The National Loan Source Service
National Loan Source is a leading online marketplace, empowering the mortgage shopper by matching them with qualified home financing specialists. At National Loan Source, consumers interested in refinancing an existing loan, purchasing a new home or securing a line of credit will receive up to five competitive loan quotes from major, national, regional, and local Lenders across the U.S. As an informed consumer, it is always to your advantage to shop diligently. At National Loan Source it's our goal to provide a convenient 'one-stop-shop' destination for your home and loan needs by giving you choices, convenience and value while finding the loan or home that's perfect for you.
Frequently Asked Questions
(Q) How does National Loan Source get paid?
(A) Quite simply, the lenders pay us for the opportunity to serve you. There is no cost to you, the consumer. Once you commit to a lender, there may be fees associated with the loan itself.
(Q) Am I obligated to accept any offer?
(A) There is no obligation to accept any of the offers presented to you.
(Q) How do you get banks to compete for my business?
(A) We send your loan request to four specialized lenders in the National Loan Source Affiliate database. There are occasions that we cannot match you specific loan scenario to four lenders. The lenders, however, are not aware of how many other lenders the request has been sent to and are therefore, working under the assumption that they are still competing with three other lenders. In order to get your business, the lenders must make a competitive offer every time- no matter how many lenders the request has been sent to.
(Q) Who are your lenders?
(A) We work with many of the most respected and well known lending institutions in the country. We also work with some specialty lenders, dealing with specific loan scenarios or geographic locations.
(Q) What information do you collect?
(A) We ask questions about you, your loan and your financial situation (income, assets and debts). You may want to gather your pay stub or last year's tax return before you start completing the forms. If you're refinancing your mortgage or looking for a home equity loan or line of credit, we need to know about the terms of your current mortgage, how much you owe and how much you want to borrow.
(Q) How secure will my information be?
(A) National Loan Source uses the most secure technology available on the Internet to ensure that the data you send us remains absolutely confidential and secure.
(Q) What are your rates?
(A) We get this question a lot. Here's why we don't post our rates:
Because National Loan Source is not a Lender and has no influence in the lending decision, we do not offer or list rates on our site. The rates are different for each Lender participating on our Exchange. We know that many of you would like us to post our Lenders' rates so that you can quickly compare them to rates offered by other Lenders. National Loan Source is designed to save you from this hassle. Instead of going from Lender to Lender to find the best rate, all you have to do is enter your information - and we'll try to give you up to four great rates to choose from. It's really that simple.
(Q) Does each lender pull my credit?
(A) Each Lender has their own policy about pulling your credit report. Some pull your report before they make you a loan offer, others pull your credit report after you have accepted their offer. In all cases, National Loan Source will not pull your credit report when you complete a loan request. All inquiries for your credit report within a 14-day period will count as one inquiry if you are looking for a mortgage to purchase a home, a mortgage to refinance your home, a home equity loan or line of credit or an auto loan. If you are looking for a personal loan or credit card, however, each inquiry will be counted as a separate inquiry.
(Q) Do you have Lenders who deal with less-than-perfect credit?
(A) Yes! We have Lenders who work with borrowers with perfect credit and not-so-perfect credit. Although we can't guarantee that you'll get a loan offer, we will try to match your loan request with Lenders who are most eager to work with you.
(Q) How do I compare loan offers?
(A) It's important that you evaluate all of the terms of each offer before you choose the one that's best for you. Compare the interest rate, APR, points, loan amount, loan term and other details of the loan offer. Please use our online calculators to help you make your decision or ask the lender for a Good Faith Estimate in order to compare "apples to apples".
(Q) What are your closing costs?
(A) Each Lender determines their own policy regarding closing costs. Unfortunately, because National Loan Source is not a Lender and is not involved in the lending decision, we are unable to determine the amount of closing costs or out-of-pocket closing expenses. If we are able to match your request with a Lender, you may discuss your specific situation with them once you are in contact.