Frequently Asked Questions
- I like ClickForFunds (Real Property Finance) posted rates, how do I start the process of refinancing/purchase transaction? Call our Toll Free phone number at (866) 379-0007 and ask to speak to one of our Licensed Loan Officers to pre-qualify you. We will send you a Good Faith Estimate (GFE) with the terms of the transaction discussed to eventually be signed and returned.
- I like what I see on the GFE, now what? Contact us via phone to speak with the loan officer who sent you the GFE. You will be sent via email or fax a Residential loan application, disclosures to be signed and instructions on what documentation you will need to provide to get approval.
- Can I complete the application online? Absolutely, you can also complete our online loan application, found in the "Loan Application" section. The Application software is completely secure so you can be sure your personal information is safe. After we receive your electronic, secure application one of our loan officers will contact you to discuss the transaction and direct you on what documentation you will need to send us.
- When can I lock my rate? On a refinance transaction, after the loan is approved by our Automated Underwriting (AU) system, your Appraisal has been completed and we have all your income and assets documentation you may lock your rate over the phone with your loan officer. Some Lenders allow for a rate lock without an appraisal in hand but they are rare. On a Purchase transaction, once your application has been approved by our in-house AU system and you have a fully executed Purchase agreement, you may contact us and one of our licensed loan officers will navigate the transaction through to completion.
- Who locks my rate? You lock over the phone with your Loan Officer after it has been approved by our AU system.
- How do I check the current rates being offered at ClickForFunds.com? You can check rates daily online at http://www.clickforfunds.com/rates.htm or buy calling us Toll-Free at (866) 379-0007 and opening up dialogue with one of our Licensed Loan Officers.
- Can I get a better rate after I lock my loan if rates drop? We do not renegotiate interest rates once they have been locked. If interest rates increase, Real Property Finance, is obligated to honor the rate lock as long as your rate lock does not expire. Conversely, should rates decrease; you are obligated to honor the lock on your end.
- Is there such thing as a bad customer? Absolutely, the world is loaded with jerks, scammers, liars and unhappy people. If you fall into any of these categories we have the right to refuse service.
- What are Closing Costs? Expenses incurred by borrowers when obtaining a new mortgage loan.
- What are Non Recurring Closing Costs (NRCC's)? NRCC's are costs that are only charged in connection with obtaining a new mortgage loan. Examples of NRCC's would include; origination fee, title insurance, escrow fees, notary fee, commitment/administration fees (lender fees), recording fees or appraisal fees.
- What are Recurring Closing Costs? Recurring Closing Costs include costs that not only may be charged in connection with obtaining a new mortgage loan, but are also charged on an ongoing basis. Examples of Recurring Closing Costs would include: prepaid interest, property taxes and hazard insurance. Other fees may be included depending on the transaction or generally accepted charges in your location.
- What are third party fees? Any fees associated with the transaction charged by parties other than Real Property Finance. These may include escrow and title insurance, appraisal, notary, recording fees, courier fees, transfer taxes, funding fees and document preparation fees.
- Can I choose the appraiser? We do now allow customers to choose an appraiser because Lenders we work with will not permit it.
- Can I receive a copy of the appraisal? Yes. Once your loan funds, a copy of the appraisal can be ordered by contacting your loan officer.
- How long does the process take? That depends on a couple of variables- Market conditions and customer diligence/follow through. Customers who follow through diligently and provide the appropriate requested documentation in a timely manner have a higher probability of successfully closing quickly. Foot dragging and incomplete applications/paperwork are the biggest culprits for customers not closing on time or not at all.
- Do we charge an upfront fee/deposit? Yes, we collect our Processing Fee (always noted on line # 810 on your GFE) when you lock your loan. Customers can pay by any major credit card and you do this over the phone with your loan officer.
- What is Debt to Income Ratio (DTI)? It is a calculation to determine how much you can afford to borrow. Most lenders calculate your debt-to-income ratio to help determine whether you can afford the loan applied for. You may calculate your own debt-to-income ratio by adding up all monthly debt payments such as mortgage or rent payment, car payment, student loan payment, etc. Then divide that total by your total gross monthly income.
- What is a Loan to Value ratio (LTV)? It is the ratio determined by dividing the loan amount by the value/sales price (whichever is less). The LTV ratio is one of the major considerations, along with your DTI that lenders consider when qualifying you for a loan.