Frequently Asked Questions

What types of mortgage loans are available on this site?

We currently support Fixed and Adjustable Rate Mortgages.

How much does your service cost?

Usually, when you apply for a mortgage at any type of institution, part of their process will be to order an appraisal on the property being financed which is usually an out-of-pocket expense of $300-$400 you must incur.

TrueFi gives you the means to determine your eligibility at no cost before committing to a lender and paying for an appraisal. For Refinance loans, TrueFi will instantly order a property valuation and credit profile as a part of assisting you with your loan request that fit lender loan products.

TrueFi charges a fee of 1/2% of loan amount or minimum $1,500 flat fee whichever is greater only if the loan closes. This can be paid through the proceeds of the loan if you are refinancing your existing mortgage. See the TrueFi Difference to learn more.

Does TrueFi support loans for the purchase of a home?

Yes. If you're looking to buy your dream home, you can do it with TrueFi. Learn the steps to Buying a Home.

Does TrueFi support government loans such as FHA, VA, or USDA?

No. TrueFi only supports conventional loans at this time.

Do you deal with less-than-perfect credit?

TrueFi supports borrowers with 620 credit scores or higher in accordance to conventional lending guidelines.

Why is it necessary for TrueFi to obtain my credit and property value information?

This information is necessary in order to determine if you meet the minimum requirements.

I live outside the United States. Can I use TrueFi to find a loan?

At this time, we only service requests for loans that originate in the continental United States.

What information do you collect?

We only ask questions that are required by lenders to process your loan.

Will you share or sell my information?

TruFi believes that you should be aware of who we are, the types of information we may collect on our Web site, and what we do with your personal information. Please see our Privacy Policy. Your information will be shared only with the lender with whom you have chosen so that they can respond to your loan request.

What is the difference between an appraisal and an AVM?

TrueFi uses an online, state-of-the art predictive technology called Automated Valuation Model or “AVM” reports which instantly obtains accurate property valuations. This report will be used as supporting information to estimate the value of your home. Most lenders will use an AVM to audit or supplement a mortgage appraisal.

Property appraisals use a market comparison to determine the value of your home. The appraiser will compare the recent sale price of three similar properties in your area to determine your home’s value. A “similar” property is one with the same amount of square feet, bed and bathrooms, features, property age, and geographic area. The similar properties also need to have sold within the past six months.

How long will it take to close my loan?

Each lender is different but it usually takes 1 to 3 weeks to close a loan.

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