Congratulations! You have successfully submitted your application. Now what…?
Soon we will call to verify your information and discuss your goals. Once we determine the perfect program for your situation the loan approval process starts immediately.
This involves verifying your:
- Credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund and retirement accounts
- Property value
Based on your specific situation, additional documents or verifications may be required.
To expedite your loan approval:
- Respond 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.
- Anything that causes your debts to increase might have an adverse affect on your current application.
- Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
- Notify us before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some loan programs have strict guidelines regarding your credit score. Credit inquiries may lower your credit score and may have an adverse affect on your loan approval.
After your loan is approved, you will be required to sign the final loan documents. This will normally take place in the presence of a notary public. Be prepared to:
- Choose where you close your loan. We can arrange for the closing agent to meet you when and where it’s most convenient for you.
- Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally NOT accepted.
- Verify the accuracy of the names and addresses on the loan documents.
- Sign the loan documents. The notary will require that you have your picture ID with you. Some lenders also require seeing your Social Security card.
Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions, federal law requires that you have three days to review the documents before your loan transaction can close. Purchase transactions do not have a three-day rescission period.