Who should I contact once my loan is in process?
Once you submit your online loan application a personal loan Consultant is assigned to guide you through the loan process. Your loan Consultant is your single point of contact until you close your loan. If you have applied during business hours, your loan Consultant will call you to answer questions and provide their contact information within one hour.
What should I expect after I submit my loan application?
Once you submit the application, your loan will immediately begin the underwriting process. In most cases will deliver your credit decision within 24 hours. Meanwhile your loan Consultant will contact you within one hour to answer any questions.
Can I apply for a purchase loan before I find a property?
Yes! In fact if you are in the process of looking for a property we recommends that you apply for pre-approval. A pre-approval will review your financial situation to determine if you are likely to qualify based on the estimated loan amount and purchase price information that you provide in your application. A pre-approval gives you greater flexibility and leverage while you conduct your home search. Please note that We cannot lock your rate until you specify a property address.
Do I have to have an impound account?
Impound accounts are required by lenders in most states, particularly when the amount you are borrowing represents a large percentage of the property's market value. When an impound account is required by the lender, you can often waive the use of an impound account for the hazard/homeowner's insurance and property taxes for a fee. However, you will always have to prepay your mortgage insurance payments (if any) into an impound account. In most states, once you submit a loan application we can help you determine if you will need an impound account.
You will need an impound account if your loan-to-value ratio
(loan amount divided by property value) is greater than or 80%.
What is my loan rate and when is it confirmed?
Interest rates fluctuate daily, so the rates available when you apply may be different than the rates available when you decide to lock your interest rate. By locking, you protect your selected rate for a stated period regardless of market fluctuation. Once your rate is locked, you will receive a lock confirmation stating the rate and terms that you have protected.
When can I lock my interest rate?
Your loan consultant will review your application and credit information in order to determine whether you can request a rate lock. Once they determine that you are eligible your loan consultant will contact you so that you can lock at your convenience. Please note that you must specify a property address in order to lock.
When is the appraisal ordered?
We will order your appraisal as soon as you are ready. All that is required is your credit card number and your consent to get the process rolling. We recommends that the appraisal be ordered early in the process in order to avoid delays.
How does you protect my personal information when I apply online?
What is hazard insurance?
Hazard insurance protects homeowners against property damage and is required by lenders before you buy or refinance a home. Hazard insurance shields you against property damages caused by a fire or a severe storm and should cover the cost of rebuilding your home. Generally, you have to confirm at closing that you've secured one year of hazard insurance coverage.
What is pre-paid interest?
This amount represents the interest that accrues between the day your loan closes and the last day of that month, and is added to your closing costs. After this one-time prepayment your interest will be included in your regular monthly payments.