Frequently Asked Questions

 

Explain the loan process.

  1.     Initial contact, usually a phone conversation with Jeff Jacobs.
  2.     An  application is sent to the borrower.
  3.     Upon receipt of the completed application, the appraisal is ordered and escrow is      opened.
  4.     The appraiser will contact the borrower, collect the appraisal fee and perform the     appraisal.
  5.      Upon receipt of the completed appraisal, the loan amount is confirmed  with the      borrower and the loan closing documents are prepared.
  6.     The borrower will make an appointment with the escrow officer and execute the loan      documents.
  7.     Escrow will record the documents and the loan is closed.
  8.     This loan process normally takes between 5-7 business days but I have performed loans faster, if necessary.

When do I pay my loan fees?
The loan fees are paid from the loan proceeds the day the loan closes and all documents are recorded.

Can I include my loan fees with the loan?
Yes, if the equity of the property is ample to cover the loan costs.

Explain the prepayment penalty.
The  prepayment penalty is an interest guarantee. The guarantee ia a minimum months of interest.  After  you pay the minimum months  interest payments, you can prepay any of  the principal balance, at any time, without penalty.