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FAQ Topics
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Frequently Asked Questions | Loan Process
What three things will the Lender look at when approving my Loan?
- Credit. Credit refers to your payment history as shown on your credit report. Lenders look to see that you have paid your bills on time. Credit history is a key measure of character and helps determine whether you will be approved for loans as well as what rate you will pay.
- Collateral. Collateral is a tangible asset such as real estate or a vehicle that is pledged to secure a loan. The existence of collateral reduces the lenders risk and usually results in lower rates for the borrower.
- Capacity. Capacity is your ability to repay your obligations plus the new credit applied for. This is measured by your debt-to-income ratio. It is calculated by taking your total monthly debts and dividing by your gross monthly income.
What is a conditional approval?
A conditional approval is an approval given based on the information provided on the application. A final approval is given based on verified information and may differ from the original conditional approval.
How long does the process take?
Our goal is to process the loan request as quickly as possible. The majority of our auto loans are decisioned within one hour. There are circumstances that prohibit this goal, but you will get an answer within 24 business hours of applying. We strive to conditionally approve home equity loans within one hour. Loan closings can usually occur within a week.
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