Common Questions

Once your loan application is received, whether you apply on-line or by mail, you will get notification from E-Loan that your loan is in process. Within several days you will receive a loan package in the U.S. mail with a set of loan documents for your signature. This mailing will also include a list of documents we will need to complete your loan approval.

Once your application is received you can expect to receive an answer within three weeks. The processing of your loan will be related to how complete your application is and how rapidly you submit any required documents to your processor.

Please be assured that you will not incur any charges until you agree to do so. At this time we are covering the cost of a credit report upfront and you will only be charged once you actually close on a loan. An appraisal fee is required at time of inspection. If you select a no closing cost loan, these fees will be refunded at closing.

An agent does not charge homebuyers any commissions or fees to purchase a property. Here’s why:

Most home transactions involve two real estate agents: one for the seller and another for the buyer.

Sellers pay listing brokers to represent them and promote the property. Advertising costs, such as radio spots, magazine ads, television, and internet advertising, are examples of this. The home will also be added to the local multiple listing service (MLS), allowing other agents in the area (and across the country) to search for and purchase.

Buyers’ agents, also known as buyer’s representatives, are paid by the listing broker to bring buyers to the table. When the house is sold, the broker divides the listing fee with the buyer’s agent, so buyers do not pay their agents.

Most loan programs require a FICO score of 620 or greater. Borrowers with higher credit scores are seen to be less risky to the lender, and as a result, down payment requirements and interest rates are typically lower for them. Homebuyers with poorer credit histories may need to bring additional funds (or accept a higher interest rate).

In a sellers’ market, rising demand for houses raises home values.

A buyer’s market is defined by decreasing house values and reduced demand. Several elements may influence long-term and short-term buyer demand, including economic disruption, which occurs when a significant corporation shuts down its operations and lays off employees.