Because of the unique nature of log home lending, most loan specialists offer more personalized customer service by phone or via the Internet. Although most will be offering online loan origination by the end of the first quarter of 2000, currently, companies such as Keystone Financial, Log Lenders of America and Owner Builder Loan Services offer only prequalification online. Prequalification means the lender can pull your credit report and let you know what you can afford before you apply for a particular loan product. Prequalification does not obligate you to use a particular lender, but remember that every time you apply with a new lender, you will pay for a new credit report. That's why you want to know the lender's requirements and products before you apply for pre-approval.
Most lenders have the prequalification information online.
Once online loan applications are available, you will be able to download them, fill them out and mail them back. The form may ask a wide range of questions that you must answer. Be prepared to report your employment history, your assets, annual income, banking institutions and debts-including the names and addresses of credit card companies. Your application must be signed, and you must agree to allow the company to research your credit. You will also need to include a check to pay for the application fee and to cover the cost of credit reports.