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Frequently Asked Questions


Consumer Questions:


Q -  How does the loan process work?

A - The loan process can be broken down into 6 simple steps:



1)  Organize Your Documents


For purchasing or refinancing your home/rental property:


bulletIf you are salaried: provide your last two years W-2's and one month of pay-stubs; if you are self-employed: provide your last two years tax returns and a YTD profit & loss statement.
bulletIf you own rental property, please provide rental agreements 
bulletTo verify assets, please provide 3 months bank statements for each of your checking, savings & investment accounts.
bulletIf you are requesting a cash out refinance, please provide a letter explaining what you plan to do with the proceeds.
bulletA copy of divorce decree, if applicable.
bulletIf you are NOT a US citizen, please provide us with a copy of your green card (front & back), or if you are NOT a permanent resident, please provide us with your H-1 or L-1 visa.
bulletIf you're applying for a home equity loan, please provide a copy of your first mortgage note.  This will normally be found in your closing loan documents for your first mortgage.


2)  Get Pre-Qualified


Getting pre-qualified before you apply for a loan can help you understand how much you can borrow.  When buying a house, you may get pre-qualified or pre-approved.  You can get pre-qualified over the phone or on the Internet in a few minutes.  A pre-qualification is not as beneficial as a pre-approval, where you go through a more rigorous process including verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you by:


bulletFinding out the maximum house you can buy, so you don't waste time looking for properties you can't qualify for.
bulletPutting you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
bulletAllowing you to close quickly, since your loan is already approved.


3)  Compare Loan Programs & Rates 


At the time you apply for a loan, we'll discuss with you available mortgage programs & pricing.  To make a more informed decision, regarding which program is more beneficial to you, you need to consider the following things:


bulletThink about how long you plan to keep the loan: If you plan to sell the house or refinance in a few years, you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time you may want to look at fixed loans.  You need to pick the loan program that best fits your lifestyle & future plans. 
bulletUnderstand the relationship between rates and points: Points (a point equals 1% of the loan amount) are considered to be prepaid interest and are tax deductible. The more points you pay, the lower the rate you will get.
bulletKeep an open mind regarding pricing options: Remember this phrase: The Total Cost of the Loan is What Matters Most.  To view a Total Cost Analysis report, which compares several rate/cost options, *** EDIT *** Click Here (requires Adobe Reader).    


4)  Apply for a loan


Once you've gathered all your documents & have spoken with us regarding loan program & pricing options, it's time to apply for the loan.  At the time of application, we will present you with a completed loan application & preliminary loan disclosure documentation for your signature, as required by Federal Law.  You've made no permanent commitment here, you've just agreed to investigate whether you can qualify for your chosen program.  


5)  Obtain Loan Approval


Once your loan application & preliminary loan documents have been signed, we will start the loan approval process immediately. This involves verifying your credit history, employment history, assets (including your bank & investment accounts), and the value of the property in question.  Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval, be sure you:


bulletRespond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
bulletContinue to make on-time payments on all credit accounts, even if you plan to pay off credit accounts in a refinance.
bulletAvoid making credit account purchases. Any credit debt increases may prevent you from being approved.
bulletDo not move money into your bank accounts unless it can be traced. 
bulletPlan to be in town around the closing date, as you will need to be available for signing documents in escrow. 


6)  Close The Loan


After your loan is fully approved & loan conditions have been met, you will need to sign the final loan documents. This is typically done at an escrow or title company.  Be prepared to:


bulletBring a cashiers check for your down payment & closing costs (if a purchase). Personal checks are not acceptable.
bulletReview the final loan documents. Make sure that the interest rate and loan terms are what you thought the were, and that the name and address on the loan documents are accurate.


Your loan will normally close shortly after you have signed the loan documents. On owner occupied refinance & home equity loan transactions, federal law requires that you have 3 days to review the documents before your loan transaction can close.



Realtor/Affinity Professional Questions:


Q - What are the benefits of the Preferred Partner Program?

A -  Please see below:


Real Estate Professionals - Please Click Here for information.


Legal Professionals - Please Click Here for information.


Insurance Professionals - Please Click Here for information.


Financial Planners - Please Click Here for information.


Enrolled Agents/Tax Pros. - Please Click Here for information.



 Imperfect Credit?

For information regarding less-than-perfect credit issues, and how we can help those current & future homeowners, who have imperfect credit, regain a more traditional lending profile, Click Here.



Preferred Partners

For a list of our preferred Realtor Partners (those who have demonstrated a high level of professionalism, those you can chose with confidence), Click Here.


For a list of our Preferred Affinity Partners ( those who have demonstrated a high level of professionalism in their areas of expertise), Click Here.



 Client Testimonials

To read actual client testimonials, regarding the level of service we have provided in the past, Click Here.



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