Frequently Asked Questions

What do I do if I have questions about my loan?

How do I request a draw?

When you are ready to order your 1st draw, please send an email request to Draws@NobleMortgage.com. They will need two documents from you, your Budget and your Draw Request Form. Please indicate the completed items on the attached budget by highlighting each line item you are requesting and how our inspector can access the property. The amount for each item completed on the original budget will be disbursed. Once we have received these items, our Draws Team will get the inspection ordered promptly. Please note: All fees are taken from the draw. Inspection fee is $150, we can issue draws by check or wire for $25. From the day you request, to the day you receive the draw, is typically 3 business days but most of the time sooner than that, typically about 1 business -1 ½ business days.

How do draws affect monthly interest payments?

For our loans, interest is only charged on the money that has been lent out. Therefore, as more money is dispersed in the form of a draw, the interest charged will also go up.

Why did my payment amount change?

There are two main reasons payment amount changes. Interest is billed in arrears, meaning your payment due on the 1st of the month is for the prior months interest. For example, your November 1st payment would be for 31 days of interest, October 1st - October 31st. In December, your payment would only be for 30 days of interest, November 1st - November 30th. The second reason your payment may have changed is there was a draw taken on the loan. Noble only charges you interest on money we have lent out to you. Meaning, from the day of your loan closing until the day of your first draw, you will only be paying interest on the amount that was funded at closing. When you take a draw, your principal balance will increase by the amount of the draw, thus changing the payment.