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 Frequently
Asked Questions
(Q) How
long will it take for my loan to close?
(A) Every loan
is different. The quickest closing loan on the planet today is a home equity
line of credit; which can take up to 30 days to actually fund. That considered
please be prepared for a time frame anywhere between 30 to 90 days for funding.
(Q)
If my loan does not fund is my money refundable?
(A) NYC
Underwriters along with all of our sources and affiliates believe in remaining
accountable and as transparent as possible. A clear and clean cut refund clause
is implemented into each and every LOI /LOC that we issue.
(Q)
How long will it take for the site visit to actually occur?
(A) Each site
visit is scheduled within seven days from a client’s execution.
(Q)
NYC Underwriters are paid to package and present my loan in the best way
possible. Does NYC Underwriters actually play a decision making role in the
funding of my loan?
(A) YES, NYC
Underwriters has a voting seat on the committee of each one of our direct
funding sources.
(Q)
If my loan falls short of the lending footprint; will NYC Underwriters and/or
its sources devise an alternative funding strategy?
(A) Rather then
just declining a loan, YES more times than not when a loan falls short of the
lending guidelines NYC Underwriters provides an alternative finance structure
that works for all parties involved. It all comes down to common sense.
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