We’ve assembled a list of our most frequently asked questions for your convenience. If you have specific questions about HomeUnion Lending or questions about financing your investment, please don’t hesitate to call us at:844-690-9800
HomeUnion Lending offers a wide variety of loans that are designed to work with your specific goals. These loans can be for an LLC or an individual and can be setup for a variety of different terms. Here are some of the loans we typically offer:
- Jumbo loans
- Agency conforming loans,
- Self directed IRA loans
- Blanket loans
- Bank statement loans
- Foreign investor loans
- Commercial residential loans
The needs and goals of our investors vary from person to person, and thus what is best isn’t easily answered in this FAQ. Call us today and we’ll work with you to develop a lending solution that specific to your investing needs.
Generally speaking, interest rates are set based on a variety of economic factors such as bonds, and thus vary. The interest rate for your specific loan can be influenced by factors such as down payment, term of loan, type of loan, and credit score.
Although the terms are similar, the difference is that the interest rate is used in calculation of the monthly payment and APR is used for the calculation of the total cost of the loan including fees and other costs found with the transaction.
The biggest difference between the two terms is that “pre-approval” is after all the necessary paperwork has been received to get the loan approved. When pre-approval is done correctly it will generate an “Approved-Eligible” response from an automated underwriting system.
Although there are some factors that can affect the length of the loan process, it typically lasts about 30-45 days for loan funding. We try to keep this time as short as possible and make sure the inspections are taken care of prior to ordering the appraisal.
Different loans require different paperwork, but generally speaking we will need:
- Copy of your driver’s license and social security card
- Federal tax returns from the last 2 years
- 2 months of bank statements and paystubs (preferably with year to date amounts)
- Credit authorization
- Other financial account statements
- Rental agreements for any properties that you own
“Points” or “discount points” are often used by the investors as a means to lower their interest rate by paying a fee; this essential means you are paying the interest in advance.
“Origination points” have to do with the compensation of the loan officer and aren’t required by all mortgage providers.
In either case, each point is equal to one percent of the loan amount. If you have specific questions about origination points or discount points please give us a call.
Closing costs and fees are based on the type of loan and the amount of the loan. That being said most buyers are responsible for the following fees:
- Loan application fee
- Lender fee
- Licensed appraisal fee
- Escrow and title charge
- Insurance Prorations
- County or state recording fees
- Points to lower the rate