IFC Loans
Frequently Asked Questions
Working with IFC Loans
Purchase loans
IFC Loans products
Locking your interest rate
Appraisal
Terminology
After you apply
Working with IFC Loans
In most cases, IFC Loans will approve your loan within 24 hours.
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.
If you have any inquiries, please call 1-800-520-0432 or send an email to info@ifcloans.com.
Once you submit Your Online Application a personal Home Mortgage ExpertSM Team is assigned to guide you through the loan process.
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.
Purchase loans
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.
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.
IFC Loans products
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.
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.
Locking your 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.
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.
Appraisal
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.
Terminology
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.
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.
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.
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.
After you apply
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.
You can track the status of your application at your convenience with IFC Loans Loan Tracker.
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.
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.
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.
