Frequently asked questions

Absolutely! In fact, having an approval letter in advance of finding your property will ensure that you're prequalified for the loan amount and purchase price you're searching in. Most listing agents will request a copy of your approval letter before accepting your offer, so planning ahead will definitely demonstrate your commitment.

TRU Mortgage does not currently offer financing for manufactured or mobile homes.

There are many factors that determine eligibility for home financing. In general, TRU Mortgage offers programs for qualifying borrowers with credit scores as low as 520. A licensed mortgage banker will be able to evaluate your unique loan scenario and recommend options for your home purchase or refinance needs.

We can provide a ballpark range, but we prefer to provide estimates that are customized to your specific scenario so you can make a truly informed, educated decision. It's our goal to maximize transparency to make your transaction as seamless as possible. It is extremely difficult to provide an accurate rate quote without the following items:

  • Purchase price

  • Loan amount

  • Type of property (single family, condominium, number of units - up to four)

  • Occupancy type (owner or investment)

  • Actual credit score

  • Debt-to-income ratio

  • Number of properties currently owned

  • Credit history (which is different from your score)

As long as the borrower(s) on the application remain the same, the credit report is valid for 90 days. The application will prompt you to re-enter the Social Security Number(s). If a valid credit report is available, it will automatically be applied to your file.

The LŌN online mortgage application currently supports co-borrower spouses. If you wish to add a different borrower to your application, please complete the application as an individual and contact LŌN Client Services at info@thetruloan.com or 844-311-2423. A member of our processing team will be able to help facilitate your request.

Protecting and securing the personal information you share with TRU Mortgage is our top priority. We use a multi-tier approach to provide multiple levels of security and data separation. All communications between you and our secure website is encrypted using the latest encryption techniques (like TLS, AES256, RSA2048 technologies). Stored information is also encrypted at the source in our secure database servers for additional protection. Documents with personal information are uploaded and delivered to you via our secure document portals. We continuously monitor and deploy new procedures and technologies across all of our platforms.

Each borrower is unique, so information and documentation may vary from person to person. At a minimum, however, we will typically require:

  • Personal tax returns

  • Current paycheck stubs

  • Proof of down payment (for purchase transactions)

  • Current mortgage statements and homeowner insurance (if applicable), or current landlord information

Once the initial disclosures are signed, which includes the intent to proceed, we will order the appraisal through an approved appraisal management company (AMC). Per CFPB rules that all lenders must adhere to, we cannot order an appraisal until we have a signed intent to proceed.

Once we place an order, an appraiser will be assigned and you will receive an email requesting payment. Payments are made directly to the AMC. As soon as the payment is made via credit card, the appraisal inspection will be scheduled. A copy of the appraisal will be sent to you as the buyer and us as the lender, directly from the appraisal management company via email.

Closing costs for each transaction are determined by several third party items. Fees, such as recording fees, doc stamp fees, appraisal fees, and title and escrow fees will vary from state to state. If you choose to buy down your rate by paying points, this can also influence your closing costs. Additionally, how you choose to pay your property taxes and insurance - whether or not they are impounded in an escrow account - will also have an effect.

Once your online application is received, a member from our processing team will contact you within two business days to facilitate next steps. You will receive emails with a request for documents, as well as instructions for uploading copies of your documents to our secure portal.

The typical loan process takes approximately 30 days from application to close.