Frequently Asked Questions
- How long will the loan process take?
- When can I lock my interest rate?
- How long is my interest rate lock good for?
- Can I get loan if I am self employed?
- If I have bad credit can I still get a loan?
- What out of pocket expenses can I expect?
- How do I know what type of loan is best for me?
- Where is the loan closing?
- What are wholesale lending rates?
- Who will be my main point of contact through the life of the loan process?
- What happens if the interest rates go down and I’m already locked in?
- Can my rate change if it has been locked?
- How do I determine the value of my home?
- Do I need a home appraisal?
1. How long will the loan process take?
Whether it is a purchase or refinance transaction our lenders can typically close loans within three weeks which is about half the time of the industry standard. In some cases we can get a deal done in as little as two weeks.
2. When can I lock my interest rate?
Our loan specialists follow the market constantly to ensure that we lock our clients loans at the right time. In today’s ever changing financial industry, interest rates can change in excess of five times a day. It is important to have someone with the proper market knowledge to ensure you get the best rate possible.
3. How long is my interest rate lock good for?
Typically a loan can be locked for either 15, 30 or 45 days depending on our clients individual situation. If we need to extend a lock most of the time we can do that with very little or no cost to our clients.
4. Can I get loan if I am self employed?
The answer is yes! We have over 120 different lending channels to choose from. Our loan specialists are extremely creative; even if you have been turned down before from another lender don’t hesitate to call. We probably have a loan program that is perfect for you situation.
5. If I have bad credit can I still get a loan?
Yes, depending on your individual credit report, we offer loan products to individuals with credit scores as low as 580.
6. What out of pocket expenses can I expect?
Fortunately our lenders never ask for an application fee. The ONLY out-of pocket expense that you can expect is the fee charged by the appraisal company.
7. How do I know what type of loan is best for me?
With so many loan options, terms, interest rates and tax incentives currently available on the market today it can become a bit overwhelming for even the most seasoned house buyer. We always recommend speaking with one of our loan experts to ensure that you get the loan that is right for you and NOT the loan that is right for the bank.
8. Where is the loan closing?
We understand your time is valuable and that is why our lenders provide an “ANYTIME” – “ANYWHERE” approach to closing your loan. Whether at your home, office or even your favorite restaurant, it doesn’t matter the setting, we are always ready to go that extra step for our clients.
9. What are wholesale lending rates?
Wholesale lending rates are “Wholesale Interest Rates” to the public only available through wholesale banking channels. You will find that our clients enjoy rates typically .125%-.5% lower than the competition every time.
10. Who will be my main point of contact through the life of the loan process?
All of our clients have one single point of contact throughout the entire loan process. Being available for our customers (even nights and weekends) is very important to us. You will find that in most cases your loan specialist will even give you their personal cell phone number.
11. What happens if the interest rates go down and I’m already locked in?
If you lock your loan and the interest rates drop more than .125%, we offer a free “float-down policy”. Your interest rate will then be readjusted to reflect the new lower rate.
12. Can my rate change if it has been locked?
Yes, although it is very unlikely it may change for the following reasons:
Events that can cause your rate to increase:
• Your credit score drops during the loan process
• The value of your home comes in less than what was originally estimated
Things that can cause your rate to decrease:
• Your credit score increases during the loan process
• The value of your home comes in higher than what was originally estimated
13. How do I determine the value of my home?
Our loan specialists use a number of sites and local market research to determine a estimated value of your home. The last thing we want to do is have our customers spend money on an appraisal without doing the proper research required to determine an accurate estimated value.
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14. Do I need a home appraisal?
Yes, all lenders require a appraisal for mortgage loans except VA and FHA streamline loans. But, our loan specialists do a lot of research prior to ordering the appraisal to ensure we do not waste any of our clients’ time or money.
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