Frequently Asked Questions (FAQs) | Loan Pronto
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Frequently Asked Questions

We realize that home mortgages and refinancing can seem very complex and confusing. Well don’t worry, because you are not alone. That's why we’ve provided answers to some of the most common questions we hear.

Don’t see an answer to your question? Feel free to contact us.

The Mortgage Process

What does the Loan Pronto application and loan process look like?

15-Minute Consultation - Chat with our loan consultants so they can learn about your situation and provide you with the best options and next steps. We know the right questions to ask so we won’t waste your time.

Product Selection - Our team will talk you through the different options available and arrive at the program and product that best fits your financial goals.

Documents, Lock, and your Appraisal - Once you’ve selected your loan program, you’ll receive an email from our team with a link to eSign all of your disclosures. You can do this from your phone, regular PC or any smart device. You’ll then receive a link to your Digital Portal where you can upload or take pictures of the necessary documents. For any pay stubs and bank statements, you’ll only need to provide us with your login for those accounts and we’ll retrieve the required documents for you. Once we get those documents back from you, we’ll lock your rate and order your appraisal (if needed).

Underwriting Process - With all your documents handled, one of our dedicated Account Managers will help navigate your way through the underwriting process. During this time, we’ll be getting third party verifications on your behalf and preparing all of the legal documentation you’ll need.

Loan Closing - Once we get the appraisal and the lender signs off on your loan, we are ready for closing. Most of our customers opt to close their loan at their home after normal work hours which means you don’t have to take off work and close at a random office.

Home Purchase

How much money do I need to buy a home?
Contrary to popular belief, you can get a home with as little as $0 down on a VA loan or 3% down for a conventional mortgage. While 20% down will give you the lowest rate, our Loan Down Payment program offers you the ability to buy a home with much less and still get a great rate.
Should I buy or rent?
We get asked that all of the time. Every borrower’s situation is different but we suggest looking at what you pay in rent and determining if you could own a home for the same amount or less. With rent prices on the rise, many of our clients are surprised they can buy a home with little money down and still have a lower payment than what they pay in rent.
What can I use for my down payment?
Most of our borrowers use money from their checking and savings accounts. Gifts from family members, money borrowed from IRA/401k accounts and equity from a current home you are selling is also allowed.
What is included in my mortgage payment?
A mortgage payment is comprised of several parts: Principal and interest, real estate taxes, homeowners insurance and possibly mortgage insurance.

Mortgage Refinance

Why would I refinance?
  1. Your rate is higher than the current market rate for the same program
  2. You are looking to shorten your term to pay off your house more quickly
  3. You want to cash out some equity to do home improvements, pay off debt or student loans
  4. Get out of paying mortgage insurance
  5. Combine a first and second mortgage into one mortgage
Is the refinance process that different than buying a new home?
Not really. You’ll need most of the same documents and you’ll likely need to get an appraisal as well. While they are less deadline sensitive than a purchase our goal is still to get it closed as quickly as possible.
How often can I refinance?
You can refinance as often as you want as long as you are getting a tangible benefit from the program.
What kind of special refinance programs do you offer?

We offer several programs that are offered by FHA, VA, and Fannie Mae / Freddie Mac:

  1. FHA Streamline - Take your existing FHA mortgage and streamline it into a lower rate and/or lower FHA mortgage premium. This program requires no appraisal, very limited documentation and a shorter underwriting process.
  2. VA Interest Rate Reduction Refinance Loan (IRRRL) - Veterans with existing VA loans can take advantage of this program to reduce their rate and/or term. No appraisal needed and the underwriting process is very brief.
  3. Home Affordable Refinance Program (HARP) - In response to the economic crisis of 2007-2009, Fannie Mae and Freddie Mac came out with the HARP Program. This allows you to refinance even if your home is underwater or has lost significant value since your original purchase. Often times you won’t need an appraisal and the underwriting guidelines are more relaxed with this program.