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Click on the question of your choice to get the answer. Working with Interactive Financial Corporation.
Purchase loans
Interactive Financial Corporation products
Locking your interest rate Appraisal Terminology
After you apply
Working with Interactive Financial Corporation Interactive Financial Corporation uses award-winning technology and a streamlined process. Based on the information you provide and your credit history, we develop a personalized loan for your situation. Interactive Financial Corporation unique benefits include your personal Neighborhood Mortgage Expert Team. Who should I contact once my loan is in process? Once you submit Your 27 Second Application a personal Neighborhood Mortgage Expert Team is assigned to meet your goals. Who do I contact for general information and questions on using Interactive Financial Corporation services? If you have any inquiries, please call 888/271 0179 or send an email to info@interactivefinancial.com. What should I expect after I submit my loan application? Once you submit 27 Second Application, your loan will immediately begin the underwriting process. Meanwhile your Neighborhood Mortgage Expert Team will contact you to answer any questions. How quickly will my loan be approved? In most cases, Interactive Financial Corporation will approve your loan within 24 hours. Purchase loans Yes! In fact if you are in the process of looking for a property Interactive Financial Corporation recommends that you complete Your 27 Second Application. On a purchase loan, is there someone who will work with my Realtor? Yes. Since each loan is assigned to a Neighborhood Mortgage Expert Team, they will be able to assist you or your Realtor at any time. Interactive Financial Corporation products Interactive Financial Corporation 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, Interactive Financial Corporation 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 Neighborhood Mortgage Expert Team for specific product requirements. Locking your interest rate 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. Once your rate is locked, you will receive a lock confirmation stating the rate and terms that you have protected. When can I lock my interest rate? Your Neighborhood Mortgage Expert 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 Neighborhood Mortgage Expert 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. Appraisal Interactive Financial Corporation will order your appraisal as soon as you are ready. Your Neighborhood Mortgage Expert Team recommends that the appraisal be ordered early in the process in order to avoid delays. Terminology 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. 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. Upon completing Your 27 Second Application, Your Neighborhood Mortgage Expert 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 Neighborhood Mortgage Expert Team at no cost to you. What documentation do I need to provide for a mortgage approval? Interactive Financial Corporation 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? Interactive Financial Corporation streamlined loan process minimizes the number of documents required. The actual documents you will need to provide will vary based on your situation. 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.
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