What about the Loan Deposit?

As soon as you agree to the terms of your loan, we'll get started right away, working for you behind the scenes. Part of the loan process includes accepting a good-faith deposit from all of our clients. Your deposit acts as a commitment for us to do business together.

Your deposit will go toward the costs we pay to outside companies (on your behalf) while processing your loan. But don’t worry; we’ll manage all of that for you and get you to the closing table as soon as possible. The deposit allows us to give you one of the fastest, most streamlined loan processes available today. Learn more about the deposit and the first steps in our industry-leading mortgage process.

Your deposit allows us to:

Pull your credit report – To determine which mortgage programs and rates you might qualify for, we'll pull a credit report.
Order an appraisal – We need to know what your property is worth, so we hire an independent appraiser to give us an unbiased opinion of your property’s value. Keep in mind, as your lender we have no influence over the outcome of your appraisal.
Order an environmental report
Order a property inspection

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How much is the deposit?

Deposit amounts range from $2,500 - $5,000, and the actual amount will be indicated on your Quote Letter or Letter of Interest. The Letters shows your loan program loan terms and explains our deposit policy.

How do I pay my deposit?

We accept checks, money orders or wire transfers.

When is the deposit refundable?

We pledge to take care of your money responsibly. Your deposit may or may not be refundable, depending on the status of your loan. Here are the three deposit scenarios:

When you close your loan with us, your deposit is fully credited to your closing costs. For example, if your closing costs total $2,000 and you gave us a $500 deposit, you'll only owe the remaining $1,500 at closing. This will be reflected on your closing statement.
If your mortgage application is denied for any reason, we'll refund your deposit minus any outside costs we've incurred up to that point. For example, if you gave us a $2,500 deposit and we spent $300 on an environmental audit report and $10 on a credit report, you'll be refunded the difference of $2,190. You'll receive a copy of your credit report and appraisal, assuming both have been completed.
If you review, agree to, and sign your loan application package, and later decide not to go forward with the loan, your application is considered withdrawn and we will retain your deposit. You'll receive a copy of your credit report and appraisal, assuming both have been completed.

Who do I contact with questions about the Loan deposit?

Start with your Loan Expert, they can answer deposit questions.

Client satisfaction is very important to us. We do everything possible to make sure you're happy with our process, and if you have any feedback, we want to hear it! You can contact our Client Relations team at the number above, or email us at apartmentbank@bofi.com.