THE
LOAN PROCESS SIMPLIFIED
1.
Application:
You may choose to complete a loan application either by phone, fax,
or mail. Of course, we still do make house calls.
2.
Confirmation:
Within 1 to 2 business days, loan documentation will be sent to
you for your approval and signature. This will include a Good Faith
Estimate of Loan charges, a Federal Truth-in-Lending Disclosure
and a list of documentation needed to complete your loan package.
3.
Processing Your Loan:
This will include gathering all documentation needed for the underwriter
to give us a formal loan approval. This includes appraisal of your
property, credit report, verification of your employment, down payment
and savings.
4.
Loan Rate Commitment:
This is the step in the process where you can either lock or float
your rate until closer to closing.
5.
Underwriting:
This is when the investor makes the final decision. We can submit
your loan to more than one investor to maximize your options and
allow you to pick the best program that meets your specific needs.
Basically, the decision is made on four areas:
Your
Assets-Do you have the downpayment, closing costs and some money
in reserve?
Your Credit-Do you pay your bills on time? (This refers to your
FICO score)
Your
Income-Can you afford the monthly payment?
Your
Liabilities-Do you have too many debts or too high of monthly payments?
6.
The Closing:
This is when you sign documents necessary to finalize your loan.
You will then provide any funds needed for the balance of the downpayment
or other closing costs. Once this is done, the funds are disbursed,
the loan will "Close" and the Title will be recorded with
the county.
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