FREQUENTLY ASKED QUESTIONS
At Home Loan there are no "dumb questions", but there are plenty of frequently asked questions.
Here are the answers, organized by topic:
QUESTIONS ABOUT YOUR PROPERTY
Q. How do I know how much my home is worth?
A. When applying with us, you can estimate the value of your property to the best of your ability. You may want to check the real estate listings of similar properties in your neighborhood to get a better idea of the value. We'll determine the actual value of your home by performing an appraisal.
Q. How much of my home's value will you lend?
A. We offer conforming mortgage loans of up to 85% of the current value of your home, for those who qualify, and FHA loans of up to 97.75% of your homes current value for those who qualify. The exact way we determine how much to lend can vary and is based on loan-to-value (LTV) ratios and credit history.
Q. I have a mobile home. Can I get a loan from Home Loan?
A. No, but if you own a double-wide manufactured home built after 1976 and you own the land, please contact us for more information.
Q. My home is currently on the market. Can I refinance?
A. No, you can only refinance if your home has not been on the market within the past six months.
Q. Do I have to live in the property that I use as collateral for my loan?
A. You do not need to occupy the property you want to use as collateral if you want a loan.
Q. What is a flood certification?
A. A flood certification indicates whether a property is within a designated flood zone, and Home Loan is required to obtain flood certification for all loans secured with residential property. If your property is within a flood zone, you will need proof of flood insurance to proceed with your loan.
Q. What type of insurance do I need to get a loan?
A. As mentioned in the previous question, if your property is within a flood zone you will need flood insurance. No matter where your property is located, you will need hazard or homeowner's insurance.
Q. What are the coverage requirements?
A. When you get hazard, or homeowner's, insurance, you should obtain an amount that would cover the cost to rebuild the home and all of the items in it. Contact your insurance professional for more information.
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QUESTIONS ABOUT THE HOME LOAN PROCESS
Q. How long does it take to close my loan, and when can I receive the funds?
A. The average time it takes to close a loan is two weeks. The time greatly varies depending on how long it takes for us to receive all of your paperwork. For refinances or home equity loans, funds are available upon expiration of the mandatory 3-day rescission period where you have the right to cancel the transaction if you change your mind.
Q. Where does the loan closing take place?
A. You will close your loan either at a location designated by your closing agent or at Home Loan headquarters.
Q. Do I need to get an appraisal if I refinance my home loan?
A. Refinances require an appraisal; however if you are a current Home Loan customer you may be able to skip this step. Contact us at 1-800-223-1700 for more information.
Q. Who can co-sign on my loan?
A. In general, a co-signer should own property themselves or be a joint tenant of the property being used to secure the loan. All co-signers must be at least 18 years old, and residents of Alabama and Nebraska must be 19.
Q. Does having someone else co-sign on my loan improve my chances of getting the loan?
A. It really depends. When we evaluate a borrower, we consider credit, income, assets, debts and other information about both borrowers. If you want someone to co-sign, make sure you consider that person's impact on the overall financial profile.
Q. What if I am self-employed?
A. For people who are self-employed we require at least 1 year’s tax returns to verify your income. Contact us for more information.
Q. I accidentally entered incorrect information on my online application. What do I do?
A. Don't worry. When your Home Loan Loan Advisor calls you to process the application, just tell him or her about the mistake. We appreciate your efforts to correct the error. Please note that any intentional misrepresentation of identity or property ownership is considered fraud and prosecution may occur.
Q. I've submitted my application online. Now what?
A. A loan representative will contact you within 24 hours to ask you a few more questions and process your application. If you are in need of immediate attention, please call us at 1-800-223-1700 so we can expedite the process.
Q. Do I need to keep making payments on my current loans during the application process?
A. By all means yes – continue making payments on your loan(s) while you are waiting for your new loan to close.
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QUESTIONS ABOUT OUR LOANS
Q. How do I apply?
A. You can fill out an online application or call us at 1-800-223-1700. Both methods take just a few minutes.
Q. How much can I borrow?
A. After you apply we can tell you how much you qualify for. The amount is based on your credit history, type of property you own and the available equity in your property.
Q. Are there minimum and maximum loan amounts that Home Loan will lend?
A. Yes. We lend anywhere between $35,000 and $729,750. The minimum and maximum amounts we can lend vary by state and county.
Q. What can I use my loan for?
A. You can use the equity you have in your home to pay for almost anything. Many people use their loans to consolidate debt, make home improvements, pay for college, buy a new car or go on vacation…the choices are unlimited.
Q. Is the interest I pay on my loan tax deductible?
A. In general, interest paid on loans is tax deductible, but consult with your tax advisor to make sure.
Q. Am I charged a late fee if my payment is late?
A. All Home Loan loans have a 15-day grace period. If we receive your payment within the 15 days you will not be charged a late fee, but if we receive it after the grace period you will be charged a late fee.
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QUESTIONS ABOUT YOUR CREDIT
Q. If I'm in foreclosure, can I get a loan from Home Loan?
A. No, we do not have loan programs available for people who are currently in foreclosure, but we do have programs available for people who have been out of foreclosure for more than 12 months.
Q. Does Home Loan consider borrowers with tax liens or judgments?
A. Yes, we consider applicants with tax liens or judgments.
Q. What is debt consolidation?
A. Debt consolidation is a way to pay off many debts (such as credit card bills) with a single loan. You take out a loan for the total amount of all your debts, pay off each of your creditors and end up having only to make one smaller payment to Home Loan. By consolidating your debt, you can often reduce your monthly payments and actually have some money left over. Contact us for more information, or use the Debt Consolidation Calculator to estimate how much extra cash you can have on hand each month.
Q. If I refinance my mortgage will my credit improve?
A. Your credit rating is dependent on resolving any delinquent credit you may have, paying your bills on time starting now, and simply waiting for these positive efforts to take effect. We help many customers pay off bad debts and refinance their mortgages for lower overall monthly payments that work with their income. Contact us today at 1-800-223-1700 to discuss how you can take steps to improve your credit.
Q. How do I get a copy of my credit report?
A. Call any of the credit reporting agencies:
Equifax: (800) 685-1111
Experian: (888) 397-3742
TransUnion: (502) 425-7511
Or you can view your credit report online at https://www.annualcreditreport.com
You can obtain one free credit report per year from each of the three credit reporting agencies. It's a good idea to get one report every four months to monitor your credit activities and protect against identity theft.
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QUESTIONS ABOUT YOUR PERSONAL INFORMATION
Q. Is my personal information secure?
A. We take your personal privacy very seriously and we maintain stringent security standards to ensure that your information remains safe. We use industry-standard encryption and storage technologies to protect your information.
Q. Can I remove my name from your marketing lists?
A. Of course. Just email your request to firstname.lastname@example.org or call us at 1-800-223-1700. Your name will be removed immediately from our database; however, you could receive mail already in progress for up to two months after your request.
Q. Why must I provide my email address when applying online?
A. We ask for your email address so we can send you a confirmation that we received your application. Also, if your loan advisor can't reach you by phone, he or she may email you during the application process. We take your privacy seriously and never provide your email address to any vendors or solicitors.
Q. Why do I need to provide my Social Security Number?
A. We need your Social Security Number to request a credit report and proceed with your loan approval. We take all precautions to fully protect your personal information at all times.
Q. Does Home Loan sell or provide my personal information to other parties?
Q. Home Loan contacted me, but I didn't fill out any forms. How did you get my information?
A. Credit companies sell contact information to financial institutions. If you do not wish to receive such information, you may contact one of the following companies:
Trans Union Marketing Opt-Out
PO Box 9738
Jackson, MS 39288
PO Box 740123
Atlanta, GA 30374
Experian Information Solutions
PO Box 919
Allen, TX 75013