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Frequently Asked Questions

1. What is the Interest Rate for my scenario?

Please go to www.ivydirect.com to quote.

2. Is the Interest Rate on your website real?

The interest rate quoted from our website is the best market interest rate we offer to our borrowers.

3. Is the interest better if I talk to a representative?

The interest rate quoted from our website is the best market interest rate we offer to our borrowers.

4. How do I check the Interest Rate in my account?

After you have submitted the loan application, you may go to “Today’s Rate” section and click on “Update” to check the current Interest Rate.

5. When can I lock the Interest Rate?

For Purchase, you may lock the interest rate after Initial Application Package has been E-signed.

For Refinance, you may lock the interest rate after Initial Application Package has been E-signed and Appraisal has been ordered.

6. What is the difference between a mortgage interest rate and an APR?

Please refer to CFPB’s link regarding this question at – https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-mortgage-interest-rate-and-an-apr-en-135/

7. Why is APR for No Cost Refinance higher than interest rate?

During refinance process, some fees such as Title Company’s Settlement Fee, are counted as APR fee per compliance requirement. Even for no cost refinance, we need consider this fee’s impact first, calculate APR but cover the costs by lender credit at closing. However, because lender credit itself cannot be used to offset the fees directly when calculating APR, although customer’s cost is covered, the APR in loan documents still shows higher than interest rate.

8. What if the Interest Rate changes after I submit the loan application and before Initial Application Package is published?

We will send the Initial Application Package to our borrower within 3 business days after we received the complete loan application with all the necessary supporting documents.

We will not be able to predict or guarantee the movement of the interest rate market, therefore the Interest Rate will subject to market change until you lock the Interest Rate.

9. How do I determine the property value for my refinance?

Please refer to Real Estate professional websites to estimate the property value. After receiving your application, we will run Freddie Mac/Fannie Me database during the preliminary review when preparing the initial loan package, if the value you input meets the database expectation, then appraisal will be waived; if the appraisal is not waived, then you will need to order appraisal later to determine the real value of the house.

10. What will be the general process of the loan application?

11. How long will it take from submitting the application to loan closing?

Normally this process will take 25 to 45 calendar days.

12. How and when can I order the appraisal report?

You may order the appraisal report as soon as you finished signing the Initial Application Package. Please go to “Appraisal” section to initiate the order.

13. Who will pay for the appraisal report?

You as the borrower will pay for the appraisal report fee. If the Interest Rate option you choose is the “No Closing Cost” option, Ivy Direct will refund the appraisal report fee by including the actual amount in the total Lender Credit.

14. Any obligations once I signed the Initial Application Package?

No obligations. Signing the Initial Application Package only means you intend to proceed with the application.

15. Is there any Charges or Fees if I withdraw the loan after signing the Initial Application Package?

No withdrawal fee. However, any Appraisal Report Fee or fees charged by your homeowner’s association or condo associations will not be refunded.

16. Is my Interest Rate locked once I signed the Initial Application Package?

No. You will need to go to “Today’s Rate” section to complete Rate Lock.

17. Does “No Closing Cost” mean that I don’t need to bring any money to loan closing?

No. You still need to bring funds to cover your own pre-paid items and the difference between the new loan amount and your current mortgage’s payoff amount.

18. What are the pre-paid items?

19. Why my residency status is not listed?

Currently we only offer loan products to listed residency status.

For additional information. Please click the links to review our detailed General Process and Lock Policy.

常见问题

1. 我的情况能拿到什么利率?

请登陆 www.ivydirect.com 查看利率。

2. 网上的利率是不是真的?

网站上的利率就是我们在客户查询时的即时利率。

3. 有没有内部可以提供的更好的利率?

网站上的就是我们能提供的最好利率。

4. 如何在自己的账户看到最新利率?

客户在提交了申请后可以随时到账户中“Today’s Rate” 项下点击“Update” 来查看最新利率。

5. 什么时候可以锁定利率?

买房贷款:签了Initial Application Package之后。

重新贷款:签了Initial Application Package 并且订了Appraisal之后。

6. 贷款利率和APR的区别是什么?

请您参考消费者金融保护局CFPB的下列官方解释链接 - https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-mortgage-interest-rate-and-an-apr-en-135/

7. 为何无费用重新贷款(no cost refinance)的APR要比贷款利率高?

重新贷款(refinance)过程中产生的一些费用,例如过户公司的服务费,按照规定是要计算到APR之中的。对于无费用重新贷款(No Cost Refinance),我们需要先考虑这些费用的影响,计算出APR, 最后在过户时给客户退还Lender Credit来抵消相关费用支出。不过因为Lender Credit本身并不能直接放入APR的计算,所以虽然客户的费用性支出最后均被退还,但是文件上显示的APR依然比贷款利率要高。

8. 如果提交申请到可以锁定时利率变化了怎么办?

收到完整的申请后我们最多3个工作日内会给客户发需要签字的Initial Application Package。我们没有办法预测利率市场变动,在此期间利率可能变差也可能变好,最终利率以您锁定的利率为准。

9. 重新贷款时如何确定房屋价值?

您可以参考相关网站上的信息估计一个价值并填写在申请中。我们会在您提交贷款申请后去查询Fannie Mae或Freddie Mac的数据库,如果系统认同您的房屋估值,两房就会给出Appraisal Waiver的结果,这样我们大多数情况下可以省去房屋评估(Appraisal)的步骤。如果系统没有给出Appraisal Waiver的结果,则我们需要做房屋估价报告 (Appraisal Report),并且以房屋估价报告上面显示的价值为贷款审批使用的房屋价值。

10. 整个贷款的流程是怎么样的?

11. 贷款从开始申请到发放贷款大约要多长时间?

一般25到45天。

12. 如何订Appraisal? 什么时候可以订Appraisal?

签了Initial Application Package马上就可以。点击“Appraisal”项即可在打开的页面里订Appraisal。

13. 谁来支付Appraisal Fee?

客户付Appraisal Fee,如果选择的是”No Closing Cost”, Ivy Direct 会在过户时候给的Lender Credit里面包含退还的Appraisal Fee。

14. 签了Initial Application Package有没有合同义务?

没有。

15. 签了Initial Application Package后如果撤销申请是否会产生费用?

不会。但是客户支付过的Appraisal fee和为了取得您物业管理公司的文件而支付的相关费用是不会退还的。

16. 签了Initial Application Package是否就是锁定利率了?

不是。需要您到Today‘s Rate 去锁定利率。

17. ”No Closing Cost”是不是最终签字的时候一分钱都不用带?

不是,需要预付prepaid items以及支付新的贷款和您原贷款清偿额之间的差值。

18. Prepaid items有哪些?

如果有escrow account, 会需要预存一些金额来保证银行有足够金额支付您下一次到期的房产税和房屋保险,但是当前银行的escrow account的余额也会退给您。 然后需要会预付daily interest,一版是指从我们实际发放贷款的日期到当月月末所产生的利息。(由于您月供中包含的利息是从发放贷款日期的下一个1号开始计算的)

19. 为什么我的移民身份没有显示在选项中?

如果您的移民身份不在选项中,说明我们公司暂时不提供相应的贷款产品。

如果您想了解更详细的信息,请点击链接查看: General Process, Lock Policy.