Loan Origination

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FAQs

What does a lender look for in order to approve my loan?

At the heart of approving a potential borrower is what lenders call “the three C’s” of underwriting:

  • Credit - your credit history
  • Capital - the value of the property securing the loan (your house) and other assets you own
  • Capacity - your financial ability to assume and repay debt

Taken together, these factors create a portrait of a potential borrower’s risk, meaning the likelihood that a borrower will pay back their loan. If the risk seems high, the lender may choose to charge higher rates and/or fees, or decline to make the loan altogether.

How do I know what my loan rate will be?

Rates vary primarily based on the type and purpose of the loan, your credit history and income, loan amount, value of the property, and the number of points you are willing to pay. A point is equivalent to one percent of the loan amount.

How can I lock in a loan program and interest rate?

Contact your LendSure loan representative to lock your loan at 888-5-LENDSURE (888-553-6378). They will discuss the various options available to you in regards to locking your loan.

Can I change my application after I’ve submitted it?

Yes. Changes can be made at any time until you lock your interest rate. However, be aware that changes may delay the closing date or affect your loan costs.

Should I include fees as part of the loan?

It’s a choice between paying now or paying later. If adequate funds are available at closing, it makes sense to cover the expenses up front; that way, your loan amount will be smaller and you’ll enjoy lower payments and reduced interest costs. On the other hand, if your budget is tight, rolling in the costs with your loan amount may make sense.

What does the term LTV mean and why is it so important?

The loan-to-value ratio (LTV) reflects how much equity you have in a property. It’s calculated by dividing the loan amount by the property value; the higher the LTV, the lower the equity. For example, if your home is valued at $100,000 and your loan amount is $75,000, your LTV is 75%. If you sold this home, you’d receive $25,000 – the amount of your equity. Your LTV and equity are crucial because lenders see this as your stake in the property: the higher the LTV, the greater the risk of default. Because of the greater risk, lenders charge more for high LTV loans.

Who should I contact once my loan is in process?

Once you submit your online loan application, your records will be assigned a loan processor who works closely with you through closing.  If you complete a loan application with a LendSure Loan Representative, this person will guide you through the loan process.  Your loan representative is your single point of contact until you close your loan.

When is the appraisal ordered?

LendSure will order your appraisal as soon as you are ready. All that is required is your credit card number and your consent to get the process rolling.  LendSure recommends that the appraisal be ordered early in the process in order to avoid delays.

If I’m purchasing a home, who will work with my Real Estate Agent?

Your loan representative will be available to assist you or your Real Estate Agent at any time.

Is there any cost to apply?

There is no upfront application fee.  Once your loan is Approved, LendSure requires that you pay for the cost of your appraisal to start processing the application.

What is hazard insurance?

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 damage caused by a fire or a severe storm and is intended to cover the cost of rebuilding your home. Generally, you have to confirm at closing that you’ve secured one year of hazard insurance coverage.

What is pre-paid interest?

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.

PRIVACY POLICY DISCLOSURE
(Protection of the Privacy of Personal Non-Public Information)

Respecting and protecting customer privacy is vital to our business. By explaining our Privacy Policy to you, we trust that you will better understand how we keep our customer information private and secure while using it to serve you better. Keeping customer information secure is a top priority, and we are disclosing our policies to help you understand how we handle the personal information about you that we collect and disclose. This notice explains how you can limit our disclosing of personal information about you. The provisions of this notice will apply to former customers as well as current customers unless we state otherwise.

The Privacy Policy explains the Following:

Protecting the Confidentiality of Customer Information:

We take our responsibility to protect the privacy and confidentiality of customer information very seriously. We maintain physical, electronic, and procedural safeguards that comply with federal standards to store and secure information about you from unauthorized access, alteration, and destruction. Our control policies, for example, authorize access to customer information only by individuals who need access to do their work.

From time to time, we enter into agreements with other companies to provide services to us or make products and services available to you. Under these agreements, the companies may receive information about you but they must safeguard this information, and they may not use it for any other purposes.

Who is Covered by the Privacy Policy:

We provide our Privacy Policy to customers when they conduct business with our company. If we change our privacy policies to permit us to share additional information we have about you, as described below, or to permit disclosures to additional types of parties, you will be notified in advance. This Privacy Policy applies to consumers who are current customers or former customers.

How We Gather Information:

As part of providing you with financial products or services, we may obtain information about you from the following sources:

Information We Share:

We may disclose information we have about you as permitted by law. We are required to or we may provide information about you to third-parties without your consent, as permitted by law, such as:

In addition, we may provide information about you to our service providers to help us process your applications or service your accounts. Our service providers may Include billing service providers, mail and telephone service companies, lenders, investors, title and escrow companies, appraisal companies, etc.

We may also provide information about you to our service providers to help us perform marketing services. This information provided to these service providers may include the categories of information described above under “How We Gather Information” limited to only that which we deem appropriate for these service providers to carry out their functions.

We do not provide non-public information about you to any company whose products and services are being marketed unless you authorize us to do so. These companies are not allowed to use this information for purposes beyond your specific authorization.

Opting Out

We also may share information about you within our corporate family of office(s). We may share all of the categories of information we gather about you, including identification information (such as your name and address), credit reports (such as your credit history), application information (such as your income or credit references), your account transactions and experiences with us (such as your payment history), and information from other third parties (such as your employment history).

By sharing this information we can better understand your financial needs. We can then send you notification of new products and special promotional offers that you may not otherwise know about. For example, if you originally obtained a mortgage loan with us, we would know that you are a homeowner and may be interested in hearing how a home equity loan may be a better option than an auto loan to finance the purchase of a new car.

You may prohibit the sharing of application and third-party credit-related information within our company or any third-party company at any time. If you would like to limit disclosures of personal information about you as described in this notice, you can do so by contacting LendSure and identifying one or more of the below privacy options.

LendSure email contact: customerservice@lendsure.com
LendSure mail contact: 11939 Rancho Bernardo Rd., Ste. 204 San Diego, CA. 92128

LendSure Financial Services, Inc., 11939 Rancho Bernardo Road, Suite 204, San Diego, CA 92128, NMLS #146969, is licensed by/under the: California Department of Corporations under the California Residential Mortgage Lending Act, License No. 413 0998; Oregon Mortgage Lender License No. ML-4884; and Washington Consumer Loan Act License No. 520-CL-51480.