Frequently Asked Questions
Listed below are frequently asked questions regarding Action Loan’s process. For more information, please contact Gus Goldsmith and Action Loan at 502-585-5200, or contact us for more information.
How does the loan process work?
Learn how Action Loan can help you get the loan you need.
How quickly can I get my money?
Most loans close within 5 business days. If the property is not your primary residence, you will receive your money at closing. If the property is your primary residence, you will wait 3 days according to the Federal three-day right of rescission.
Will my rate ever go up?
All loans are fixed rate mortgages, typically amortized over 30 years.
What costs are involved in closing my loan?
Depending on where your home is located, the normal inspection report is usually around $100 to $200. Closing costs are estimated based upon the loan amount. They normally run around $1200, including Attorney’s fees. (Please note: Action Loan does not make any money off closing costs. These are charged by the closing Title Company.)
Do I need to order an inspection of my property?
No. We order an inspection of your property from a local inspector, and you pay for the inspection upfront.
Can you payoff my bills at closing?
Yes, we can disburse funds directly to credit card companies, lien holders, contractors, banks, or any other parties. Your HUD statement will list the source and distribution of all funds.
Do you report to the credit bureau?
Yes. We report to TransUnion Credit Reporting. Read more about our relationship with TransUnion and how it affects your loan.
Do you lend on mobile homes?
Unfortunately, no, not at this time. However, we will lend on mobile homes or manufactured housing that have been converted and are deeded with the land they sit on.
Do you finance homes in rural areas?
Yes. We will close any deal that meets our basic credit, income, and equity requirements, whether it is rural, suburban, urban, farm, commercial, etc.
Do you make construction loans?
Yes. We have closed many construction loans. Loans for renovations, spec houses, condos and apartments, land development, etc. Click here to learn more about our loan programs.
