Loan Process

Our motto is Speed, Service and Integrity and that is what we strive to accomplish for our customers with every loan transaction. We make every effort to complete your loan in a timely manner while maintaining a high level of communication with you throughout the process. Our typical loan time frame is three to four weeks with the possibility of closing within a week.  The steps to the loan process are as follows:

1. Application – We complete your loan application usually via telephone or online and receive your permission to request your credit report from our credit vendor.

2. Pre-qualification – The preliminary pre-approval we receive from lenders that fit your needs.  Based on this information, we determine what documentation is needed and at what pricing your loan will be structured.

3. Document Disclosure Appointment – We will explain the loan proposal to you in person or via telephone and gather pertinent income and credit documentation regarding the loan.  Typical documentation needed is:

Last two years w-2, last 30 days of paycheck stubs, asset information and home owners insurance policy information.  If self employed, two years tax returns may be used for income verification along with proof of self employment such as a business license.

4. Verification – Our processing staff verifies employment, orders existing mortgage payoffs, and title commitments for the property being financed.

5.  Appraisal – A licensed real estate appraiser in your state inspects the property being financed to reconfirm the value being estimated is supported.

6.  Submission – We submit the complete loan package to our in house underwriting dept. or an outside preferred lender.  There, the underwriting department will confirm that all the documentation required to approve the loan has been submitted to them.

7.  Final Approval and Loan Closing – Once the lender is satisfied that all the stipulations on the loan are met, they issue a final approval and the loan closing is scheduled.  An outside third party agent representing the title company, meets all parties involved in the loan transaction, explains the final loan documents and oversees the signing of all documents.

8.  Loan Funding – The funds are dispersed on the loan transaction.  With purchases and properties treated as rentals, funding occurs the day of closing, but with refinances of primary residences, funding occurs on the 4th business day after the closing.