April 19, 2024 3:07 PM in Menlo Park, CA
Frequently Asked Questions
Topics (partial list)
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| If your question is not answered below, send email suggesting an addition to the FAQ list.
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| Why are Loanlane's rates so attractive? | Top of Page |
Because we target specific lenders and investors. We deliver only high grade, well secured loans. Because of this selection criteria, we cannot accept all of the mortgage inquiries that are sent to us.
If we are unable to accept your loan, we will do our best to help you find another company that may be able to help.
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| How do I apply for a mortgage? | Top of Page |
Please fill out a general inquiry form, by starting here. Once you've filled out the online inquiry, we will mail you the forms for your signature(s) and attachments. Your information will remain strictly confidential.
If Loanlane represents you in a mortgage transaction, your data will remain with us for three years, after which it will be virtually shredded.
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| What happens after I apply for a mortgage? | Top of Page |
We contact you to verify receipt of your application, and determine the best way to proceed. Most of the contact is done through email, but we will telephone you if the situation warrants closer communication.
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| How do I check on interest rates? | Top of Page |
Rates are posted daily on the quotes page. You may also contact us at 650-924-1244 and speak with me, I can quote rates other than those posted on the quote server, as well as provide product advice.
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| Can I set up some type of rate watch? | Top of Page |
Yes. Tell us what rate/point combination your are looking for, and we will email you on the day rates hit your target.
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| How do I lock in my rate? | Top of Page |
Send email to us and we will lock in your rate. Important: Rate locks are generally accepted each business day between the hours of 10:00 AM and 4:00 PM. Mortgage applicants may telephone us if they do not have access to email. Loanlane will endeavor to lock your rate as quickly as possible, but cannot guarantee the rate until we have a confirmation from the lender. Confirmations usually occur within minutes. For more information on locking a rate, check our
lock policy.
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| Once I've locked in, can I get a lower rate? | Top of Page |
This depends on market conditions. Loanlane has contractual arrangements with lenders to deliver and close loans based on the locked-in rate. Our contract does not allow for the renegotiation of your rate unless rates have improved significantly since the time of your lock.
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| Who is the lender for my loan? | Top of Page |
This will be disclosed after your loan has been submitted and put into process. Loanlane is not allowed to publicly disclose lender names because these lenders also operate retail loan outlets, and your rate may be lower than that offered by the same lender, through its retail channel.
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| Is the lender reputable? | Top of Page |
Yes. Your loan will be funded by a well capitalized lender.
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| Will my mortgage loan be sold or transferred? | Top of Page |
Maybe. Your loan might be sold, per Fannie Mae guidelines.
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| Can I set up automatic payments? | Top of Page |
Yes. Most lenders are able to accept an electronic funds transfer.
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| Can I make prepayments? | Top of Page |
Yes. Your loan will have no prepayment penalty, so you may make additional payments which will applied toward your principal balance.
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| Can I apply for a refinance but not close right away? | Top of Page |
Yes. Many applicants choose to apply and have their refinance loans approved. The applicant then waits for mortgage rates to hit a specific price point, and proceeds with the loan closing.
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| Can I apply for a purchase pre-approval? | Top of Page |
Yes. If you are home shopping, you can apply and be approved for a mortgage loan before you've found your home, and make your purchase offer from a position of strength.
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| What about insurance | Top of Page |
We have two summary pages dealing with insurance. Mortgage insurance, which protects the lender, is required for loan that exceed 80% of the value of the home. To read about mortgage insurance, go here.
Homeowners insurance protects both you and the lender against property loss . To read about homeowners insurance, go here.
Homeowners looking to obtain a flood insurance quote can gain valuable information from FloodSmart.
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| Tax deductions | Top of Page |
The U. S. Treasury maintains a thorough web site, with links to various aspects of the tax code.
Homebuyers often ask if they can deduct their loan points (both origination points and discount points). For guidance on this issue, see Publication 936. You are strongly advised to match your year-end mortgage interest statement against your own records to determine if the appropriate amount of mortgage interest was reported by the lender. Certain lenders have been known to report only discount points paid, but not origination points paid, on the year-end Mortgage Interest Statement Form 1098. See our page dealing with loan points for more information
Homeowners often ask how much of their mortgage interest is deductible. For information on home mortgage interest, and limitation on deductability, see Publication 936
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| What about privacy? | Top of Page |
Your personal data is kept private, except for that which is required to process your loan. The only parties who have access to your data are those who have a direct involvement in the creation of your loan file. This includes: credit reporting companies, lenders, and escrow agents. To read more about our privacy policy go here.
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| How do I dispute information on my credit report? | Top of Page |
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Credit reports are not perfect. Many contain errors, and unfortunately the burden is on you the consumer to prove the information is incorrect. For instruction on how to do this go here.
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