Working with IFC Loans
- How is IFC Loans different than other lenders and brokers?
- Who should I contact once my loan is in process?
- Who do I contact for general information and questions on using IFC Loans services?
- What should I expect after I submit my loan application?
- How quickly will my loan be approved?
- 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?
- What types of home loans does IFC Loans offer?
- I don't have much money for down payment. Can I still get a loan?
- What is hazard insurance?
- What is pre-paid interest?
- What is the difference between the interest rate and the APR?
- What is Private Mortgage Insurance?
- What will I receive after applying for a mortgage online?
- What documentation do I need to provide for a mortgage approval?
- What kind of documentation will I need to provide for verification?
- How do I check the status of my purchase or refinance application?
- How quickly can I close my loan?
How is IFC Loans different than other lenders and brokers?
IFC Loans uses award-winning technology and a streamlined process to make getting your loan online very easy. Based on the information you provide and your credit history, we develop a personalized loan for your situation. IFC Loans unique benefits include: Your personal Home Mortgage ExpertSM Team; and 24/7 access to your loan information through the IFC Loans Loan Tracker.
Who should I contact once my loan is in process?
Once you submit Your Online Application a personal Home Mortgage ExpertSM Team is assigned to guide you through the loan process.
Who do I contact for general information and questions on using IFC Loans services?
If you have any inquiries, please call 800/520 0432 or send an email to info@ifcloans.com.
What should I expect after I submit my loan application?
Once you submit Your Online Application, your loan will immediately be placed in the underwriting process. Meanwhile your Home Mortgage ExpertSM Team will contact you to answer any questions.
How quickly will my loan be approved?
In most cases, IFC Loans will approve your loan within 24 hours.
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 IFC Loans recommends that you complete Your Online Application. By completing this application, IFC Loans will issue you a pre-approval letter. A pre-approval letter gives you greater flexibility and leverage while you conduct your home search.
On a purchase loan, is there someone who will work with my Realtor?
Yes. Since each loan is assigned to a Home Mortgage ExpertSM Team, they will be able to assist you or your Realtor at any time.
What types of home loans does IFC Loans offer?
IFC Loans offers all types of loans including: fixed rate, adjustable rate, FHA/VA, commercial, reverse mortgages, 100% investment property, no down payment, no closing cost, interest only and non-conforming options.
I don't have much money for down payment. Can I still get a loan?
Yes, IFC Loans offers loan products with as little as zero % down (up to 107% of property value is available in certain cases). For more information, contact your Home Mortgage ExpertSM Team for specific product requirements.
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.
When can I lock my interest rate?
Your Home Mortgage ExpertSM Team 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 Home Mortgage ExpertSM Team will contact you so that you can lock at your convenience. Please note that you must specify a property address in order to lock.
When is the appraisal ordered?
IFC Loans will order your appraisal as soon as you are ready. Your Home Mortgage ExpertSM Team recommends that the appraisal be ordered early in the process in order to avoid delays.
What is hazard insurance?
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 a severe storm and should cover the cost of rebuilding your home. Generally, you have to confirm at closing that you've secured one year of hazard insurance coverage.
What is pre-paid interest?
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 prepayment 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.
What is Private Mortgage Insurance?
Private Mortgage Insurance, or PMI, is insurance purchased by the buyer to protect the lender in case the buyer defaults on the loan. PMI is generally applied when you put down less than 20% of the home's purchase price.
What will I receive after applying for a mortgage online?
Upon completing Your Online Application, Your Home Mortgage ExpertSM Team will promptly send you a list of additional items (i.e. bank statements) to compile as well as the proper state mortgage disclosures for your signature. Typically, the list and disclosures are sent via email. Once you have compiled the items and signed the disclosures, you will return the information to your Home Mortgage ExpertSM Team at no cost to you.
What documentation do I need to provide for a mortgage approval?
IFC Loans streamlined loan process minimizes the number of documents required. The actual documents you will need to provide will vary based on your situation.
What kind of documentation will I need to provide for verification?
IFC Loans' streamlined loan process minimizes the number of documents required. The actual documents you will need to provide will vary based on your situation.
How do I check the status of my purchase or refinance application?
You can track the status of your application at your convenience with IFC Loans Loan Tracker.
How quickly can I close my loan?
The time needed to close your loan depends on a variety of factors, including the time needed to obtain required documentation and when you can sign your loan documents. Many loans close within 10 days of application and most loans close within 7 days of receiving a final loan approval.
