Everything about loan factory & Reviews 2022: Loan Factory is one of the top companies delivering mortgage brokerage.
Their primary goal is to lend the borrowers at incredibly low rates and provide a satisfactory consumer service experience.
Currently, the branches are operating in various states, such as Texas, California, Illinois, Georgia, and New Jersey.
Their efforts are to grow further and expand the services in the new markets of Ohio, Michigan, North Carolina, Massachusett, as well as in various other locations.
In this article, we are going to enlighten you on everything that you need to know about Thuan Nguyen Loan Factory together with their reviews in 2022.
What makes their service unique?
Loan Factory is a privately owned mortgage broker enterprise, its headquarter is located in San Jose, California.
Their unique proposition is that they provide Incredibly cheap mortgage rates complimented with amazing customer service.
They accomplish this with the help of technology and the commitment to serve their customers at best.
How to create an account?
First of all, consumers should make sure that their account information is correct and the account is kept safe, thereafter.
The consumers are themselves responsible for all the activity on their accounts. The minimum age to create an account on a Loan factory is 13 years old.
- Sign Up
To enable the services, one should first make an account (“Account”).It is crucial to provide reliable and complete information for the user account. This information is used to contact the user.
- Stay Cautious
To safeguard the user’s account, he must make sure that others have no access to their Account or his password.
He must immediately inform in case of any actual or suspicious activity, theft, or any other unauthorized use of the Account or password.
He is held solely responsible for any loss or suspicious activity on the Account.
The enterprise is not liable for any unauthorized acts or omissions on the account.
- Age Limitation
The Services are not to be used by anyone below 13 years of age.
Even if the user is below 18 years old, he should have the consent of either his parent or guardian to the stated Agreement and they will have to confirm the agreement on the user’s behalf (considering where one lives).
How to avail the loan on Thuan Nguyen Loan Factory?
Each application would take around 5 minutes. Once the application is filled out the user will be directed to upload some required documents.
The required documents include the tax returns by him in the previous two years ( in case of self-employed); paycheck stubs of the last month and the latest W-2 (in case of an employee); bank statements for the past two months; and proof documents of house owner insurance.
Once the application is received along with the supporting documents, the Loan factory will forward the application of loan to the lender, then one may be entitled to lock the interest rate.
Then a rate alert will also be created in which an email & a text message will be sent each morning with the day’s updated interest rate.
Alerts must be checked each day and make a call to lock the interest rate.
There are various steps to be followed to avail of the loan. The steps are mentioned below-
The first step is to check the rates for the loan at the site www.loanfactory.com. The site shows viable & low rates provided by lenders that they have tied up with.
The next step is to complete the loan application either online or visit one of their offices to get guidance from the loan processor.
Further, the customer has to send all the required documents then the rates can be locked in.
The user will receive an email or a text regarding the updates of the interest rate whenever the rate changes.
According to the requirement, the user can contact the Loan factory and his rate will be locked in thereafter.
The rate will be locked only with the permission and authorization of the consumer.
After the interests are locked, an email will be sent for confirmation which will have all the details of the locked rate, it will also mention the expense or any cash-back along with the locked interest rate.
Usually, the lender will finalize the interest rate for 30 days. Within this period, one must close his loan otherwise he would lose the interest rate locked earlier.
Some lenders do allow the extension of a period for 5 to 15 days but they carry an additional cost. Though not all lenders allow such extensions and one might lose this interest rate lock.
These lenders generally have a policy called “Worst Case“.
Under this, if the market rates are found to be the same or even better than the locked interest rate, the company will keep the locked rate.
On other hand, if market interest rates are worse than the rate which was locked earlier, the company will relock the rate at the present market rate.
Time is the key and one should take care that the locked rate doesn’t expire.
After this, a report called Appraisal report has to be acquired, and thus the lender can evaluate the property.
The expense of this report is generally around $500. The company would require the details of the user’s credit card or even a check to arrange the appraisal report for the user.
In case the loan has been locked with zero points i.e. null points or zero cost, then the lender would credit the user with adequate money to cover the closing costs which will include the appraisal fee.
It must be noted that the appraisal fees would not be refunded. In case the appraiser has not yet visited the property, one can cancel and claim a full refund.
Though $75 will be charged for the assessment trip if the appraiser has already visited the customer’s property and the order is cancelled thereafter.
In another case, if the appraisal/assessment report has been finalized, one would lose this appraisal fee if the loan is not funded due to any reasons.
If the customer’s house is in an unlivable condition, the loan will not be approved.
Lenders also need that the property must have carbon monoxide and smoke detectors as preconditioned by law.
Further, It will take 1-3 days for the lender to give a final decision on whether the loan will be approved or not.
That is the lender will put a few conditions that have to be fulfilled before the final issuance of the loan approval.
It is important to give the required documents immediately to the company so that they can clear the mentioned conditions as quickly as possible.
The required documents must be given to the company within 1- 2 days. One needs to Hurry Up at this point.
This is followed by signing the loan documents. When all of the prerequisite conditions have been cleared, the lender would go through all the documents of the loan once again to ensure nothing is omitted.
The loan factory would then order the documents of the loan.
They should have all the loan documents to be signed within two days of the appeal.
These documents will then be sent to the company’s closing agent for the user to sign. The escrow office would then contact the customer to arrange a time to sign the documents.
Once the loan documents have been completed, they would be given back to the lender.
While signing the Loan Documents, one must be consistent with his signature, cross-out and mistakes are to be avoided, it is advised to not make any changes, the date must not be changed as well.
Now the final step is about funding and closing of the Loan. Once the lender has assessed the signed documents and gives approval for the same, he will contact the customer’s employer to certify his employment.
Once the certification of the employment is accomplished, the lender will transfer the funds to the accountable company, who will thereafter hand out the funds and write down the paperwork with the At this moment, the loan is deemed as closed.
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Loan factory fees
One can avail certain parts of the Services by giving a fee (like additional services, for example, “Paid Services”).
In case one wants to publish his sites, then one will need to pay the fee for subscribing. Such Paid Services will be valid until they are cancelled or expire as per the Agreement.
One will be told regarding the fees for such Paid Services before one is charged for the same.
These Paid Services can be cancelled as per the choice of the user by contacting the Loan factory.
If one doesn’t pay for the Paid Services timely, the access to these services can be cancelled or expired by the company.
Transaction charges and some supplementary fees may also apply to some parts of the Services, and one will be told beforehand about the fees before they are charged.
The fees appear on an invoice that is provided through the Paid services unless it is stated.
To accomplish these goals, they work with:
- Selected lenders who offer reasonable interest rates.
- Lower the overall costs, such as those of advertising, and operate effectively using supreme technology.
- Cater clients with real-time interest rate quotes and updated rate alerts.
- Improvised customer services as the borrowers’ loan standing are automatically updated.
- They work reliably and build trustworthy relationships with the customer by not asking for any funds till the interest rate is finalized & locked. At that point, the only fee asked for is the assessment fee which can be refunded in the situation of a zero-cost loan.
What makes the rates on Loan Factory so low?
- They shop at 31 lending companies to offer amazingly cheap rates to their borrowers.
2. They also urge their lenders to provide the customer’s better rates (they do negotiations for their customers).
3. They compromise on their profits so that the consumer can get a lower rate and thus save more
4. They have Loan Officers working on a salary basis rather than the costly ones who work on Commission-based stipends.
Reviews of 2022
The reviews are quite satisfying as those who had recently closed a loan with Loan Factory San Jose say that they couldn’t be happier with the wonderful experience they have had.
They already had talked to an online broker about the loan but Loan Factory provided a wonderful customer portal and address timely to them.
The work of the entire team at Loan Factory is outstanding. The online portal is quite good.
Though the bigger banks use such outdated systems, whereas the Loan Factory has a consumer-friendly portal that makes it viable for the customer to share all loan documents safely.
The services are customer friendly and they are committed to their work as they have sent instant responses even late at night.
We would sincerely recommend Loan Factory San Jose to everyone who’s looking for a mortgage loan.
Their business stands on the foundation of trust. They build trust with the customers by holding the entire loan procedure quite transparently.
With modern technology, the procedure is efficiently carried out and streamlined, loans are closed quickly, additionally, keeping the cost factor quite low.
They have their pricing mechanism to shop for and can settle for incredibly cheap rates for their borrowers.