FAQ

FAQ

What is “second look” financing?

Most contractors who offer financing have an existing relationship with one or more prime lenders.  These lenders only offer financing to customers with excellent credit.  Inglenook offers “second look” financing for customers who have already been turned down by a prime lender.

How is Inglenook different from my current prime finance company?

Unlike prime lenders, Inglenook focuses on customers with less than perfect credit.  We recognize that homeowners have life events, such as a lost job, divorce, health issue, etc.  For homeowners with a history of paying bills on time until a life event knocked them off course, Inglenook can offer credit if they are getting back on track.  It is this deeper credit analysis and home equity structure that allows Inglenook to finance customers other lenders decline after looking at their current credit score alone.

Why offer home equity loans?

Homeowners with damaged credit face very expensive credit options, if available at all, because of their perceived risk of default.  However, homeowners with a history of paying bills on-time before their life event often have a significant and growing asset – the equity in their home.  Traditional banks and mortgage lenders cannot help credit-challenged homeowners who need access to funds quickly for an emergency project.  Inglenook offers these homeowners home equity loans to provide the lowest possible borrowing costs and speed to enable emergency projects to be addressed same day.

How long does it take to apply?

Inglenook’s borrower application is an online questionnaire.  We only ask questions that are relevant to the borrower’s situation based upon the answers provided so far.  Most borrowers are able to complete the application in just a few minutes.

What documentation does the borrower need to provide?

Even with the affordable monthly payments resulting from low rates and extended repayment terms, we must properly assess each borrower’s ability to repay our loan.  In addition to the application and credit check, we must document a borrower’s identity, income and assets.  Here are documents that are typically required:

  • Identity: driver’s license & social security card
  • Income: pay stubs for 30 days, W-2s for past 2 years & tax returns for past 2 years
  • Assets: online access to bank & brokerage accounts and photos of property

Additional documents may be required in special circumstances.  Click here for details.

How does the borrower send documents to Inglenook?

All documents are encrypted and uploaded to a secure borrower portal where they are stored for review by Inglenook’s underwriters.  Inglenook will not send or accept borrower confidential data via unsecure email.  Scanned documents and smart phone photos are the preferred format to optimize speed, borrower convenience and image quality.

How long does it take to get a decision?

If the data entered on the application indicate that the borrower is ineligible for an Inglenook loan, you will get a response instantaneously.  Once the borrower has completed the application and uploaded the requested documents, Inglenook’s underwriters will review the materials and return a decision quickly.  Simple situations take only a few minutes, while more complex situations will take longer.  Borrowers can help ensure a speedy decision by ensuring their applications and documents are complete, accurate and easy to read.

What are Inglenook’s hours of operation?

We understand that emergency projects do not follow a regular schedule.  Therefore, we have team members ready to help 7:00am to 9:00pm, 7-days a week.

What criteria to make a borrower eligible for a loan?

Here are some of the key borrower criteria to qualify for an Inglenook loan:

  • Credit score above 500.
  • All mortgage loans on the property (including the proposed Inglenook loan) add up to less than 80% of the estimated value of the property.
  • All monthly debt payments (mortgage, car loan, student loan, credit card, etc.) add up to less than 50% of the borrower’s income.
  • But for life event, history of paying bills on time. Even with life event, history of making timely mortgage payments and protecting equity in home.

For a complete list of borrower credit and property eligibility requirements, click here.

What is the cost to the borrower?

The borrower has three costs: loan interest, an origination fee and closing costs.  The origination fee and closing costs are due upon closing the loan (i.e. when the contractor completes the project).  Inglenook uses fast and efficient online services to avoid the high cost and time delay of an on-site appraisal or full title search and title insurance policy.  An origination fee is necessary to defray the unavoidable administrative and regulatory costs of a home equity loan.

What is the cost to the contractor?

Contractors pay no fees to participate in the Inglenook program.  Instead, contractors and Inglenook share the credit risk of non-prime customers via a risk discount.  Contact Inglenook to learn more.

How does the contractor get paid?

After a borrower has been approved, there are four simple steps for the contractor to get paid:

  1. Contractor completes the project to the satisfaction of the customer.
  2. Contractor submit an invoice with the customer’s loan number to Inglenook.
  3. Customer verifies the project is complete and confirms the invoice amount to Inglenook.
  4. After the 3-business day right of rescission period required by law, Inglenook pays the contractor by ACH transaction.
Most mortgage loans take weeks, how does Inglenook offer home equity loans the same day?

Many major home repairs are emergencies: loss of a HVAC unit during very hot or cold temperatures, sewer main line failure with sewage backing up into the house, roof leak with more rain on the way, etc.  To protect family member health or further home damage, these emergency projects must the addressed immediately.  Inglenook was founded to address this need.  We use technology to rapidly gather information and underwrite loans.  We also offer homeowners with emergencies the option to waive the notice periods that extend regular mortgage loan closings by days or weeks.  Our culture, technology and processes drive the speed necessary for same-day home equity loans.

How does a contractor join the Inglenook program?

Applying to be contractor in the Inglenook program is easy.  We only work with licensed, reputable contractors to ensure a good outcome for all parties.  We have a simple contractor program application and require documentation to prove proper licensing, insurance coverage, customer reputation, etc.  Contact us to receive a contractor onboarding package.

I want to use a local handyman for my project to save money, can I still get an Inglenook loan?

Unfortunately, no.  Inglenook only works with reputable contractors with the proper state licensing for the type of project you are pursuing.  Without the proper contractor license, building permits, insurance, warranties, experience and reputation for quality workmanship & customer service, the probability of a successful project is low.  Inglenook is not willing to take this risk, and as a homeowner you should do the same.

FAQ

What is “second look” financing?

Most contractors who offer financing have an existing relationship with one or more prime lenders.  These lenders only offer financing to customers with excellent credit.  Inglenook offers “second look” financing for customers who have already been turned down by a prime lender.

How is Inglenook different from my current prime finance company?

Unlike prime lenders, Inglenook focuses on customers with less than perfect credit.  We recognize that homeowners have life events, such as a lost job, divorce, health issue, etc.  For homeowners with a history of paying bills on time until a life event knocked them off course, Inglenook can offer credit if they are getting back on track.  It is this deeper credit analysis and home equity structure that allows Inglenook to finance customers other lenders decline after looking at their current credit score alone.

Why offer home equity loans?

Homeowners with damaged credit face very expensive credit options, if available at all, because of their perceived risk of default.  However, homeowners with a history of paying bills on-time before their life event often have a significant and growing asset – the equity in their home.  Traditional banks and mortgage lenders cannot help credit-challenged homeowners who need access to funds quickly for an emergency project.  Inglenook offers these homeowners home equity loans to provide the lowest possible borrowing costs and speed to enable emergency projects to be addressed same day.

How long does it take to apply?

Inglenook’s borrower application is an online questionnaire.  We only ask questions that are relevant to the borrower’s situation based upon the answers provided so far.  Most borrowers are able to complete the application in just a few minutes.

What documentation does the borrower need to provide?

Even with the affordable monthly payments resulting from low rates and extended repayment terms, we must properly assess each borrower’s ability to repay our loan.  In addition to the application and credit check, we must document a borrower’s identity, income and assets.  Here are documents that are typically required:

  • Identity: driver’s license & social security card
  • Income: pay stubs for 30 days, W-2s for past 2 years & tax returns for past 2 years
  • Assets: online access to bank & brokerage accounts and photos of property

Additional documents may be required in special circumstances.  Click here for details.

How does the borrower send documents to Inglenook?

All documents are encrypted and uploaded to a secure borrower portal where they are stored for review by Inglenook’s underwriters.  Inglenook will not send or accept borrower confidential data via unsecure email.  Scanned documents and smart phone photos are the preferred format to optimize speed, borrower convenience and image quality.

How long does it take to get a decision?

If the data entered on the application indicate that the borrower is ineligible for an Inglenook loan, you will get a response instantaneously.  Once the borrower has completed the application and uploaded the requested documents, Inglenook’s underwriters will review the materials and return a decision quickly.  Simple situations take only a few minutes, while more complex situations will take longer.  Borrowers can help ensure a speedy decision by ensuring their applications and documents are complete, accurate and easy to read.

What are Inglenook’s hours of operation?

We understand that emergency projects do not follow a regular schedule.  Therefore, we have team members ready to help 7:00am to 9:00pm, 7-days a week.

What criteria to make a borrower eligible for a loan?

Here are some of the key borrower criteria to qualify for an Inglenook loan:

  • Credit score above 500.
  • All mortgage loans on the property (including the proposed Inglenook loan) add up to less than 80% of the estimated value of the property.
  • All monthly debt payments (mortgage, car loan, student loan, credit card, etc.) add up to less than 50% of the borrower’s income.
  • But for life event, history of paying bills on time. Even with life event, history of making timely mortgage payments and protecting equity in home.

For a complete list of borrower credit and property eligibility requirements, click here.

What is the cost to the borrower?

The borrower has three costs: loan interest, an origination fee and closing costs.  The origination fee and closing costs are due upon closing the loan (i.e. when the contractor completes the project).  Inglenook uses fast and efficient online services to avoid the high cost and time delay of an on-site appraisal or full title search and title insurance policy.  An origination fee is necessary to defray the unavoidable administrative and regulatory costs of a home equity loan.

What is the cost to the contractor?

Contractors pay no fees to participate in the Inglenook program.  Instead, contractors and Inglenook share the credit risk of non-prime customers via a risk discount.  Contact Inglenook to learn more.

How does the contractor get paid?

After a borrower has been approved, there are four simple steps for the contractor to get paid:

  1. Contractor completes the project to the satisfaction of the customer.
  2. Contractor submit an invoice with the customer’s loan number to Inglenook.
  3. Customer verifies the project is complete and confirms the invoice amount to Inglenook.
  4. After the 3-business day right of rescission period required by law, Inglenook pays the contractor by ACH transaction.
Most mortgage loans take weeks, how does Inglenook offer home equity loans the same day?

Many major home repairs are emergencies: loss of a HVAC unit during very hot or cold temperatures, sewer main line failure with sewage backing up into the house, roof leak with more rain on the way, etc.  To protect family member health or further home damage, these emergency projects must the addressed immediately.  Inglenook was founded to address this need.  We use technology to rapidly gather information and underwrite loans.  We also offer homeowners with emergencies the option to waive the notice periods that extend regular mortgage loan closings by days or weeks.  Our culture, technology and processes drive the speed necessary for same-day home equity loans.

How does a contractor join the Inglenook program?

Applying to be contractor in the Inglenook program is easy.  We only work with licensed, reputable contractors to ensure a good outcome for all parties.  We have a simple contractor program application and require documentation to prove proper licensing, insurance coverage, customer reputation, etc.  Contact us to receive a contractor onboarding package.

I want to use a local handyman for my project to save money, can I still get an Inglenook loan?

Unfortunately, no.  Inglenook only works with reputable contractors with the proper state licensing for the type of project you are pursuing.  Without the proper contractor license, building permits, insurance, warranties, experience and reputation for quality workmanship & customer service, the probability of a successful project is low.  Inglenook is not willing to take this risk, and as a homeowner you should do the same.