| 1. |
What
is HotDealsOnLoans.com?
HotDealsOnLoans.com
is an online loan center that connects you to
our network of brokers and lenders who compete
for your business. In two easy steps you can fill
out our loan application for free, receive multiple
offers, and close your loan. |
| 2. |
Is
there an obligation to accept any of the offers?
No, there is no obligation to accept any of the
offers. |
| 3. |
What
is an Accredited broker or Lender?
An Accredited broker or lender is licensed to
do business in your state and agrees to comply
with the state's Department of Real Estate.
|
| 4. |
Does
GoApply charge any up-front fees?
No. No application fee policy guarantees your
satisfaction. We invite you to apply now for free
so you can determine which offer will meet your
needs best.
|
| 5. |
How
does HotDealsOnLoans.com get paid?
HotDealsOnLoans.com's service is completely free.
Our Broker/Lender Network pays us for the opportunity
to compete against others to get you the best
loan that fits your needs.
|
| 6. |
How
long will it take to process my loan?
Once you have given us all necessary
information, you can expect to have your loan processed
in 2-3 weeks. FHA Loans, however, can take 30 to
45 days. |
| 7. |
What
happens when I lock in an interest rate?
You have the option to lock in an interest rate
any time during loan processing. If the loan does
not close and fund within the lock in period and
the rates go up, you will close at the higher
rate. If the rates go down, you will close at
the locked in rate. |
| 8. |
What
is "APR" and why is it different from
my interest rate?
Your interest rate, commonly called
the note or base rate, is the rate used calculate
your monthly payments. The Annual Percentage Rate
(APR), is the total yearly cost of a mortgage.
It is stated as a percentage of the loan amount
which includes the base interest rate, mortgage
insurance, loan origination fees, points and certain
other expenses (if any). |
9. |
What
are "closing costs" and "prepaids"?
Closing costs are the charges
and fees that are paid at closing. Some of these
are paid to third parties for survey fees, courier
costs, etc. Prepaid expenses include prepaid interest,
homeowners insurance, real estate taxes and private
mortgage insurance (if the loan to value exceeds
80%). Generally, two months taxes and insurance
are also collected and placed in escrow. |
