Frequently Asked Questions

The LoanVerify Process

How long does the process take? +

15 days all from a mobile app. No paper to sign.

Do you charge lender fees?+

No application fees, processing fees or underwriting fees.

How does closing take place?+

We send a closing agent to your home. In the era of COVID-19, all safety precautions will be taken to ensure your health and safety. You can also let us know if you prefer another location such as a park or another open air setting. In some circumstances, we can accommodate a virtual closing.

What is the minimum loan amount LoanVerify can assist borrowers with?+

$100,000 primary & second property. $135,000 investment property

What is the maximum loan amount LoanVerify can assist with?+

Nationwide, any loan amount $548,250 or less is what the mortgage industry refers to as ‘conforming.’ The lowest mortgage rate, with the least amount of fees, will be on loan amounts $548,250 or less. For individual Counties, there is a category called ‘conforming high balance’. Conforming high balance is for any loan amount $548,251 or higher, up to (but not to exceed) the County loan limit. This maximum loan amount, per County, is set by the Federal Housing Finance Agency. The complete County list found here: https://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2021_HERA-BASED_FINAL_FLAT.pdf

Can you compare with other lenders?+

Absolutely! Email info@loanverify.com with a copy of the mortgage rate and closing cost offering. We will put together a side-by-side comparison for your review.

Do you offer Virtual Closings?+

Yes! If it is a Conventional loan, we can offer a closing that happens from your computer- no office to travel to and no paper to sign. You will need a computer with a built-in web-camera, a strong internet connection, and a quiet, well-lit room.

Do you have a referral program for your clients who had a great experience?+

Yes, tell a friend or family member about our services, and they can be eligible for a $250 Amazon gift card.

VA Loans

What documents do I need for a VA IRRRL?+

Driver’s license, current mortgage statement, recent homeowners insurance bill.

VA IRRRL, what documents do I need?+

Picture ID (government issued), Mortgage Statement (most recent), Homeowners Insurance bill (most recent). If the property has a Homeowners Association fee, or Condo fee, then the most recent bill for this expense is also needed.

VA IRRRL, what does the acronym stand for?+

Interest Rate Reduction Refinance Loan

FHA Loans

FHA streamline, what documents do I need?+

Picture ID (government issued), Mortgage Statement (most recent), Homeowners Insurance bill (most recent). If the property has a Homeowners Association fee, or Condo fee, then the most recent bill for this expense is also needed.

General Mortgage Questions

When is my first payment due?+

Your new, lower payment will be due 30-60 days after your mortgage closing.

Do I bring money to closing?+

On a purchase mortgage, yes, you will bring your down payment plus any closing costs to closing. On a refinance mortgage, you have the option, roll all closing costs into your new loan, or pay them at closing.

Can I get cash back?+

On a purchase mortgage, you can not get cash-back. On a refinance mortgage, you have the option for cash back, depending on the loan type you have selected.

How do I make my first mortgage payment?+

Two weeks after your closing, you will receive an email from the mortgage servicing company we have assigned. The email contains information on how to set up an online account for your new mortgage. If you want to make your mortgage payment early, your closing documents have a first payment coupon.

Can I get a mortgage loan in the name of my LLC?+

Conventional, FHA, VA, and USDA loans do not permit mortgage loans to a LLC.

Can I get a mortgage loan for a property that is held in a Trust?+

Yes, if using conventional mortgage financing, Fannie Mae & Freddie Mac permit property being purchased or refinanced in the name of a Trust. A copy of the signed trust will need to be provided.

Can another person assume my mortgage loan?+

If the mortgage loan is an FHA or VA, then yes the terms of the existing loan can be assumed. The borrower assuming the terms must meet all credit income and asset guidelines for the program. Conventional loans (Fannie Mae & Freddie Mac) do not allow for assumption.

Can you transfer a credit report from one lender or broker to another?+

No, a Tri-Merge credit report (a report with three scores) must be ordered through the mortgage lender or mortgage broker you intend to close a loan with.

Can I use a credit report I have ordered?+

No, a Tri-Merge credit report (a report with three scores) must be ordered through the mortgage lender or mortgage broker you intend to close a loan with.

Can you offer a split closing if I am located in one State and my Co-Borrower is in another State?+

Yes, as long as all borrowers on the new mortgage and any individuals on the deed are located in the United States.



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