down a deposit with the seller most of the time. This earnest money is held by the seller’s chosen escrow agent (normally the title company) until closing, and goes towards the down payment and/or closing costs at closing. 

The purpose of the binder is to give the seller a little peace of mind that you have some skin in the game and are serious about buying the home. 

Your agent will negotiate how much the escrow deposit will be, which is usually around 1 - 3% of the home sales price. The exact amount depends on what’s typical for the market you’re buying in. On average, it’s common to be $2,500 - $5,000 for every $250,000 home sale price. The higher the sales price is, the higher the deposit usually is. 



Are there any first-time buyer programs that help with down payment assistance?

Yes, there are! Down Payment Resource can help you find programs that offer down payment assistance. If you qualify for assistance, please let your loan officer know. 



What is a rate lock?

A rate lock keeps your rate fixed and prevents it from moving up or down for a certain period of time. Normally, when you’re buying a home, a 30 day rate lock is used, meaning you lock your rate in for 30 days after you sign your contract and close before the 30 days is over.

How do I lock my rate in?

You work with your loan officer to lock it in. After you select the best rate for you, the loan officer will lock it in for you. 



What are points?

Simply put, points are a way to get a lower rate. By paying a little more up front you get a lower rates and payment therefore paying less money over the life of the loan. 



Do I need to get the home appraised?

Yes, if the lender requires an appraisal to establish current market value.

How does Bee handle appraisals?

If the lender requires an appraisal, which they often do, Bee uses an approved appraisal vendor who will contract an independent appraisal in your area to appraise the home. You normally pay for the appraisal when it’s ordered, and Bee has no control of the appraised value of the home. 



What happens if the appraisal is higher than the sales price of the home?

This is a good thing. This means you’re walking into equity when you buy the home by basically purchasing the home for less than fair market value. 



What happens if the appraisal is lower than the sales price of the home?

It could be a problem if the appraisal comes in lower than the agreed upon sales price of the home. If this happens, you’ll have to bring more money to closing the make up the difference, or negotiate a new, lower sales price with the seller. 

Please note: the seller is not obligated to agree to a lower sales price. If they don’t agree to lower the contract sales price to match the appraised value and you do not have the money to make up the difference, you might not be able to buy the home. 



What homeowners insurance is best for me?

If you have car insurance with a company, it’s relatively easy to get homeowners insurance from them too, if they offer it. If not, it’s easy to google “homeowners insurance” to find some companies that can give you a quote. 



What is PMI, MI, or mortgage insurance?

All of these terms mean the same thing. PMI stands for private mortgage insurance and MI stands for mortgage insurance



How are property taxes determined?

By the county assessor. You, Bee, and the seller have no impact on the assessed value of the home by the county for taxes. 



How much are property taxes?

Property taxes are on average 0.98% of the home’s assessed value paid yearly. So, for example, if the county assesses the home’s value to be $250,000



How long does it take to close?

It usually takes about 30 days to close after signing a purchase agreement to buy the home. However, Bee is known for early closings and we’ll share a closing secret with you after you become a customer to hopefully close early. 

Not all loans can be closed early as there’s some things outside of our control, but we do our best to close early with every customer. 



How long will closing take?

Closing takes about 30 minutes to an hour. Get ready to sign your name a gazillion times! 



How much will closing costs be?

Closing costs can be between 1.5 - 2.5% of the home sales price.

How do I participate in Bee’s beta for iOS users?

Just ask! After we make sure you’re ready to apply, we’ll send you a link to download the app and apply. 



Fill out the form below to contact us or call us at 855-626-1999.

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