 |
Phone: 818-368-1355 |
|
- Who should I contact once my loan is in process?
- Who do I contact for general information and questions on using HLS services?
- What should I expect after I submit my loan application?
- How quickly will my loan be approved?
- What kind of documentation will I need to provide to the lender for verification?
- Can I apply for a purchase loan before I find a property?
- On a purchase loan, is there someone who will work with my Realtor?
- Is there any cost to apply?
- Do I have to have an impound account?
- I don't have much money for a down payment. Can I still get a loan?
- What is my loan rate and when is it confirmed?
- Can I change my application after I've submitted it?
- When can I lock my interest rate?
- When do I order my appraisal?
- What is hazard insurance?
- What is pre-paid interest?
- What is the difference between the interest rate and the APR?
- Can I get a loan on my home if it is for sale?
- What is my maximum loan amount?
- What is the rescission period?
- What percentage of my home's appraised value can I borrow?
- How quickly can I get approved?
- How quickly can I close my loan?
- Are there any application fees?
- How soon will I find out if my application is approved?
- What if I have bad credit or a bankruptcy?
- I don't live in the U.S. but I would like to purchase a property in another country. Can I get a mortgage through HLS on a foreign property?
- Can I use foreign currency to pay a mortgage on U.S. property?
- I already applied for a mortgage through HLS 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 reapply?
Who should I contact once my loan is in process?
Once you submit your online loan application a Personal Loan Consultant is assigned to guide you through the loan process. Your Loan Consultant is your single point of contact until you close your loan. Your Loan Consultant will call you to answer questions and provide their contact information within 24 hours.
Who do I contact for general information and questions on using HLS' services?
If you have any inquiries prior to filling out an application, please call (881) 368-1355 or (310) 925-8430. Our hours are Monday through Friday, 9 AM - 5:30 PM PST.
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 HLS can deliver the credit decision within 24 hours.
How quickly will my loan be approved?
Once you submit the application, your loan will immediately begin the underwriting process. In most cases HLS can deliver the credit decision within 24 hours.
What kind of documentation will I need to provide to the lender for verification?
HLS' streamlined loan process minimizes the number of documents required. The actual documents you will need to provide will vary based on your situation, but with an HLS Express Loan you may not need any documents.
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 HLS recommends that you apply for a 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 we cannot lock your rate until you specify a property address.
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.
No! HLS does not require an up-front fee to submit an application and begin the loan process.
Do I have to have an impound account?
Impound accounts are sometimes 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 loan-to-value ratio (loan amount divided by property value) is 80% or greater.
I don't have much money for a down payment. Can I still get a loan?
Yes. HLS offers loan products with as little as 3% down. Please contact a Customer Service Representative at (818) 368-1355 or (310) 925-8430 to get specific product information about each option.
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.
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.
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.
HLS 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. HLS recommends that the appraisal be ordered early in the process in order to avoid delays.
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 severe storm and should cover the cost of rebuilding your home. Generally, you have to confirm at closing that you have secured one year of hazard insurance coverage.
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 pre-payment your interest will be included in your regular monthly payments.
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.
Can I get a loan on my home if it is for sale?
No. If your home is currently for sale, HLS cannot provide you with a loan on that home. If your home has recently been for sale it must be off the market for 90 days before HLS can provide you with a home equity loan on that property.
What is my maximum loan amount?
Your maximum loan / line amount is determined by a number of factors. In most cases your total mortgages, including your requested loan amount, can add up to 95% and in some cases 100% of your home's value, up to $1,000,000.
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.
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%.
How quickly can I get approved?
The approval time varies from loan to loan. In some cases we will need additional information before we can arrive at a credit decision.
How quickly can I close my loan?
The time needed to close your loan depends upon a variety of factors, including the time needed to obtain required documentation and when you sign your loan documents. Many loans close within 21 days of application and most loans close within 10 days of receiving a final loan approval.
Are there any application fees?
No, there are no fees to apply.
How soon will I find out if my application is approved?
In most cases, you will get a response within an hour of submitting your application. Otherwise we will respond no later than 24 hours from the time of your application.
What if I have bad credit or a bankruptcy?
HLS and its 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 attempt to find a lender who can help you, at your request.
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 (non-U.S.) mortgage at HLS in the United States.
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 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.
Currently, mortgage applications differ from country to country so you would need to reapply. 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.
|
|
 |
Partovi Realty - Los Angeles, CA USA Tel: (818) 368-1355 (310) 925-8430 ● Fax: (310) 641-3020 ● info@homelendingstore.net
