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LOAN
PROCESS
You will
need to provide detailed information on your income,
assets, debts, and the property that you plan to finance. Generally
an application fee is collected to cover expenses for the property
appraisal and credit report. This also lets the lender know that
you are serious about working with their company only. You will
also have to authorize the lender to verify information regarding
bank deposits, credit and employment.
Your
loan officer will contact you to assess your situation and determine
your financial goals. Expect to discuss the following information:
estimated value of your home, your credit history, and your home's
equity.
Based
on the information collected and your credit report, your loan officer
will quote you an interest rate and APR and the loan amount that
you are likely to qualify for.
Your
loan officer will request financial documents and set an appointment
for an appraiser to meet you to assess the value of your home. (See
our checklist for a list of documents that may be requested.)
With
your application now complete, your loan officer will notify you
when your loan is approved. At this time an appointment will be
made for signing the loan papers. You will receive your funds one
week following the loan signing.
CHECK LIST
After you request your
loan on-line and if you want to apply for a loan, it's a good idea
to start gathering up the following information.
You need to submit
this information to your Loan Officer in order to continue the loan
process.
Last year's W-2 form.
Signed and dated Federal Tax Returns (1040's) from the last year,
including all schedules.
Most recent pay stubs for each borrower.
A copy of your most recent mortgage statement (if available).
A copy of the Purchase Contract (if applicable).
If you are self-employed:
Last year's signed and
dated tax return, including all schedules, a year-to-date Profit
and Loss (P&L) Statement that is less than 60 days old, and
a current signed Balance Sheet.
If you're part of a corporation or partnership, provide last year's
tax return for corporation/partnership including form K-1, a year-to-date
Profit and Loss (P&L) Statement (less than sixty days old),
and a current signed Balance Sheet.
Depending on your
individual situation, you may also have to supply some additional
information.
APPLY
NOW!
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