FAQ

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Refinance

How long is the refinancing process?

Usually the process takes up to 30 days depending on how complex the loan is. If you deliver all of your documentation on time, we can close loans quickly. To get an idea of how long yours will take, schedule a call with one of our agents or chat with us online.

Refinance

How much can I save if I refinance?

It’s different for everyone! Refinancing could be a great way to save money on your home loan. If you’re interested in finding out how much you could save, schedule a time to speak with one of our home loan experts.

Refinance

What if I have bad credit?

Once we determine the reason why your credit is imperfect, we can help you find a great loan option for you. Speak with one of our lending officers to determine if you qualify for one of our programs.

Refinance

How does refinancing work?

The refinancing process replaces your current home loan with a new one. This usually involves a lower interest rate or different payment terms. Before refinancing, research available loan options and calculate refinance payments in order to determine whether refinancing will be a beneficial option for you.

Refinance

Should I refinance?

If your credit score or financial situation has improved since purchasing your home, or you would like to adjust the terms of your mortgage, you may want to consider refinancing. A mortgage lending officer can assist you and help you run the numbers so you know whether refinancing is the right option for you.

Home Purchase

Do I need to find a home before applying for a loan?

You don’t need to find a home before applying for a loan. In fact, the earlier you get the process started, the better! If you get started before you have a property, we can issue a pre-qualification, which you can use to assure real estate brokers and sellers that you’re a qualified buyer.

Home Purchase

Do I need an appraisal and a home inspection?

Home inspections and appraisers protect you against any unforeseen issues with your new home. Appraisers assess construction issues such as dry rote, termite damage, or leaky roofs. Any interior or exterior damage that could affect the property’s stability will also be reported by the appraiser. The home inspector, on the other hand, does a more detailed assessment of the home. They’ll turn on every light switch, faucet, and check the mechanics. We advise you to go with the inspector when they’re conducting their assessment so that you understand all of the potential defects with the home and can ask questions.

Home Purchase

What happens at the loan closing?

During loan closing, you will review and sign all of your loan documents as well as pay the remaining downpayment and other applicable closing funds. The loan processor will be there to guide you through the closing process. Once all of your loan documents are delivered back to us, your loan will close in 2 to 3 days and you’ll be ready to get the keys to your new home!

Home Purchase

How long is the home purchase process?

Typically the escrow period lasts 30, 45, or 60 days. The escrow period usually dictates when your loan closes.

Home Purchase

What type of documentation do I need for a apply for a home loan?

You’ll need employment documentation, asset information, and the funds needed to close your home loan. Some examples of these are paystubs, W2s, and bank statements. We recommend speaking with one of our home buying specialists to get a more detailed list of what you’ll need.

Home Purchase

Do I need a home inspection?

Although home inspections aren’t required, they’re typically a good idea. A professional inspector will look for any structural or mechanical issues in the home that may not be discernible now but could cause problems in the future. Inspectors also check all of the appliances, faucets, toilets, and other aspects of the home to ensure everything is working properly. If anything is malfunctioning, you can address it with the seller before closing.

Home Purchase

How much money do I need to buy a home?

A down payment of 10 to 20% of the purchase price is typically required for conventional financing. That said, there are some home loan programs that allow you to purchase with as little as 3.5% down. In addition to the down payment, there are other fees associated with purchasing a home, like closing fees, pre-paid interest, and homeowners insurance. We recommend speaking with one of our home buying specialists to get a deeper understanding of what you can expect.

About Interactive Mortgage

What types of loans does Interactive Mortgage provide?

We provide conventional and FHA loans.

About Interactive Mortgage

I’ve submitted my loan application? What can I expect from Interactive Mortgage?

Once your application is submitted, a loan officer will reach out to you. If you’d prefer to schedule a time directly, you can contact us via phone, email, or chat.

About Interactive Mortgage

Why should I apply with Interactive Mortgage?

We pride ourselves on offering convenience, low rates, and transparency. During every step of the process, one of our loan officers will guide you to ensure the experience is smooth from start to close.

About Interactive Mortgage

What information do I need to have in order to apply for a loan?

During the loan application process we'll ask for your contact information as well as your employment and residential history. We recommend going back two years for the residential and employment sections of the application.

About Interactive Mortgage

What states is Interactive Mortgage licensed in?

We’re licensed in Arizona, California, Colorado, Nevada, Tennessee, and Texas. Visit our Licensing page for more information.