FAQs
Welcome to our FAQ section! Here, you'll find answers to a wide range of questions, organized into easy-to-navigate categories like general information and loan-specific topics. Use the search bar to quickly find what you need, or simply scroll down to explore related questions. We're here to make things simple and help you get the information you're looking for.
Our funding programs include:
There is no income verification (e.g., tax returns, pay stubs, etc.) for all of our loan programs, with the majority of the emphasis being on the property details.
All of our loans offer fixed rates with monthly payments.
The first and most important step is to apply online. Within seconds our system will be able to determine whether your loan scenario pre-qualifies for funding and, if so, you’ll receive a detailed Loan Estimate which outlines all pertinent information for your loan.
Documentation requirements can vary slightly for each applicant given the uniqueness of each loan scenario. Required documentation generally includes a completed loan application, photo ID, and proof of property insurance. Additional documents may be required and will depend on the specifics of your scenario.
This will depend on the loan program. Some loan programs, such as the Stated Income Loan, are fully amortized loans with each payment contributing to both principal and interest. Other loan programs, such as our Hard Money Loan, are interest-only payments.
Many of our loans are structured with no prepayment penalty, however, some may have a designated prepayment clause if paid off early in the loan (6 months, 1 year, etc). Your loan officer will be able to explain whether or not a prepayment penalty applies to your loan.
Closing costs are all fees associated with your loan transaction. Some closing costs are charged by us, such as an underwriting fee. While other closing costs, such as the title search, are from third-parties. Once you apply online you will receive a detailed loan estimate itemizing any fees pertaining to your transaction.
Credit scores are only a factor for some of our loan programs. Most of our loans programs, such as the Hard Money Loan program, offer the convenience of no minimum credit score. Even our 30-year fixed rate options offer the convenience of no minimum credit score for certain scenarios. Please refer to each loan program page where it clearly defines whether or not a minimum credit score is needed or if it’s a no minimum credit score loan program.
Both! While we always try to keep a loan in-house, sometimes a loan scenario falls slightly outside of our lending criteria. In an effort to continue providing you with the highest quality of service, we have developed strong relationships with a handful of lenders and their underwriting teams to ensure you receive the loan you deserve.
Loan approval is quick, usually taking 1-2 business days after we’ve received your completed loan application and supporting documentation.
A prequalification simply means based on a limited amount of information, often times self reported by you, the applicant, that it meets our lending criteria. A preapproval means we have reviewed a completed loan application and have documented some or all of the necessary underwriting documents.
For our permanent financing loan programs, these loans offer principal and interest payments, meaning a portion of each monthly payment pays down the balance of your loan. With an interest-only loan, there is no principal contribution so your loan amount stays the same after each monthly payment.
Yes! The vast majority of clients we work with are self-employed. We do not require tax returns or any proof of income, and do not verify income for any of our loan programs.
A mortgage escrow account is only mandatory for some of loan programs, such as the Stated Income Loan program. Mortgage escrow accounts are used to ensure enough funds are collected to pay your real estate taxes and property insurance premium.
An appraisal is required for most of our loan programs. The necessity for an appraisal is to confirm the property condition, zoning, and value, among other things.
Our loan estimate provides detailed information about the loan you’re applying for. This will include loan terms such as repayment length, interest rate, and monthly loan payment (excluding any escrow for taxes or insurance). The loan estimate will also include your Loan Officer and their contact information, in addition to estimated closing costs associated with your loan.
Refinancing is simple and there are countless scenarios where a refinance makes sense. From tapping into your properties equity to pull out cash for an additional investment property acquisition, or maybe your current loan is maturing and you need to pay it off, a refinance can be the solution for countless reasons. It’s always important to compare your current monthly housing liability to the new proposed loan with a refinance. Understanding the difference in monthly payment can help when determining if a refinance is right for you. Your loan officer can serve as a valuable resource for helping you weigh your options.
Residential investment properties include single family, condo, townhouse, and 2-4 units. Commercial properties include multifamily (5+ units), mixed-use, retail, office, warehouse, and self-storage facilities.