Frequently Asked Questions

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.

MoFin offers mortgage loans on non-owner occupied investment properties. We offer 30-year fixed-rate and adjustable-rate loans, as well as 3-year and 5-year balloon loans for investors with a shorter investment horizon. 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 what your different loan options and rates are. 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.
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 and loan options 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 choose a loan product that is right for you and continue your application, we will request your full credit report from one or more consumer agencies, which is considered a hard credit pull.
Single Family Residences, Townhomes, Planned Unit Developments, Condominiums, 2-4 Units, 5-9 Units.
All applicants must be U.S. citizens or permanent residents, and the home must be used as a rental property.
MoFin requires a minimum 20% down payment for qualified applicants purchasing an Investment Property. Cash-out refinances require a minimum of 30% borrower equity based on a current appraisal of the property.
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.
Typical fees and closing costs include the application fee, appraisal, title insurance, title search, transfer taxes, settlement services, documentation preparation fee, and recording fees. These fees vary depending on the transaction type and the geographic location of the property. There is no fee to check your rate through MoFin's pre-qualification Form on our website. MoFin will never charge you a fee without asking you if you accept the cost first.
Yes, our loans have a prepayment penalty that declines over the first few years of your loan. Prepayment penalty terms and amounts vary by loan product. None of our prepayment penalties last longer than the first 5 years of the loan term.
MoFin provides borrowers with a Loan Dashboard where you can 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 is currently able to lend in Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Maryland, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Washington and Wisconsin. We're continuing to build our reach, so please contact us if you have any questions about your specific state.
After you finish your pre-qualification, there is an application fee if you choose to continue applying for a loan from MoFin. The fee is structured to cover the standard costs we incur to underwrite your loans. There is no fee to fill out the pre-qualification form and check your rate.
No, MoFin only offers mortgages for non-owner occupied properties.

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 Dashboard.
After you finish a pre-qualification for your borrower, there is an application fee if you choose to continue applying for a loan from MoFin. The fee is structured to cover the standard costs we incur to underwrite your loans. There is no fee to fill out the pre-qualification form and check your borrower'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.

If you're interested in investing in our loans, please sign up on our website or email us at Currently, we only intend to sell loans to institutional investors. In the future, we plan to offer accredited investors the ability to invest through a marketplace platform.
Yes. Currently, we intend to sell only "whole loans" to institutional investors. Since you are buying the whole loan, you are the secured lienholder on the subject property.

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 if you have any additional questions.

Return to Homepage