We are a modern lender whose mission is to streamline the mortgage process by using technology to provide consumers a quick, simple, and transparent home loan.
As a Loan Cabin customer, you can expect:
Yes, we are. We work with all of our customers from originating the loan, processing, underwriting, and finally closing and funding the loan.
No. Once your loan is funded, Loan Cabin will transfer ownership of your loan to an investor who will provide servicing.
We currently originate mortgages in the following states:
We’re working on growing though out the country.
We currently offer both fixed and adjustable rates for conventional, FHA, VA and Jumbo loans. Type of properties we will finance:
At this time we do not offer mortgages for:
A High-Balance Mortgage Loan is a conventional mortgage loan where the loan amount exceeds the conforming loan limits. Specific high-cost area loan limits are established annually for each county by the Federal Housing Finance Agency (FHFA). The conforming loan limit is $510,400 and the high-cost area limit is $765,600 – or 150 percent of $510,400 for a 1-unit dwelling in the continental U.S.
Absolutely. We will do all investment properties that are 1-4 unit dwelling.
Yes, we do offer FHA and VA loans.
No, we do not offer construction or commercial loans at this time.
No, we do not offer home equity lines of credit also known as “HELOCS” or second mortgages at this time.
Your mortgage interest rate is set by market conditions beyond our control. Mortgage rate factors are also determined by a few factors you can control such as credit score, loan-to-value ratio, loan term and loan size.
Yes. As long as you provide accurate information to us we will lock the interest rate you were quoted. Please keep in mind interest rates change daily and are always subject to change.
Your monthly mortgage payment is typically made up of principle, interest, taxes, and insurance.
Points, also known as discount points, lower your interest rate in exchange paying for an upfront fee. Lender credits lower your closing costs in exchange for accepting a higher interest rate
A mortgage rate lock is an agreement between a borrower and Loan Cabin that allows the borrower to lock in the interest rate on a mortgage over a specified time period at the current market interest rate. Loan Cabin guarantees your interest rate will not change from the offer rate to the closing, as long as you close within the specified time frame and there are no changes to your application.
We will extend your lock if it expires before your loan closes. If the loan delay was caused due to any complications on our end, we will waive the lock extension fee.
Most of our customers lock for 30 days, which is plenty of time to close your loan as long as all parties do their best to close with us. On a purchase transaction, you want to make sure your lock period at least runs through the scheduled date of your closing. On refinance transactions involving the subordination of an existing second mortgage or home equity line of credit we recommend a 45 day lock.
Absolutely. Your lock and lock date will follow your property address. Any changes of the interest rate, product, or terms will go off of the day you initially locked the rate in.
You are free to cancel your lock at anytime. In order to qualify for new rate pricing, your loan will have to be cancelled a full 30 days in order to opt in to new rate pricing.
When market conditions improve significantly from the initial lock date, Loan Cabin will allow a onetime renegotiation under the following guidelines. Please contact your mortgage loan originator to see if you are eligible. One float down request per customer and a renegotiation fee will apply.
• Minimum .25% market interest rate improvement for the same or better price to be eligible for float down, comparing original and current price for same lock period and loan data.
Once you apply with us and provide us with the six key pieces of information to begin your application, we then will review your application, run your credit, and then provide this to you within three business days.
Ask your mortgage loan originator about our NO Lender Fees loan.
Here is a list of some of the third-party fees associated with a home purchase loan. This does not include other costs.
Title insurance protects the insured from a financial loss related to the ownership of a property. Title companies issue two types of title policies: an Owner’s Policy which covers the homeowner and a lenders Policy which covers the lending institution. Both insurances are a one time cost- up front when getting a home loan.
By law, you as the customer have the right to select your own provider for these services. If you wish to use your own provider and agree to pay the fee charged by them, we will be happy to work with them.
Closing cost are due when you sign your final documents. You will most likely wire the funds to the title company that day, or bring a cashier check. Personal checks will not be accepted.
No, Loan Cabin does not charge any pre-payment penalties.
Your closing cost will vary depending on your loan scenario. The below are closing cost you should expect lender by lender :
Appraisal fee
Title insurance
Escrows
Prepaids
You the customer can choose to pay discount points to buy down your interest rate, or you are allowed to choose a higher rate to off set third part closings cost. You are responsible for all third party closing cost such as title settlement fees, recording charges, and appraisals. You will see these charges will be the same lender by lender.
All closing cost will be paid through the loan or at the closing. The only exception to this is the appraisal fee. The appraisal fee is $405-$550 that is paid up front to a third party company to obtain the appraisal report. Once we receive the report you will get this right away.
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance on your mortgage statement or credit report.
No, Loan Cabin does not require any loans originated by us to require a pre-payment penalty.
A pre-approval letter is a document from us stating of how much money we are willing to let you borrow to pay for a house.
We will need your most recent two years W’s, 30 day recent check stubs, and two months current bank statements. If you are self employed or your income is primarily derived from commissions, we will need your two years personal and business tax returns.
Once a mortgage loan originator on our team reviews your credit report, income docs, and assets we will determine the right amount for your pre approval.
Free. Loan Cabin does not charge any application fees or junk fees.
Once a mortgage loan originator reviews all your documentation that you have provided such as W-2s, Check stubs, Credit, and bank statements we can get you the pre approval letter within hours.
Yes. This helps us determine your exact credit score and monthly debt obligations so we can be sure you qualify for a loan.
Any questions or concerns on your pre approval letter you may contact your mortgage loan originator who issued you your pre approval letter.
Yes. We will team you up with one of our licensed mortgage loan originators. You will be able to reach one of our mortgage loan originators at anytime throughout the loan process. Below are Loan Cabin’s hours of operation:
•Monday-Friday: 8:30 AM – 7 PM CST
Once you have decided to work with us and you like the interest rate and terms of the loan provided by your mortgage loan originator, advise them you would like to lock the interest rate in and we will secure your rate on a 30, 60, or 90 day lock depending on when you will close.
Loan Cabin usually closes loans within 21-30 days. We encourage customers to provide us with all the proper documentation up front so we can make the process efficient and simple for you.
An escrow account is part of your total monthly mortgage payments, but go towards things like your property tax and home owners insurance. We do recommend to do this as it makes sense for your lender to make these payments for you so you do not have to worry about them. However, escrow accounts are not required on all mortgage loans. Conventional loans do not mandate you to have an escrow account unless you put less than 20 down payment on your home loan.
Unfortunately No. Any escrow balance with your mortgage servicer will be refunded to you by them in 2-3 weeks time.
Absolutely.
Loan Cabin understands the importance of keeping clients information private and confidential. At Loan Cabin, customer service, trust, and Integrity is a high priority. As a result, we have adopted the following privacy principles:
We recognize and respect the privacy expectations of our customers as well as the need to collect and use customer information in an appropriate and responsible manner. We collect, retain and use information about individual customers as allowed by law only when we believe it to be useful to our business operations or to provide products, services and other opportunities to our customers. We seek to ensure that a customer’s financial information is accurate, current and complete. We have procedures in place to respond to requests to correct inaccurate information in a timely manner. Our employees have access to personally identifiable customer information only if they have a business reason for knowing such information. The importance of confidentiality and customer privacy is emphasized to our employees and appropriate disciplinary measures are taken to enforce employee privacy responsibilities. We maintain security standards and procedures regarding unauthorized access to customer information. We do not share personally identifiable customer information with unaffiliated third parties except as necessary to operate our business, comply with applicable laws and regulations or make available products, services and other opportunities to our customers. If we share personally identifiable customer information with an unaffiliated third party as part of our business operations, we require the third party to maintain the confidentiality of the customer information. We appreciate your business and look forward to continuing to provide you with the finest financial products and services available.
Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Typically, the higher your score, the lower the interest rate you will qualify for.
You are entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies.
A hard inquiry, or a “hard pull,” occurs when you apply for a new line of credit, such as a credit card or loan. Hard inquiries show up on your credit report and can affect your credit score. So it’s important to understand when they happen, how they’ll impact you and why it’s best to keep them to a minimum.
If you think there’s a mistake in your credit scores, you can contact the bureaus direct below :
Equifax
Equifax.com/personal/credit-report-services
800-685-1111
Experian
Experian.com/help
888-EXPERIAN 888-397-3742
Transunion
TransUnion.com/credit-help
888-909-8872
If you are still unsure, you should contact the companies directly. They should be able to provide you with further information on what the tradeline is and why its there.
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If you are shopping for a mortgage loan, generally multiple hard inquires with a certain time period for a home loan are counted as one inquiry. The period of time may vary depending on the credit scoring model used, but its typically from 14 to 45 days.
There are three primary credit reporting agencies: Equifax, Experian and TransUnion. Each has its own credit score and its own range of low to high credit scores.
Lenders generally use the middle score when pre approving your home loan. Loan Cabin will use the middle score of the three to determine your interest rate and how much you qualify for.
Loan Cabin will use the lower of the two middle scores between the co borrower and borrower when determining the interest rate the customers qualify for.
Loan Cabin currently is working with customers with 620 credit scores and above.
An appraisal is a licensed appraiser’s opinion of a home’s market value based on comparable recent sales of homes in the neighborhood.
Mortgage lenders always require a home appraisal before they will issue a mortgage because we want to protect our investment. For example : If the actual market value of a property is lower than the sales price and if the buyer defaults on the mortgage, the lender will not be able to sell the property for enough money to cover the loan.
Unfortunately, no. Loan Cabin prefers to be compliant and use our preferred appraisal management company to ensure the appraisal was done properly and compliantly.
Unfortunately, no. We the lender must choose the appraiser using our chosen appraisal management company. An appraisal management company is an independent real estate appraisal company hired by lenders to perform valuations on potentially mortgaged properties.
The appraisal inspection itself can take anywhere from 20 minutes to a couple hours depending on the size and details of the property. Here the appraiser will evaluate if your property is in good, fair, poor, or average condition.
A home inspection only examines the condition of the home when making the assessment. A home appraisal considers the condition of the home, comparable home prices, lot size, home features, area crime rates and school zones.
A home appraisal is a licensed or certified appraisers opinion of a homes Value. The appraisal is based on research of recent sales of comparable homes in the area, an analysis of the property and the appraisers judgement.
The simple answer is No. Property Taxes are based off the county assessors value and an appraised value is determined by a professional appraiser.
Depending on the property type, an appraiser will prepare a specific report.
• Single family homes: Uniform Residential Appraisal Report
• Condominiums: Individual Condominium Unit Appraisal Report
• Multi-family homes: Small Residential Income Property Appraisal Report
A copy of your appraisal report will be shared with you once we receive it.
Unfortunately no. We use the lower of the appraised value or the sales price to determine your down payment requirement.
Loan Cabin will service your loan for a short period after it closes, usually about 30 days. Typically 15 to 30 days after Loan Cabin will sell your loan on the secondary market and transfer loan servicing to one of Loan Cabins investors.
After that, we will transfer your loan to a permanent servicer. We have multiple servicers and mortgage investors including major US banks, government-sponsored entities, publicly-traded mortgage companies, and specialized servicing firms. We collect third-party reviews and survey our borrowers post-transfer to ensure the permanent servicers are quality partners.
What a mortgage broker does is they facilitate originations for other financial institutions. Brokers are middlemen between the customer and the lender they send your loan to. Loan Cabin closes mortgages in our own name and uses our own funds to close your loan. This means we are the lender and you will work with us and only us throughout the process.
As a direct lender, we originate your application, underwrite the loan in house, close, and then fund your loan using our own funds.
We try to be fully transparent to all our customers. You can always ask your mortgage loan originator about your loan’s permanent servicer, or email hello@loancabin.com
After your loan closes, your loan closing documents will have all instructions on to who and where to make the first payment to.
In some cases, your first payment will be made to Loan Cabin. Loan Cabin will contact you via email if this is the case and provide you with the proper steps to make your payment to us. Once your loan is sold or transferred to the permanent servicer, the servicer will send proper documentation of this along with a service transfer letter stating they have acquired your loan.
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Yes. You will have to wait until you are fully setup with the new servicer and then you can arrange with them to start biweekly payments. Please confirm with your mortgage loan originator on biweekly payments before starting.
For your first payment to Loan Cabin, we will request that you mail us a check for the one-time payment as your loan will very likely be transferred to a permanent servicer before the second payment is due. Once your loan is transferred you will be able to setup automatic payments with the servicer.
Yes, of course we will. If you have any concerns please email hello@loancabin.com. We will get in touch with the permanent servicer right away and resolve the issue on your behalf.