Frequently Asked Questions

Q. What is the cost to Apply Online?

A. There is No cost or Obligation to Apply online.

Q. How quickly will my loan be approved?

A. Once you submit your application your loan will immediately begin the underwriting process. In most cases My Loan Quote will deliver your credit decision within 24 hours.

Q. What is the difference between a Home Equity loan & a Second Mortgage?

A. Nothing... there are simply 2 different names for a loan that is taken out against your home to get cash for Home improvements, or to pay off existing debt. A Home Equity Loan is a type of Second Mortgage

Q. What is a home equity line of credit?

A. When you get a home equity line, you access the ability to draw money, whenever you want, for a period of time. You only pay interest on the amount you borrow. You may borrow money, then pay off the money you borrowed and borrow again against the line of credit. You typically access the line with a check or credit card.

Q. What is the difference between a home equity loan and a home equity line of credit?

A. Both are considered second mortgages, with a home equity loan all funds will be paid at closing. A home equity line of credit provides you with a credit line that you can borrow against at any time within a set time limit and up to a maximum amount.

Q. What is my mortgage rate and when is it confirmed?

A. 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. Your Fico credit score, Debt to Income Ratio, and Combined Loan to Value ratio will determine the mortgage rate.

Q. What is my maximum loan?

A. Your maximum loan is determined by several factors. Your Fico credit score, Debt to Income Ratio, and Combined Loan to Value ratio will determine the mortgage rate and the limits for loans size.

Q. What is an APR?

A. APR is often referred to as the Effective Rate, is a rate which shows the true cost of borrowing. This rate is different from the nominal interest rate stated in your loan documents. The Truth In Lending Simplification and Reform Act requires mortgage companies to disclose the APR when advertising a rate.