Frequently Asked Questions
At Home Loan Investment Bank there are no "dumb
questions", but there are plenty of frequently asked questions.
Here are the answers, organized by topic:
 General
Certificate of Deposit
Retirement
Money Market
Online
Loans
| General FAQ's
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Q.
What are your branch hours?
A.
Our branches in Warwick and Providence are open Monday - Friday from 9am-5pm.
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Q.
How do I change the address on my account?
A.
Please call our Customer Service Hotline at 1-888-500-6025 and they will process your change of address request.
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Q.
How can I speak with a customer service representative regarding my accounts?
A.
Home Loan Investment Bank's Customer Service representatives are available Monday to Friday from 9:00 a.m. to 5:00 p.m., Eastern Time. They can help you with any issue you may have regarding your account information, changes to your personal information, questions about our products and services, etc.
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Q.
How can I review information regarding my account?
A.
For your convenience, you may review your account online or by calling our customer service hotline at
1-888-500-6025. With both of these options, you have the opportunity to review account balances, account history, current rates and transfer funds between accounts. You will need your account number and personal identification number to access information on your accounts.
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Q.
When will my funds be available after making a deposit?
A.
Your deposit is available on the first business day after we receive your deposit. However, this timeframe may vary depending on the type and amount of your deposit. Home Loan Investment Bank may delay the availability of your funds for up to 11 business days. A delay may occur if:
- There is a technical emergency.
- We believe your check deposit won't be paid.
- Your deposit totals more than $5,000 in a single day.
- Your account has been overdrawn several times in the last six months.
For more information on delays, please call our customer service hotline at
1-888-500-6025.
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Q.
What does FDIC Insured mean?
A.
FDIC (Federal Deposit Insurance Corporation) is an independent governmental agency that provides you with protection against a loss of funds for your checking, savings, and CD accounts. Home Loan Investment Bank deposits are insured up to $100,000 per depositor. IRA accounts receive an additional $100,000 of insurance.
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Q.
When does Home Loan Investment Bank observe holidays?
A. The following dates are bank holidays:
- New Year's Day
- Memorial Day
- Independence Day
- Victory Day
- Labor Day
- Columbus Day
- Veterans Day
- Thanksgiving Day
- Christmas Day
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Q.
How do I open A Home Loan Investment Bank account?
A.
To open an account with Home Loan Investment Bank, visit our branches in
Warwick or Providence and you can discuss various account options. The process of opening an account takes only 10 minutes. If you have any questions regarding out accounts, you may also call our customer services hotline at
1-888-500-6025.
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Q.
How do I change banks and become A Home Loan Investment Bank customer?
A.
Please visit one of our branches and speak to a sales representative
regarding switching to Home Loan Investment Bank.
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| Certificate of Deposit FAQ's
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Q.
Can I change the terms of my maturing CD?
A.
Yes. You can change the terms on your CD by calling our customer service hotline at
1-888-500-6025 or by visiting one of our branches in
Warwick or Providence.
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Q.
What happens when my CD reaches maturity?
A. You will receive a written notice of the maturity
of your CD one month prior to maturity. At that
time, we will provide you with reinvestment options
or we can renew your CD.
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Q. Is there a penalty if I withdraw money from my
CD before it reaches maturity?
A.
Yes. A withdrawal penalty will apply. For specific details on this fee, please contact a customer service representative at
1-888-500-6025.
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Q.
Can I add money to A Home Loan Investment Bank CD after it has
been opened?
A. Unfortunately, you cannot add money to an
existing CD but you may open another CD. However, you do have the
opportunity to add more money to your CD once it reaches maturity. Back to Top
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| Retirement FAQ's
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Q.
What is an IRA?
A.
An individual retirement account (IRA) allows you to put money in a tax-deferred or tax-free account that you can draw upon once you retire. There are several types of IRA accounts so we recommend discussing your needs with a financial or tax advisor so receive the account that is best for you.
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Q.
How do I open an IRA?
A.
You can open an IRA by visiting our branches in Warwick or Providence. Our sales representative will discuss different account options with you so you can open the account that best suits your retirement needs.
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Q.
Which financial institution will possess my IRA Certificate of Deposit?
A.
Your account will be held at Home Loan Investment Bank, F.S.B.
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Q.
Am I eligible for a Traditional IRA and/or Roth IRA?
A.
To determine your eligibility, you can contact a customer service representative at
1-888-500-6025. You can also use our Traditional vs. Roth IRA calculator to learn the differences between the two.
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Q. Is there a penalty if I withdraw funds from my IRA before retirement?
A.
It depends on whether you have a Traditional or Roth IRA. A Roth IRA allows you to make qualified withdrawals without penalty. A tax advisor will be able to help you determine whether your withdrawal qualifies.
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Q.
Can I switch from a Traditional IRA to a Roth IRA?
A.
Yes, but there are tax implications. Consult a tax professional so in order to determine whether this is an appropriate decision based on your retirement needs.
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Q.
What is the maximum amount I can contribute per year?
A.
Below is a chart containing the contribution limits based on age and year:
| Year |
Under age 50 |
Age 50+ |
| 2005 |
$4,000 |
$4,500 |
| 2006 |
$4,000 |
$5,000 |
| 2007 |
$4,000 |
$5,000 |
| 2008 |
$5,000 |
$6,000 |
The cost of living increases by $500 for the year 2009 and later.
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Q.
Do I have to withdraw money from my Roth IRA at a certain age?
A.
No. You are not required to start withdrawing from a Roth IRA once you reach a certain age. With a Traditional IRA you are required to begin withdrawing at age 70 and 1/2.
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Q.
Can I have a Traditional IRA in addition to a Roth IRA?
A.
Yes. By having money in both types of IRA accounts, you can receive the best tax savings. Keep in mind that you can still only contribute the maximum amount between the two accounts.
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Q.
Are Home Loan Investment Bank IRA funds secure?
A.
Absolutely. All IRA accounts are FDIC insured up to the maximum amount
($100,000 per depositor). Back to Top
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| Money Market FAQ's
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Q.
What is a money market account?
A. A money market account provides you with a more competitive interest rate
than other savings accounts while still allowing you to have ATM access and
check writing capabilities.
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Q.
How can you offer such great rates?
A. As a federal savings bank, we have access to low
bank rates and allowing us to pass the savings onto
our customers.
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Q.
Is my money secure in A Home Loan Investment Bank money market
account?
A. All money market accounts are FDIC insured up to
the maximum amount ($100,000 per depositor). We have
over $175 million in deposits so you can be confident that
your funds are secure at Home Loan Investment Bank.
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Q.
How do I open a money market account?
A.
You can open a money market account by visiting our branches in Warwick and Providence. A sales representative will be available to answer any questions you may have and acquaint you with our products. If you have any other questions regarding our product offering, please contact our customer service hotline at
1-888-500-6025.
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Q.
How can I withdraw funds from a money market
account?
A. In order to withdraw funds without penalty, you
can only have six transactions per statement cycle,
including ATM, check writing and transfers. Please
note that only three withdrawals may be by check.
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Q.
Will I receive statements?
A. Yes. Home Loan Investment Bank will
send you a monthly statement so you can look at the
account's activity and transfer history.
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Q.
How can I fund a money market account?
A. You can fund your money market account via check
or wire transfer. Back to Top
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| Loan FAQ's |
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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.
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Q. How much of my home's value will you lend?
A. We offer home equity loans up to 100% of the current value of your home, for those who qualify. The exact way we determine how much to lend can vary and is based on loan-to-value (LTV) rations, line amount, and credit history.
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Q. I have a mobile home. Can I get a loan from Home Loan Investment Bank?
A. Currently we do not offer loans on mobile homes, but if you own a double-wide manufactured home built after 1976 and you own the land, please
contact us for more information.
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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.
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Q. Do I have to live in the property that I use as collateral for my loan?
A. You don't need to occupy the property you want to use as collateral if you want a loan equal to or less than 80% of your available equity. If you are looking to borrow more than 80% of your equity, then you must be living in the property.
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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.
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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'll need flood insurance. No matter where your property is located, you'll need hazard or homeowner's insurance.
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Q. What are the coverage requirements?
A. When you get hazard, or homeowner's, insurance, you should get 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 do I get the funds?
A. The average time it takes to close a loan is two weeks, but many times we can close within 10 days. The time greatly varies on how long it takes to receive all of your paperwork. Funds are available usually four business days after the date the loan documents are signed. There is a mandatory three-day rescission period where you have the right to cancel the transaction if you change your mind.
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Q. Where does the loan closing take place?
A. You have the option of closing your loan at one of our three locations: our retail branches in Providence and
Warwick or at our corporate headquarters in Warwick, RI.
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Q. If I refinance my home loan do I need to get an appraisal?
A. Refinances require an appraisal; however if you are a current Home Loan Investment Bank customer you may be able to skip this step.
Contact us for more information.
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Q. How long is an appraisal good for?
A. There's no official expiration date on appraisals, but more lenders consider them outdated after about six months.
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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.
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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.
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Q. What do I do if I'm self-employed?
A. For people who are self-employed or have difficulty documenting income, we can work with you to determine the types of documentation you can provide. Since we loan our own money (we're a direct lender) we have much more flexibility in who we offer our loans to, including those who have a hard time proving income.
Contact us for more information.
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Q. Oh no! I accidentally entered incorrect information on my online application. What do I do?
A. Don't worry. When your Home Loan Investment Bank 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.
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Q. I've submitted my application. Now what?
A. In most cases, a loan advisor will contact you within two business days to process your application. If you are in need of immediate attention, please call us to expedite the process.
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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 you 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
1-888-500-6025. Both methods take just a few minutes or less.
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Q. How much can I borrow?
A. After you apply we can tell you how much you qualify for, which is based on your credit history, type of property you own, and the available equity in your property.
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Q. Are there minimum and maximum loan amounts that Home Loan Investment Bank will lend?
A. Yes. We lend anywhere between $10,000 and $600,000. The minimum and maximum amounts we can lend vary by state and county.
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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 practically unlimited.
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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.
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Q. How much equity do I need to have in my home in order to refinance?
A. Up to 100% equity in your home.
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Q. Am I charged a late fee if my payment is late?
A. All Home Loan loans have a generous 16-day grace period. If we receive your payment within the 16 days you will not be charged a late fee, but if we receive it after the grace period you will be charged a small fee related specifically to your loan amount.
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Questions about Your Credit
Q. If I'm in foreclosure or bankruptcy, can I get a loan from Home Loan Investment Bank?
A. We have programs for people with open foreclosure, but all bankruptcy or foreclosure activity must be resolved before signing the loan documents.
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Q. Does Home Loan Investment Bank consider borrowers with tax liens or judgments?
A. Yes, we consider applicants with tax liens or judgments; however the loan proceeds must be used to pay all open judgments and tax liens.
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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 get a loan for the total amount of all your debts, pay off the creditors and then make one monthly payment to Home Loan Investment Bank for the one 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.
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Q. I'm currently behind on my mortgage payments. What can I do?
A. Many lenders will work with you to solve the issue so don't avoid your lender – give them a call. It's important to resolve these issues quickly to help maintain a good credit rating and avoid foreclosing, and losing, your home.
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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 to discuss how you can take steps to improve your credit.
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Q. How do I get a copy of my credit report?
A. Just call any of the credit reporting agencies:
Equifax: 800.685.1111
TRW: 800.392.1122
TransUnion: 502.425.7511
Or you can view your credit report online at
https://www.annualcreditreport.com
You can obtain one free credit report a 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.
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Q. Can I remove my name from your marketing lists?
A. Of course. Just email your request to
contactus@homeloanbank.com or call us at
1-888-500-6025. 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.
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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 get a hold of 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.
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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. Providing your SSN on the online application is optional, but your loan advisor will ask you for it during the application process. We take all precautions to fully protect your personal information at all times.
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Q. Does Home Loan sell or provide my personal information to other parties?
A. Absolutely not. We never provide any personal information about our customers to other people or companies. Please review our
Privacy Policy for more information on our dedication to keeping your personal information safe.
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Q. Home Loan Investment Bank 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 don't like to receive such information, you may want to contact one of the following companies:
Trans Union Marketing Opt-Out
PO Box 9738
Jackson MS 39288
(888)5OPT-OUT
Equifax Options
PO Box 740123
Atlanta GA 30374
(800) 755-3502
Experian Information Solutions
PO Box 919
Allen TX 75013
(800) 353-0809
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Still Looking for an Answer?
If you have any questions that were not answered in the FAQs, please contact us.
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| NEED HELP? |
If you have any questions
that were not answered in the FAQs, please
contact us. 
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