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Applying with eLendingNow
What should I expect after I apply online?
You will receive a phone call or email from your personal Mortgage Representative within 24 hours Monday - Friday. If applying over the weekend you will receive a response by Monday at 5 p.m. C.S.T. From this point forward you will be able to monitor the status of your loan application via the CUSTOMERS section of eLendingNow.com. Also, your Mortgage Representative will call to discuss the status of your application.
How long will it take for my application to be Pre-Approved?
Depending on your loan request, the average turn around time from application to Pre-Approval is 24 hours Monday - Friday.
How will I save money using eLendingNow versus my local bank?
eLendingNow works with Lenders all across the United States. This allows eLendingNow to shop for the best rates available to meet your loan request. eLendingNow has a wide variety of closing cost options. Many competitors are advertising NO Origination Fees or NO Closing Costs - How does this impact you and is this best for you? Your Mortgage Representative at eLendingNow will be able to access your application and provide you with detailed benefits on the many programs available.
Which states does eLendingNow currently lend in?
eLendingNow currently lends in Iowa, Minnesota, Nebraska, North Dakota and South Dakota.
What types of properties will eLendingNow lend on?
eLendingNow will lend on owner occupied properties up to 4 units, non-owner occupied properties will be 4 units maximum. Properties with 10+ acres will be reviewed on a case by case basis. No manufactured or mobile home lending is available.
What are eLendingNow regular business hours?
Monday - Friday 8:00 a.m. to 5:00 p.m. c.s.t.
Purchasing
Will I need certified funds for closing?
Yes. Acceptable funds will be in the form of Cashiers Check or Money Order from your local financial institutions. Please review the CUSTOMERS: Application Status section for exact funds required for closing. If you have any additional questions concerning the types of acceptable funds please contact the Title Company or Escrow Agent handling your closing.
Do I need to purchase Hazard Insurance prior to closing?
Yes. 7 days prior to closing you will need to pre-pay 1 full year of Hazard (Home) Insurance directly to your Insurance Agent. We will also need to receive a copy of the paid receipt along with a Declarations Page detailing the Policy.
Do I need an executed purchase agreement to lock an interest rate?
Yes. The purchase agreement will provide eLendingNow a property address and a closing date. This will all be required prior to locking your interest rate.
How much will I need as a down payment?
eLendingNow has a wide variety of down payment programs, with a conventional as low as 5% down payment to our Zero Down Program where no cash down payment is required. See our CURRENT RATES section for more details and inquire with your Mortgage Representative.
Are escrow accounts for taxes and insurance required with eLendingNow?
Escrow accounts are optional on conventional financing if your Loan-to-Value does not exceed 80%. Ask your Mortgage Representative on applicable state escrow waiver fees.
What documents will I need for loan approval?
Documents for a typical employee: Most recent month of paystubs for each applicant, Previous year W2 for each applicant, Bank Statement/Investment Statement. Your Mortgage Representative will provide you with an exact list of items.
When and how do I lock my Interest Rate?
Your loan status must be Pre-Approved or Approved along with an executed purchase agreement. A lock in may be requested by directly speaking with your Mortgage Representative or by emailing your Mortgage Representative. When emailing a rate lock request your loan will not be considered in a locked status until you receive confirmation from eLendingNow.
How long will the process take from application to close?
The underwriting process usually is completed within 24 hours. The appraisal and title work that is required for closing may take as long as one to four weeks depending on availability of appraisers and title companies in your area. Normal application to close time averages two to three weeks. If the appraisal and title work have already been completed, eLendingNow is able to close as quickly as two days.
Refinancing
Can I roll my closing costs into my new loan?
Yes, as long as your Loan-to-Value ratio does not exceed 100% with your conventional financing. If you would like to include your closing costs into your refinance discuss this with your Mortgage Representative.
Do I need a new appraisal for my refinance?
Conventional financing requires that appraisals be less than four months old. If the appraisal is older than four months but less than one year, it can be reviewed on a case by case basis depending on the previous appraiser requirements. Other financing programs do allow for alternative sources of value determination, for example: Stated Value, Tax Assessed Value, etc. These alternative financing programs provide reduced costs on appraisals but usually result in a higher interest rate.
How long will the process take from application to close?
The underwriting process usually is completed within 24 hours. The appraisal and title work that is required for closing may take as long as one to four weeks depending on availability of appraisers and title companies in your area. Normal application to close time averages two to three weeks. If the appraisal and title work have already been completed eLendingNow is able to close as quickly as two days.
Are escrow accounts for taxes and insurance required with eLendingNow?
Escrow accounts are optional on conventional financing if your Loan-to-Value does not exceed 80%. Ask your Mortgage Representative on applicable state escrow waiver fees.
What documents will I need for loan approval?
Documents for a typical Employee: Most recent month of paystubs for each applicant, Previous year W2 for each applicant, Bank Statement/Investment Statement. Your Mortgage Representative will provide with an exact list of items.
When and how do I lock my Interest Rate?
Your loan status must be Pre-Approved or Approved along with an executed purchase agreement. A lock in may be requested by directly speaking with your Mortgage Representative or by emailing your Mortgage Representative. When emailing a rate lock request your loan will not be considered in a locked status until you receive confirmation from eLendingNow.
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