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 they will deliver your credit decision within 24 hours. Meanwhile your Loan Consultant will contact you within 1 hour to answer any questions

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How quickly will my loan be approved?
Once you submit your application your loan will immediately begin the underwriting process. In most cases they will deliver your credit decision within 24 hours.

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What kind of documentation will I need to provide to the lender for verification?
Online LOAN's streamlined loan process minimizes the number of documents required. The actual documents you will need to provide will vary based on your situation.

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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 recommend 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 you cannot lock your rate until you specify a property address.

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On a purchase loan, is there someone who will work with my Realtor?
Yes. Since each loan is assigned to one loan consultant who works with you until you close, he or she will be able to assist you or your Realtor at any time.

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Is there any cost to apply?
No! Online LOAN does not require an up-front fee to submit an application and begin the loan process.

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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%.

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I don't have much money for down payment. Can I still get a loan?
Yes, Online LOAN offers loan products with as little as zero % down (up to 107% of property value is available in certain cases).

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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.

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Can I lock in a loan program and interest rate online?
Yes.

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Can I change my application after I've submitted it?
Yes. Changes can be made at any time until you lock your interest rate. However, be aware that any changes may delay the closing date or affect your loan costs.

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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.

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When do I order my appraisal?
The LOAN Company 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 recommend that the appraisal be ordered early in the process in order to avoid delays.

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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.

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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.

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What is the difference between the interest rate and the APR?
The interest rate is the cost to borrow the lender's money. The APR represents the total cost of the mortgage over the life of the loan, including closing costs and lender points.

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What is a home equity line of credit?
A home equity line of credit is a form of revolving credit in which your home is used as collateral. Home equity lines of credit feature a variable interest rate and a draw period.

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What is a draw period?
The draw period is the time frame during which you are allowed to use the credit available on your home equity line. When you borrow funds from your line of credit it is referred to as a draw.

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How much can I borrow?
Your credit limit (also known as available equity) is determined by taking a percentage of your home's appraised or fair market value (to be determined when your application is received), and subtracting the balances of any outstanding mortgages on the property.

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Must I occupy the residence I'm using as collateral?
You can use a residence that you do not occupy as collateral if the property's total existing mortgages and your requested home equity line add up to no more than 70% of the home's appraised value.

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What is the minimum draw amount on my home equity line of credit?
The minimum initial draw amount on a home equity line of credit is normally $20,000. The minimum amount for subsequent draws is $500.

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How can I access my home equity line of credit?
Within six to eight weeks of your loan closing you will receive a package that contains both payment information and checks that will allow you to access your line of credit.

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What are the minimum payment terms?
For home equity lines of credit, your minimum payment during the 10-year draw period will be the greater of the following:

One month's accrued interest, plus any assessed fees (a late fee for example), or,
$100.00

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How often will I be billed?
You will receive a monthly billing on your home equity line of credit as long as there is an outstanding balance.

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Is there an annual fee?
There is an annual fee of $75 for the home equity line of credit. This fee will be waived for the first year.

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Are there any fees for early closure?
Normally None!

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Can I get a loan on my home if it is for sale?
No.

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What can I use my funds for?
Once you close your Home Equity Loan / Line of Credit, the funds are yours to use as you wish.

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Does the appraiser have to come into my home to perform an appraisal?
In most cases, Home Equity Loans / Lines of Credit do not require a full appraisal. In fact for most loan amounts of $250,000 or less the appraisal process can be completed electronically.

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What is the difference between a home equity loan and a home equity line of credit?
While both are considered second mortgages, with a home equity loan all funds will be paid at closing. A home equity line of credit provides you with a credit line that you can borrow against at any time within a set time limit and up to a maximum amount.

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Does my home equity line of credit have any tax benefits?
In order to determine your tax benefits it is best to consult your tax advisor or attorney for specific tax guidelines. However, in most cases the interest on your home equity line of credit is deductible as long as your home equity debt is $100,000 or less and the total debt on your home is less than or equal to your home's appraised value. Any mortgage debt above your home's appraised value may not be tax deductible.

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What is my maximum loan / line amount?
Your maximum loan / line amount is determined by a number of factors. In most cases your total mortgages, including your requested loan / line amount, can add up to 80% and in many cases even 100% of your home's value.

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What is the rescission period?
The rescission period is a waiting period of three days (excluding Sundays and legal holidays), between signing your loan papers and closing your loan. This period allows you to reconsider, and perhaps void the transaction, and is required by federal law for all owner-occupied refinances.

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What percentage of my home's appraised value can I borrow?
The amount that you can borrow varies based on a variety of factors. However, most borrowers can borrow at least 80% of their home's value (when all mortgages are totaled) and some can borrow up to 100%.

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How quickly can I get approved?
The approval time varies from loan to loan. Many borrowers get an instant approval as soon as they apply online. However, in some cases we will need additional information before we can arrive at a credit decision.

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How quickly can I close my loan?
The time needed to close your loan depends on a variety of factors, including the time needed to obtain required documentation and when you can sign your loan documents. Many loans close within 10 days of application and most loans close within 7 days of receiving a final loan approval.

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You say my application is secure. What does that mean?
Once you submit your application it is encrypted for transmission and then stored with industry-leading security on our servers. Netscape Navigator, Microsoft Internet Explorer and other web browsers are compatible with this form of encryption. All the application pages will display the "secure icon" in your browser indicating that the information you enter on these pages will be transmitted securely.

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Who will see my application?
Your application will only be reviewed by those parties involved in helping you fund your loan, including the lender processing your loan.

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Are there any hidden fees?
No, not with the lenders we recommend!

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How soon will I know if my application is approved?
After submitting your application, you will get a response within 24 hours, often within an hour.

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What if I have bad credit or a bankruptcy?
Online lending partners offer a range of products to meet the needs of customers with strong credit histories as well as those who have experienced credit problems. If you do not have perfect credit we will, at your request, attempt to find a lender who can help you. Simply select "Yes" under the "Additional Financing Options" section of the application.

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What I if I don't want to access my loan documents electronically?
If you'd prefer to have your loan documents mailed to you, simply decline to receive your loan documents electronically when completing your application. We'll then allow you to select free U.S. Postal Service delivery or Airborne Express Overnight delivery (nominal fee).

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How can I check on the status of my application?
You can follow the status of your application at your convenience.

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Can I have my package sent via a "next day" delivery service?
Your approval package can be sent via a "next day" delivery service if you request it at the time of your application. There is a nominal fee for this service.

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How soon will I receive my loan package?
You can access and print your approval package as soon as you're approved if you choose to receive your documents electronically. Or, if you prefer, you can select free U.S. Postal Service delivery which generally takes 3-10 days (depending on location) or Airborne Express Overnight delivery for a nominal fee.

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How soon will I know if my application is approved?
After submitting your application, you will get a response within 24 hours, often within an hour.

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What is the Fund Agreement, and how do I use it?
The Fund Agreement is the document you use to pay the dealer and to enter into a loan with us. After you've negotiated the vehicle purchase with the dealer, you simply fill out and sign the Fund Agreement.

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What happens if my Fund Agreement expires?
To guarantee your low rate, you must use your Fund Agreement before the expiration date. If your approval does expire, you will need to revisit our website to reapply. If you do reapply, it is important to note that your credit history may have changed even in a matter of weeks, which could cause your rate to change.

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If I don't use my approval package, what should I do?
You are not obligated to use your approval package or Fund Agreement. If you decide not to use them, please tear them up and discard them.

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I would like a higher loan amount. Do I need to re-apply?
You don't need to re-apply.

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Are there any penalties for pre-paying my loan?
No, you may pay off either a portion of your loan or the entire amount without incurring any penalties. Also, your loan is a Simple Interest loan, which means you only pay the interest accrued up through the date you pay off the loan.

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What is a Simple Interest Loan?
A simple interest loan is one in which you only pay the interest accrued up through the date you pay off the loan.

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How do I make my payments?
Once you have signed the Fund Agreement and all required documentation has been received, you will receive a letter from the LOAN Company containing your final disclosure, contact information for your lender and an address for your first payment. At the same time, your lender will send you a welcome letter including a coupon book, statement, or instructions for setting up automatic payments for your monthly payments.

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What does NADA or KBB mean?
NADA and KBB are auto industry pricing guides; NADA stands for "National Auto Dealer's Association" and KBB stands for "Kelley Blue Book". The NADA pricing guide is used to determine the "loan to value ratio" in most states, the KBB pricing guide is used to determine the "loan to value ratio" primarily in California.

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I live in the U.S. but I would like to purchase a property in another country. Can I get a mortgage through E-LOAN on a foreign property?
In order for a consumer to apply for a mortgage on a foreign property, you must apply through a bank, broker or financial institution offering mortgages in that particular country. You cannot apply for a foreign mortgage (non-U.S.) at the LOAN web site in the United States.

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Can I use foreign currency to pay a mortgage on a U.S. property?
No. At this time U.S. lenders do not accept foreign currency as payment for your mortgage (on a U.S. property). If you only have foreign currency and need to use it to make a mortgage payment (on a U.S. property), go to your local bank and convert your foreign currency to U.S. dollars to pay your mortgage.

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I already applied for a mortgage through in the U.S. and now want to apply for a mortgage in a foreign country. Can you use my old application or do I need to re-apply?
Currently, mortgage applications differ from country to country so you would need to re-apply. When you do apply for a foreign mortgage, it will be helpful to have a copy of your recent mortgage application available as a reference. To see a typical list of documentation requested on a U.S. mortgage application, click here.

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