Frequently Asked Questions

GENERAL
MoFin is a direct, non-bank mortgage lender. Direct means we lend directly to the borrower with no middle-men; you can save valuable time and money by signing up and getting a loan directly from our website. Non-bank means we're not subject to all the red tape and bureaucracy you've come to expect when trying to get a mortgage from a bank.
MoFin helps real estate investors purchase or refinance non-owner occupied properties with loans that are tailored for their unique situations. And we make it easy, with a streamlined online service from pre-qualification through closing.
MoFin uses a unique underwriting philosophy that is different from traditional lenders: instead of focusing on your personal income, we look at the income generated from your rental property. This allows us to reach underserved borrowers that banks can't or won't lend to. We also make the mortgage process efficient and easy with our fully online, automated systems.

BORROWERS
MoFin offers mortgage loans on non-owner occupied investment properties. We offer 30-year loans for rental properties and 1-year bridge loans for transitional properties (such as fix-and-flip). We don't offer consumer mortgages on owner-occupied properties.
MoFin has a quick, easy pre-qualification application right here on our website. In less than 5 minutes, you'll know if you're prequalified and your expected rate. All you need to provide is some basic information about yourself, the rental property you're looking to purchase or refinance, and your experience as a real estate investor. There's no credit check and no documentation to upload.
If your loan request falls outside of our traditional parameters, a MoFin product specialist will reach out to you and try to find a solution that works. It's possible that you'll qualify for a slightly smaller loan that fits within our credit box and still allows you to achieve your goal of financing and growing your real estate investments.
Most loans will close within 30 days of pre-qualification. We work with borrowers to make sure they have all their information ready to go for a speedy underwriting process.
In the pre-qualification process, MoFin only asks for basic information about you and your rental property, which does not affect your credit in any way. This allows you to find out your expected rate without us asking for any sensitive information or conducting a credit check. Once you're pre-qualified, we'll show you your available loan options and ask you if you want to continue with the full loan underwriting process. After you sign a term sheet and approve us to begin underwriting, we will order your full credit report, which is considered a hard credit pull.
Single Family Residences, Townhomes, Planned Unit Developments, Condominiums, 2-4 Unit Homes.
All applicants must be U.S. citizens or permanent residents, and the home must be used as a rental property.
MoFin requires a minimum 25% down payment of the purchase price for purchase-money loans. Refinances require a minimum of 25% borrower equity based on a current appraisal of the property. For refinances where the home was purchased less than 6 months ago, we will use the purchase price plus any rehab investment as the property's value.
Yes, and we hope you do! In a few minutes, our pre-qualification process will tell you if MoFin can offer you a better rate and terms than your current mortgage.
MoFin's fees include a $299 application fee and a 2% origination charge. All other fees are passed through at cost from our vendors, including the appraisal, title insurance, title search, transfer taxes, settlement services, documentation preparation fee, and recording fees. There is no fee to check your rate through MoFin's pre-qualification form on our website. MoFin is completely transparent and will never charge you a fee without asking you if you accept the cost first.
Our rental property loans have a 2% prepayment penalty if prepaid within the first year. After the first year, there is no penalty. Bridge loans do not have a prepayment penalty.
MoFin provides borrowers with a Borrower Portal where you can upload documents and check the status of your application at any time during the underwriting process.
Our pre-qualification form is designed to be quick and simple to fill out. All you need is some basic information about yourself and the rental property you intend to purchase or refinance. This is just a pre-qualification, so the information doesn't need to be set in stone. Examples of some of the information you'll need include the property's address, the amount you wish to borrow, the approximate value of the property, if you're purchasing as an individual or through an entity such as an LLC, and your approximate credit score (we only ask for an estimate; we do not pull your credit during pre-qualification).
MoFin currently lends in Alabama, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin and Wyoming. If you have a question about another state, please email us.
After you finish your pre-qualification, there is a $299 application fee if you choose to have MoFin continue with the full underwriting process. The fee is structured to cover the standard costs we incur to underwrite your loan. If the loan does not pass our Pre-Underwriting Review, $200 of the application fee is refunded. There is never a fee to fill out the pre-qualification form and check your rate.
No, MoFin only offers mortgages for non-owner occupied properties.

BROKERS
Brokers can submit pre-qualification applications on behalf of their clients directly on our website. From there, they can manage all of their applications and loans through our Broker Portal.
After you finish a pre-qualification for your borrower, there is a $299 application fee if you choose to have MoFin continue with the full underwriting process. The fee is structured to cover the standard costs we incur to underwrite your loan. If the loan does not pass our Pre-Underwriting Review, $200 of the application fee is refunded. There is never a fee to fill out the pre-qualification form and check your client's rate.
Filling out the pre-qualification form does not require verification of your license. However, during underwriting we will comply with all state licensing rules, which may require you to be a licensed mortgage broker.
Yes, up to caps that we have put in place to ensure compliance with state lending laws.
If your customer's loan closes with MoFin, your fee will be paid out of net funds at closing.

INVESTORS
If you're interested in investing in our loans, please email us at invest@mofinloans.com.
Yes, all loans are fully secured by a first lien on the subject property.

OTHER QUESTIONS
Yes. Our website uses TLS 1.2 with encryption and authentication using AES_128_GCM and ECDHE_RSA verified with a DigiCert SHA2 Extended Validation Server CA certificate. We do not sell or share your information with any third party companies for the purpose of marketing their products or services to you.
Please email us at info@mofinloans.com if you have any additional questions.


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