Frequently Asked Questions
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- Working with iLendit
- Do I have to use your online application?
- No, you do not. We will be more than happy to work with you over the phone and take your application. Just give us a call toll free at 888-564-9668 and ask to speak with a Personal Assistant.
- How safe is my information when I am applying and entering data into the iLendit website?
- Quarterly testing is performed to confirm sufficient controls are in place to protect your data. Your data is never shared with any third party unless you specifically authorize us to do so. When data sharing has been authorized, all data is encrypted and securely delivered to trusted partners. We adhere to the Payment Card Industry (PCI) Data Security Standard which ensures that personal and payment information cannot be comprised. Payment data is not retained once payment is authorized.
- What makes iLendit different from other lenders?
iLendit is not just a mortgage lender. iLendit is the mortgage origination solution for RealEasi. RealEasi uses its next generation integrated transaction management system, itms, to integrate all aspects of the real estate transaction from loan application through settlement.
iLendit provides a full suite of competitively priced mortgage products. iLendit, through its relationship with RealEasi and its integration with itms, provides access to RealEasi Services and EasiTitle, which offer a wide selection of settlement services.
All aspects of the real estate transaction are coordinated and managed by your designated Personal Assistant utilizing itms. This oversight and use of itms assures your total customer experience and satisfaction. Your transaction will be handled accurately, quickly and cost effectively.
A Personal Assistant and their supporting team is assigned to monitor and assist you with your mortgage loan and settlement services from the minute you start your application through closing. All aspects of the real estate transaction are coordinated and managed by your Personal Assistant utilizing itms. This oversight and use of itms assures your total customer experience and satisfaction. Your transaction will be handled accurately, quickly and cost effectively. Your Personal Assistant is available by telephone and email to answer questions.
- Technology
- How do I create a user account?
- If you wish to submit a mortgage loan application, you will be prompted to create a user account. You will use your user name and password to manage your mortgage loan application through the Loan Management Center on our Website.
- The Application Process
- Can I get a pre-approval for a loan before I go house hunting?
- Absolutely! In fact, it's a good idea to obtain a pre-approval before you find your new home. When you do find the right home, you'll be ready to make an offer - and it will be an offer that sellers are more likely to accept. Just fill out the online iLendit loan application. It only takes 10-15 minutes to complete, and you will receive a pre-approval decision in minutes.
- How long does it take to apply online?
- It takes 10-15 minutes to complete the loan application, and you will receive your pre-approval decision in minutes. You can fill out the application any time, day or night. If you need to gather more information or can't complete the application in one sitting, simply exit and return when you are ready to finish.
- What is the difference between a pre-approval and a pre-qualification?
The pre-qualification that other lenders give is simply an estimate of the loan amount a borrower can afford based upon the borrower's credit report and information provided by the borrower. This type of pre-qualification will require a full, complete application and a disclosure of income, assets and liabilities before final loan approval.
A pre-approval typically means a borrower's credit history has been obtained, information provided by the borrower has been reviewed and automated loan underwriting has occurred.
With iLendit, you can complete our online loan application and obtain a true pre-approval decision in 10 to 15 minutes. Naturally, final approval requires verification and validation of submitted information and satisfaction of stipulations and other requirements deemed necessary by iLendit. With your iLendit pre-approval you can shop for your new home with confidence.
- How will you contact me?
If you submit your application during our regular business hours, your Personal Assistant will call you promptly to verify details about your application and to answer any questions you may have. If you complete the application after our regular business hours, your Personal Assistant will contact you the following morning or at the time you designated in your loan application.
During the loan process, you will be contacted by email when new documents are posted to your Website or when the status of your loan changes. After your initial conversation with your Personal Assistant, your Personal Assistant will contact you by telephone only if necessary or requested by you.
Please feel free to discuss your contact preferences with your Personal Assistant at any time.
- Can I change the information in my application after I submit it?
- Yes; however changing the application will in most cases result in your application being reviewed again to determine whether the new information changes our decision. Talk to your Personal Assistant who will guide you through this process.
- iLendit Loan Process
- Does a spouse have to be listed as an additional borrower?
- A spouse does not have to appear as a co-borrower. The borrowers or applicants on a loan application are the individuals who are responsible for the re-payment of the debt. Their names and signatures will appear on all loan documents, including the note; and their income, credit history, assets and liabilities are considered as part of the credit assessment.
- Are there any application fees?
- Our automated loan application process requires a small fee to cover the cost of obtaining your credit history. Please have a valid credit card available to pay this fee when applying. This fee will be credited back to you at settlement. We also charge a $695 loan processing fee that is payable at closing.
- Are there programs available to help with the down payment and closing costs?
- Yes - there are a variety of loan programs that allow lower down payments and assistance with closing costs. The experienced loan professionals at iLendit can assist you with these programs.
- How much can I borrow?
The amount you can borrow - expressed both in dollars and as a percentage of your home's value - depends upon a number of factors. Your income, credit history, the value of the home and the purpose of the loan are the primary factors that determine the amount you can borrow.
Please visit the Financial Tools section of the iLendit Information Center and use the provided calculators to estimate how much you can afford or the monthly payment for a particular loan amount.
- iLendit Loans
- Does iLendit have the best rates available?
- You will find our rates to be very competitive, if not the lowest. However, the rate, alone, should not be the basis on which you select a mortgage lender. Some lenders quote a low rate but then offset it by charging excessive fees or points. A competitive rate coupled with low fees will represent your best loan value, and our fees are competitive with the lowest in the industry. Use our Closing Cost Estimator to see our low costs and what they mean to you.
- When is private mortgage insurance required?
For a purchase money mortgage, private mortgage insurance is required when a borrower's down payment is less than 20 percent of the home's purchase price. For a refinance mortgage, private mortgage insurance is required when a borrower's equity in the home is less than 20 percent of its value. Private mortgage insurance allows lenders to make higher loan-to-value ratio loans without increasing their financial risk.
Private mortgage insurance is paid by the borrower on a monthly basis as part of the monthly mortgage payment. The insurance may be cancelled after the equity in the borrower's home equals or exceeds 20% of its value. Rules governing mortgage insurance cancellation vary among private mortgage insurers. Please contact iLendit to learn more. - What is a FICO credit score?
- A FICO (Fair, Isaacs and Company) credit score is a number that ranges between 350 and 850 and is computed using approximately forty-five (45) different factors from the individual's credit profile. Based upon a complex model that evaluates each factor, a score is generated and used as an indicator of an individual's ability and willingness to repay a loan. The higher the credit score the more favorable the borrower is to a lender.
- Will submitting a loan application affect my credit score?
- It shouldn't - mortgage lenders are aware consumers "shop rates". While it's always important to manage the number of times you apply for any type of credit, mortgage inquiries made within a short time frame generally do not indicate a higher risk, and would not be viewed unfavorably in the underwriting decision.
- What is an Adjustable Rate Mortgage?
An Adjustable Rate Mortgage (ARM) is a mortgage loan that has a fixed interest rate for a period of time, followed by rate adjustments at specific intervals. There are many types of adjustable rate mortgages. For instance a 5/1 ARM has a fixed interest rate for 5 years followed by annual interest rate adjustments. The interest rate may increase or decrease, depending on loan terms.
Typically, an interest rate change is based on an Index Value and a Margin. The new interest rate is calculated by adding the Index Value in effect at the time of the rate adjustment to the Margin.
The maximum amount the interest rate can change during any adjustment period or during the life of the loan usually is limited by an "Interest Rate Cap."
- What are ARM caps?
- To protect you, most ARMs limit how much your rate can change from one adjustment period to another and over the life of the loan. These limitations are known as "caps" or "rate caps." In some cases, there are even "floors" which limit how low your rate can go during the loan term.
- How will you contact me?
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During our regular business hours, your Personal Assistant will call you immediately after you submit your loan application to confirm the information you provided and answer any questions you may have. If you complete the application after our regular business hours, your Personal Assistant will contact you the following morning or at the time you designated in your loan application.
During the loan process, you will be contacted by email when new documents are posted to your website or as the status of your transaction changes. Your Personal Assistant will contact you by phone only if necessary or requested by you.
Please feel free to discuss your contact preferences with your Personal Assistant at any time.
- Do any of your loans carry a prepayment premium (penalty)?
- None of our conforming loans carry a prepayment premium so you may pay off your mortgage anytime without paying a fee.
- Will you make my non-public information available to others?
- No. Under our Privacy Policy we do not distribute any of the information you provide to us to any unaffiliated organizations without your consent. Your personal, non-public information is kept private.
- Closing
- What does a title company do?
- A title company is responsible for performing a detailed examination of the land records in the county in which a property is located to identify the property's legal owner and any liens or other encumbrances affecting the property. Often, the title company also acts as Settlement Agent.
- How are closing fees determined?
Closing costs include fees such as taxes, settlement, appraisal, title, escrow fees, and homeowners insurance, among others. These cost may be for the lender, title company, state, county and local charges and will vary depending on the property location.
Our Closing Cost Estimator gives a good estimate of the closing costs based on some basic loan criteria, and can be a good place to start when investigating the cost of a loan. Remember that many fees cannot be determined until all loan terms have been finalized.
A more accurate estimate of closing costs will be provided to you in a Good Faith Estimate (GFE) within three days after you submit your loan application. The GFE, however, is only a very good estimate of these costs. Final closing costs will appear on a settlement statement known as a HUD-1 or HUD-1A. At iLendit, the HUD-1/1A will be available for your review at least 2 days before your scheduled closing.
- Terminology
- Who or what is Fannie Mae?
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Fannie Mae is the Federal National Mortgage Association. It purchases mortgage loans originated by banks and other mortgage lenders. By purchasing these loans, Fannie Mae provides liquidity to the mortgage market permitting mortgage lenders to continue to offer mortgage loans to the public.
As the largest purchaser of residential mortgage loans, Fannie Mae helps regulate the residential mortgage industry by setting standards for the loans it purchases. Freddie Mac is the second largest purchaser and contributes similarly to industry regulation. (See Secondary Market in the Glossary)
- Who or what is Freddie Mac?
- Freddie Mac is the Federal Home Loan Mortgage Corporation. It serves the same purpose as Fannie Mae. (See Fannie Mae)
- What is a title report?
- A title report identifies a property's legal owner and any liens or other encumbrances affecting the property. It is prepared following a detailed examination of the land records in the county in which the property is located. A lender uses a title report to confirm the borrower's title to a property and the priority of its mortgage lien.
- What is a flood certification?
- A flood certification is a document certifying whether a home lies in a flood zone, as determined by the Federal Emergency Management Agency. If a home is located in a flood zone, the owner is required to purchase flood insurance.
- What is homeowners insurance?
- Homeowners insurance protects the homeowner and lender against physical damage to property from fire, wind, vandalism and other perils.
- What is a pre-payment premium (penalty)?
- A charge levied by a lender in the event a borrower pays off a mortgage loan before its maturity date. Not all loan products require the payment of this charge.
- How does title insurance differ from other types of insurance?
- Title insurance protects the lender (Lender's Policy) and the homeowner (Homeowner's Policy) from a loss resulting from a title defect that existed at the time the title insurance policy was issued. Title insurance does not protect against title defects that arise after the policy has been issued. Other types of insurance (e.g., auto and homeowners) protect the insureds against losses that might occur in the future as a result of unknown perils. Also, title insurance requires only one premium payment per policy to protect the insured for as long as the insured has an insurable interest in the property.
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