Home Equity Loan FAQs

How do I know what my loan rate is and when do I get it?
You will be quoted an interest rate and APR when we present you with a loan offer. All rates quoted in our loan proposal are good for 30 days from the date of issuance.

What is the difference between the interest rate and the APR?
The Annual Percentage Rate (APR) is the yearly cost of a mortgage expressed as a percentage, and takes into account the total cost of a loan, including the interest rate and other finance changes (e.g., closing fees and points). The interest rate consists solely of the cost for borrowing a lender's money.

Using an APR allows a borrower to more accurately compare the true costs of various loans offered by different lenders, or different loan programs offered by the same lender.

Can I make changes to my application?
Yes, you can make changes to your application at any time before the final approval. Any changes after the final approval may affect the time it takes to close your loan, the cost of closing the loan, the interest rate, the type of loan and sometimes the loan approval itself.

What is hazard insurance?
Hazard insurance is a type of homeowner's insurance that protects against damages caused to property by fire, wind, or other common risks. Lenders require that you get a hazard insurance policy before you buy or refinance a home.

How can I check on the status of my application?
You can check on the status of your application by selecting our Track option and viewing your Personal Loan Blueprint Calendar on the web site or by calling your Loan Advisor directly.

How soon will I receive my Welcome Kit?
Your loan package, loan offer, or loan proposal should be presented to you within 24 hours after submitting a completed loan application.

What if I have bad credit or a bankruptcy?
We offer loans to people with all sorts of credit. Whether you have good credit, credit issues, a past bankruptcy, or the need to re-establish credit, we encourage you to apply.

What is "loan-to-value" ratio?
Loan-to-value ratio is a measure used by lenders to assess the relationship between the value of the property and the amount of the loan. The loan-to-value ratio is determined by dividing the loan amount by the fair market value of the property.

What loan is right for me?
Many factors and personal preferences affect a borrower's choice of "the best loan," including the purpose of the loan (e.g., new purchase, debt consolidation, etc.), the length of both the loan and the ownership of the property, and the type of loan a borrower requires (e.g., a small amount of down-payment, a large amount, or no money down). We encourage you to go through the loan application to determine what kinds of loans you might qualify for depending on your specific needs. You are also welcome to call us at any time, at 1-800-708-3155, with any questions you have.

What costs are involved in the loan process?
Fees on home loans fall into the following 3 main categories:

Lender Fees - These are fees charged by Mortgage Loans Online (and other lenders) for originating, processing, underwriting and funding your loan. These fees are set by the lender and vary by state and loan program.
3rd Party Fees - These fees are charged by other companies which are necessary for completing your home loan. Examples include title companies, appraisers and attorneys (in certain states). 3rd parties set their own fees.
Government Fees - These fees are charged by state and local governments. Examples include; recording, state tax, tax stamps or transfer tax. Your local and/or state governments set these fees.

For a complete breakdown of fees associated with you loan, please see your Good Faith Estimate (GFE). For help in understanding your "GFE", please see the Good Faith Estimate Reference Card included in your welcome package.