How long does the process take to close a loan?

Part of this is up to you. Once we receive a purchase contract, we will send loan disclosures to you within 72 business hours. Once you receive these disclosures, you need to return them along with whatever supporting documentation your loan officer requested. Once this has been returned or faxed to us, we can start the loan processing stage. Loan processing usually takes 3 weeks, but can go faster or slower depending on circumstance. For more information on this topic, view our online class on the mortgage process.

Can I use a seller carry back to eliminate my down payment?

Yes, it is best however to have the mortgage completed by IHL at 80% of the purchase price or less. It is possible to get 90% financing through us with a 10% seller carryback, but the interest rate will be higher.

What is ARES and how does it eliminate down payments?

ARES is a bridge loan company that can help you facilitate the purchase of a home. They will lend you money for items such as down payments and closing costs on properties with equity. The product is wonderful, but a bit complicated. We strongly recommend you take their class located at www.refscaclulator.com

I am self employed or commission, will I qualify for a loan?

There are several types of income verification available. The most common is what we call fully documented, meaning we use income from w-2's and paystubs, or from taxes. Not business expenses written off for tax purposes can be used for income. As a result, alternate sources of income documentation is available. These sources come in the way of averaging deposits on bank statements, simply stating the income, or not disclosing any income at all.

I did not qualify for 100% financing, how do I purchase without a down payment?

You still have many options available to you if you do not qualify for 100% institutional financing. These options include seller carry-backs, ARES, doing a home equity line of credit on your current residence, and looking into solutions with Real Wealth Financial. Speak with your loan officer about these options.

My interest rate looked higher than it should be. Is it right?

Several factors go into determining an interest rate. If you are purchasing a non-owner occupied property the interest rate will be higher than purchasing an owner occupied property. Some mortgage lenders either mistakenly or fraudulently classify these loans as owner occupied in order to get the rate reduced. This however results either in an increased rate just prior to closing, or in mortgage fraud. If you partake in mortgage fraud you risk loosing your home. Other factors that can affect rate include the number of units in the property, credit score, mortgage insurance requirements, prepayment penalties, income documentation, size of down payment, etc. We have found that when doing a true interest rate comparison with other lenders, we are very competitive.

My credit scores are low, can I still invest in real estate?

Many loan programs are available. With reduced credit scores come more stringent lending guidelines. However, you may still purchase real estate. You may have to do a bit more work to find the right property and seller, but through utilizing the other down payment reducing resources you can become successful in real estate investing.

I have debt to pay off, how do I do it?

Our partnership with Real Wealth Financial allows us to offer more than just debt consolidation, but real debt solutions that offers permanent resolutions. Real Wealth is often able to assist in reducing debt ratioís, increasing credit scores, increasing cash flow on investment properties, and position you to buy more properties.