Answers to your questions FAQ Index | General | Mortgage Tools | Rates & Costs | Loan Decision | Closing   How long is my customer's Letter of Approval valid?     If the information provided to us remains the same, the letter of approval will remain valid for 90 days or until the loan is closed. If any of the information provided to us changes, such as income or debt, we will need to re-evaluate the approval. We will also need the borrower's permission to re-evaluate their credit every 120 days to make sure nothing has changed. If your customer has not decided upon a rate lock option, you can help them to obtain a new letter by changing their personal information online and resubmitting. If your customer has already chosen a rate lock option and paid the fee, you will need to contact one of our loan counselors for an updated letter.   Back to FAQ index   How is an online approval different from a pre-approval or a pre-qualification?     It's very different! This approval is real, free and investor approved. That means that {{ls_affinity_company}} and our investor, Fannie Mae, are using pre-set underwriting guidelines to approve each loan based on the information provided. As long as we verify the information and the conditions   Back to FAQ index   Why do New York and New Jersey residents get a home loan pre-approval instead of an approval?     State law does not allow us to issue a home loan "approval" until any required loan information which is beyond the borrower's control has been reviewed. One example of the type of information needed prior to issuing home loan approval in New York and New Jersey is an appraisal. Therefore, customers in these states receive a "pre-approval," until all such home loan information has been reviewed. Please contact us for additional information.   Back to FAQ index   What does a mortgage lender consider when making a loan decision?     A mortgage lender generally looks at three areas:     Income and Assets: To determine the borrower's ability to repay the loan.     Debts and Credit History: To evaluate the borrower's buying habits and history of repaying other financial obligations.     Property Information: An appraiser compares the home to be bought to similar homes in the area to make sure the property provides sufficient collateral for the loan.   Back to FAQ index   How much does it cost to get a loan decision?     It doesn't cost anything! We will give your customer a loan decision free of charge. We do charge a NONREFUNDABLE {{ls_app_fee}} fee when your customer is ready to accept the loan offer.   Back to FAQ index   How long will it take to get a loan decision for my customer?     In most cases, you and your customer will receive a mortgage approval in minutes, after you complete the easy steps for a home loan and submit. However, there are always situations that will need further review before we get back to you with a loan decision.   Back to FAQ index   Can my customer change the loan amount, down payment or program after receiving a loan decision?     Yes, as long as they meet the criteria for the new loan amount or new program they've selected. One of our personal mortgage counselors can help you and your customer determine if they meet the requirements. If your customer has not decided upon a rate lock option, you can make changes to their information online and resubmit for a new loan decision.   Back to FAQ index   My customer already put earnest money down on the property. Is this included on the Good Faith Estimate?     Yes. Any earnest money paid is listed under "Prepaid deposit for property" on the Good Faith Estimate. Please make sure you list your customer's earnest money on the Asset Information page.   Back to FAQ index   What documents will my customer need to provide to complete the loan transaction?     We have included a list of some sample documents your customers may be required to submit. This list is not all-inclusive.     A fully executed agreement of sale for the property being purchased     Financial statements for bank and brokerage accounts     A HUD-1 settlement statement on property being sold     Copy of a most recent pay stub     Previous W2s     Copy of a rental lease     Form 4506     Homeowner's insurance policy     Flood insurance policy   Back to FAQ index   What is a 4506 form?     A 4506 form is an IRS form, which authorizes a mortgage lender to obtain copies of a borrower's tax returns directly from the IRS.   Back to FAQ index