Home Loan and Mortgage Loans FAQs

Frequently Asked Questions
I've accepted an offer, how do I begin the loan process?
Once you have accepted an offer, a Mortgage Loans Online loan advisor will contact you regarding the materials necessary to process the loan (e.g., income and asset documentation).

What are the interest rates charged for your loans?
Loan rates are determined by a variety of factors including, but not limited to, the loan product, borrower's credit history, loan amount, loan-to-value ratio of the property, and borrower's income (loan type / property type). Every loan is as unique as its borrower. We recommend you take advantage of our free application process to get some individually tailored rate quotes. There is no cost or obligation.

What causes an adjustable rate mortgage to adjust?
The interest rate of an adjustable rate mortgage (ARM) is linked to a particular index of economic conditions. An index frequently used by Mortgage Loans Online is the six-month London Interbank Offering Rate or LIBOR. This index is the average of interest rates charged by major international banks to borrow U.S. dollars in the London money market. LIBOR is the British equivalent to the U.S. Prime Rate.

The LIBOR index is officially fixed once each day, although changes occur throughout the day. Changes in this index correspond to changes in the interest rate of an adjustable rate loan. Because the interest rate of an ARM is calculated by adding the index plus a "margin" (a pre-set, fixed interest rate established by the lender), a change in the index value will cause a change to the interest rate calculation. The number of times an ARM loan will adjust each year, and the maximum amount it can change, varies per loan. Borrowers are encouraged to consult their Mortgage Loans Online Loan Advisor with any questions regarding the ARM loan adjustment process.

What is negative amortization and how does it occur?
Negative amortization occurs when scheduled monthly mortgage payments are not sufficient to repay the fully scheduled amortized payment (principal and interest) due on the loan and the outstanding balance of the loan grows larger with each payment. Mortgage Loans Online does not offer negative amortization loans.

Can I get loan rates over the phone?
Absolutely. But remember, obtaining a loan program that fits your particular needs is just as important as the loan rate. Just call us toll free at 1-800-708-3155, complete our quick, no obligation form, and we'll have the necessary information to answer your questions, and even begin the loan application process over the telephone.

Who do I contact once my loan is in process?
Once your loan is in process, a Mortgage Loans Online Loan Advisor will be your contact for any questions you have about your loan. Feel free to ask questions at any time.

Who do I contact for general information and questions on using Mortgage Loans Online's services?
If you already filled out a form and have been contacted by one of our Loan Advisors, please feel free to call or email them with your questions. Or, simply call us at 1-800-708-3155 and one of our customer service representatives will be happy to assist you.

If you have questions at any time regarding Mortgage Loans Online's loan products or processes, call 1-800-708-3155.

After I apply for a loan, what should I expect?
After you complete the application process and authorize Mortgage Loans Online to request your credit report, we will evaluate your application and credit, present you with a loan proposal containing a variety of loan options. We will suggest which option we feel will best accomplish your objective.

How am I approved?
At Mortgage Loans Online, we understand that every customer is unique. That's why we evaluate your individual situation and find the right loan for you. Your Loan Advisor will be able to discuss with you what factors go into approving your loan. Feel free to contact your Loan Advisor directly, or call us at 1-800-708-3155.

How quickly will my loan be approved?
After you have accepted a loan offer, we will begin the loan approval process as quickly as possible. You will need to submit the documentation specified by your loan advisor. And the sooner we receive the complete documentation required, the sooner your loan will close. After loan approval, typically it takes 3-5 business days after your loan funds to have a check in hand.