Welcome to our FAQ's on DIY Mortgages!

This simply means you will be shouldering more of the responsibilities that would otherwise be taken care of by a loan officer or processor; mainly completing your own application, submitting all required documentation, making sure your disclosures are e-signed in a timely manner, and ordering your homeowner’s insurance policy, among other things, at the lender’s request.  

Yes, to an extent. There are certain actions you cannot do, such as ordering verifications or an appraisal. This would need to be handled by a non-interested party in the transaction or a lending ops team member. 

eLoansUSA.com is a mortgage broker. The main difference is we’re putting the power to search rates and submit your application in your hands. We still oversee the process. 

You’ll receive more transparency and control. Getting to view rates on the fly is not something currently provided in our industry, certainly not without supplying your personal information and opting into marketing campaigns. Plus, you’ll get a steep discount on interest rates and fees for being more involved in the process. 

Absolutely! On average you’ll save about 1.750% in origination points. On a $500,000 loan that’s a whopping $8,750! Plus you’ll save about $1,900 in transactional fees, but the real difference is seen in the amount of interest saved over the life of the loan.  

To be eligible for automated underwriting, you need to have at least a 580 credit score, although some lenders will conduct a “manual underwriting review” on credit profiles lower than 580. So, don’t be shy to submit your application! 

No, you don’t need any special knowledge or certifications to use our platform. The app will walk you through the entire process. We will also provide you with instructions along the way through our chat function within the app. That said, our app will be best suited for those who are comfortable with using a computer, the internet, logging into apps, uploading, downloading, and the e-signing process. 

You can start by using our calculator(s) under the Tools section of this website, specifically the Qualify calculator. This calculator is best for helping you determine how much you could possibly afford. You can also use the Monthly Affordability calculator if you know what your desired maximum payment is. This calculator will help you back into the amount needed to apply for. Of course, we are always available to help answer your questions as well. 

Step 1, shop interest rates. Our app will provide you with our current rate offerings. 

Step 2, apply for the loan.

Step 3, await instructions from the loan team on next steps.

*It is important that you complete your rate shopping before you start the application process. Rate quotes should be obtained on the same day in order to compare accurately. This is because rates change with the market, everyday and sometimes several times per day. 

Only licensed entities can take applications. The application has to originate with a licensed entity. eLoansUSA.com is a licensed entity and we're placing the power of shopping rates and applying for a mortgage in your hands, while still overseeing the process. 

We shop our rates against the lenders we’re contracted to underwrite with, so you don’t have to worry about that. 

All paperwork and supporting documentation should be uploaded through the app for security reasons. On your Loan Dashboard, click the Home tab, then all your required documents will be listed there. Next, just click on the upload button. 

The documents you can expect to provide will be copies of your Driver’s License or government-issued photo ID, proof of funds such as bank statements, and proof of employment and income, such as pay stubs and Forms W2. We'll Alert you to any additional documentation you may need to provide such as divorce decrees or trust documents, and etc.

We will be overseeing the entire process and will be with you every step of the way. We can login and see your application, take over for you, or screen share together. 

If you get stuck or have any questions you can send us a message through the chat or email us at help@eloansusa.com.

Yes, a licensed loan advisor will be in contact with you throughout the loan process, advising you every step of the way. We offer zero sales pressure and 100% support. 

The technology solutions we use have been built with security features to protect data and ensure compliance with regulatory standards, and have achieved SOC 2 Type II and Payment Card Industry Data Security Standard (PCI DSS) certifications.  

There are no fees for using our platform. If you plan to apply for a full pre-approval, there is an upfront $75 deposit. This is to cover the third party credit reporting fee. This fee is non-refundable once you order a credit report. If you decide not to proceed with the application or credit pull, we can issue a refund.  

Once you click on Pre-Approval you will be taken to our payment gateway for the one-time deposit fee of $75. All other fees involved in the mortgage process will be from third party providers, like the appraisal fee. Later on in the mortgage process, if an appraisal is required, our third party provider will send you a payment link. All other third party fees are paid for, through escrow, at closing. 

Closing costs are just part of your overall cash due at signing. Cash due at signing consists of your minimum required down payment, all third party fees, and your escrow account. Let’s break this down: 

• Down payment - how much you’re required to put down per the product applied for, or how much you’ve chosen to put down above and beyond the minimum. 

• Closing costs consist of all third party fees such as credit report, appraisal, verifications, condo document orders, termite inspections, etc. Other fees include title and settlement fees. The lender will be required to order title insurance for your loan and there are fees involved with the settlement of your transaction.  

• Escrows are like a savings account for your property taxes and homeowner’s insurance. Since the lender is including them in your monthly payments, they will collect enough money from you at closing to cover your initial 12 month insurance premium, as well as an additional 2-3 months as reserves. They will do the same for property taxes, but the amount they collect depends on the time of year. They will also include an additional 2-3 months as reserves. This is your money and held in an escrow account for you. Should you ever pay the loan off through a sale or refinance, you’d be refunded the remaining balance in that account. 

This depends on the state, but for all states you will need a settlement agent, a third party firm that handles the escrow account and settlement of the transaction. In some states this is an attorney. Typically in a purchase transaction, the real estate agent(s) will choose the title and escrow company. In other cases, the lender may choose the title company. In most cases, you have the right to shop title and escrow fees.

Not to worry, we will oversee the process to ensure all compliance and regulation requirements are met. 

Mistakes happen and are fairly easy to correct. There will be several opportunities throughout the loan process to make incidental changes to your application and even to your loan terms. Nothing is absolutely final until you sign your closing documents. Just be sure to bring any items to our attention as soon as possible. 

Right here on eLoansUSA.com! Start with our live mortgage rate search widget! This is our live rate API feed. These are our rates. If you like what you see, you can go ahead and proceed with an application. Although it's important to shop and compare, it can be difficult. Most lenders and brokers do not advertise their rates online.

Start by checking out the national average conforming rates posted daily on our front page. This is a nationwide survey of lenders providing their top-tier scenario (20% down, 740+ FICO score) rates. This running average should allow you to compare against what other lenders are offering, including us. Just be sure to ask if the rate quotes you’re getting include any points or discount points. Lenders are famous for providing rate quotes that include large discount points without really calling your attention to it.

The interest rate is what you're charged for borrowing the money. The APR is the lending fees expressed as a percentage of the loan amount, then added to the interest rate. It's meant to provide consumers with a quick and easy way to compare rates and fees all at once. Here's an example:

Lender A offers a 5.00% interest rate with a  $1,495 underwriting fee and a $900 processing fee. On a $500,000 loan amount, that's a 5.479% APR (whereas 1,495 + 900 = 2,395 / 500,000 = .479% + 5.00% = 5.479%).

Lender B offers a 5.00%  interest rate with an $85 application fee and a $9 flood cert fee. On a $500,000 loan amount, that's a 5.019% APR (whereas 85 + 9 = 94 / 500,000 = .0188% + 5.00% = 5.019%).

So in this scenario, the consumer can see that while both lenders are offering the same interest rate to borrow $500,000, Lender B has lower fees based on having a lower APR. You can see this without actually needing to know their fees. 

*While fees are an important item to consider, the APR is not your interest rate. Fees are paid upfront at closing, but the rate is charged for the life of the loan.

Presently our app does not have this functionality, but you can select the rate in the system that you want and let us know if you would like to lock-in. We follow the MBS market fairly closely and if we recommend locking the rate to protect against a rising interest rate environment, we will let you know. If we think rates may improve during the course of your loan process, we may recommend “floating” or not locking the rate until absolutely necessary. Ultimately, you have the final say.

The loan parameters, plus your credit score will have an effect on the loan products shown to you. After ordering your credit profile, this will have an impact on which loan products you may qualify for. Ultimately, we will review all options and make sure you are proceeding with the product that best meets your financial needs. 

Initially, you’ll receive a conditional loan approval. This means the loan is approved pending the satisfaction of conditions, which is usually documentation that the lender needs in order to complete the loan. You will be alerted to any borrower-related conditions needed right away. Once all conditions are met, the lender will issue a final loan approval, or clear-to-close, meaning you are cleared to begin the closing process.  

Once the lender has cleared us for closing, they will begin balancing the final figures with the escrow or settlement agent. These figures will be updated on your Closing Disclosure for review. You can either bring a cashier’s check to closing or complete a wire transfer. If you’re doing a wire transfer, be sure to speak with your bank a few days in advance to be sure they can complete the transfer on time. 

Other than lining your money up for the big day, there’s not much you’re required to do on the lending side. Just be sure to review any closing disclosures in a timely manner, have a plan for bringing your funds to closing, and be sure to leave your schedule open on the day of closing to accommodate any last minute schedule changes or signing times.  

Yes, absolutely and we encourage refinances because of our everyday low rates. If you use us to close a purchase-money loan, then we will automatically add you to our Rate Watch list and you will be alerted when rates drop and you become eligible for a refinance. 

We actually carry a wide range of mortgage products and solutions, that you may not be aware of. In addition to Conventional, FHA, VA, and USDA, we have products such as down payment assistance, jumbo financing for non-conforming loan amounts, debt consolidation, divorce equity settlement, reverse mortgages, second mortgages and HELOC’s, investor-specific products like DSCR, fix and flip, short-term rentals (think Airbnb), and asset depletion or utilization loans. 

The mortgage business is heavily regulated and requires licensing. The individual states are also responsible for oversight as well as routine and unscheduled audit exams. eLoansUSA.com is committed to following all rules and regulations pertaining to the originating and processing of mortgage loans.  

We understand that an “online” presence may give some people an impression of dis-ingenuousness, but it’s through the use of this modern-day technology that allows us to be more transparent and streamline the outdated and antiquated mortgage process. Our hope is that through providing you with our mortgage rate options upfront and center, without asking for your personal information, giving you more control over the loan process, and providing you with the education and information you need, that eLoansUSA.com will become a trusted leader within the mortgage space. Our company Family Financial, Inc., is owned and operated by 20 year mortgage veteran. We’re ready to meet any of our clients over a screen share, at any time. 

Remember, you got this! And if at any time you need assistance we’re just a click or phone call away.