Frequently Asked Questions
We know you may have questions about this process or about home remodeling. If we are not able to answer your question here, then please contact us below or call us anytime at 1-(888)-990-8886.
How do I contact the financial experts at Tri-State Creations?
There are 3 ways in which you can contact our financial experts:
1. Phone: 888-990-8886
2. Use the "Contact Us" form on our website
Am I eligible to apply for a loan?
If you are over 18 years old you can apply for a loan.
How much can I borrow?
How much you can borrow depends on a range of different things, such as the size of the loan you are seeking, your income (including income from investment properties you own), your past credit history, and your savings/deposit history. The financial specialists at Tri-State Creations can provide you with a good indication of your borrowing power and help you work out what your repayments will be.
What documentation do I need to apply for a loan?
The kind of documentation you require depends on the type of loan you are applying for. Generally, at a minimum, you will be required to produce documents such as a paystubs, bank statements, etc., which can provide evidence of your income.
Even if you have less than perfect credit or are a first time homeowner, we can design a program that works within your budget.
What is a Low Doc Loan?
A Low Doc loan is a loan that is designed specifically for self-employers, contractors, and other individuals who may have difficulty providing up-to-date financial documents to provide proof of income. You need to be able to demonstrate your ability to repay the loan and meet the required loan criteria. Talk to the financial professionals at Tri-State Creations to find out more.
Will my interest rate be variable or fixed?
A variable rate means that the interest rate can go up or down for the duration of the loan. A fixed interest rate loan means that interest rates remain at the agreed fixed rate for the period of time you have fixed the rates. There are loans available that allow you to opt for either variable or fixed interest rates, or a combination of the two. The financial specialists at Tri-State Creations will work with you to find the best option to suit your individual loan requirements.
How long does it take to get a loan?
The time it takes to process your loan depends on a number of factors including: the requirement of a valuation, the nature of the loan, and the availability of supporting documents and how quickly you return the signed loan documents. Most of the time it can take between 5 minutes and 3 business days.
Do I need to provide security?
No, we are able to offer unsecured financing to most of our clients. However, there are rare situations when you may need to provide security on a loan. This depends on a number of factors including your personal financial circumstances and the amount of financing you are applying for. It is best to talk to the financial experts at Tri-State Creations who can advise you whether or not you need to secure your loan.
How is interest on a loan calculated?
Interest is calculated on the reducible loan balance.
What are the current interest rates?
Interest rates fluctuate. In order to find out the best and most current rates for your personal circumstances it is best to talk to one of the financial experts at Tri-State Creations who will find the best interest rates to suit your needs and financial circumstances.
What is preapproval?
A preapproved loan is a loan approval that is given based on your current financial circumstances. A preapproval is useful because it allows you to begin designing your dream home with a clear budget in mind. The final approval is always subject to satisfying lenders' requirements.
Can I make additional payments or repay my loan early?
Yes. Most loans have flexible repayment plans. If you think you may wish to make extra payments or repay the loan early it is wise to ask the financial specialists at Tri-State Creations about including these options when establishing your loan..
Can I get a redraw facility on my loan?
Some of our lending partners can provide a redraw feature, similar to a revolving credit line, allowing homeowners to use the money paid towards the loan for another project without having to reapply for additional credit. If you would like this feature as part of your loan package, please advise the financial specialists at Tri-State Creations when establishing your loan.
Can I increase my loan in the future?
Yes, in many circumstances you can apply to increase your loan. Any request to increase your loan is generally regarded as a new application and normal lending criteria applies.
If you have any questions that were not answered here, please feel free to contact us.