Process:.

Some Things to Expect

The mortgage application process requires considerable paperwork. There is the application form, which asks for detailed information about you, your employment record, the house you want to purchase, etc. We may need documentation pertaining to your personal finances--your earnings, your monthly expenses, and your debts--to help gauge your willingness and ability to repay the mortgage. We will examine your file at the credit bureau to learn if you pay your bills on time. Some lenders may reject your application if the report shows that you have a poor credit history. Thus, we make sure your credit file is accurate before your application is presented to the underwriters. You have a right to know what information is contained in your credit report and to have someone from the credit bureau help you understand what the report says. We will provide you the names of credit bureaus utilized in your loan request. To determine the value of the property you wish to purchase, a real estate appraiser will give an opinion about its value. The appraiser's opinion can be an important factor in determining whether you qualify for the size of mortgage you want. Lenders usually will lend the borrower a certain percentage of the appraised value of the property, such as 80, 90 or even 100 percent, and will expect a down payment making up the difference, if applicable. If you are utilizing one of our no document programs, no documents would be required for proof of income, employment etc. If however you opt to provide documents be prepared to provide certain income documentation (W2s for prior years and year-to-date pay stubs), current debts (account number, outstanding balance, and creditor's address for each), and the purchase contract for the home you want to buy. When you file your application the approval process time will vary. The time may vary depending on the complexity of your mortgage, current market conditions, and whether you have to provide additional information.

If Your Loan Is Denied

If your application is turned down, federal law requires us to tell you, in writing, the specific reasons for the denial. We will make sure you understand the reasons given.

Down Payment

Is your proposed down payment sufficient? We offer mortgages with low to no down-payment requirements.

Appraisal

We will examine the appraisal to insure the integrity of the purchase price. You also have the right to receive a copy of the appraisal if you have paid for it.