FREQUENTLY ASKED QUESTIONS
If additional information is requested from you at the time of application, please contact your loan processor with the information within 24 hours. Certain items cannot be ordered without complete information. If no additional information is required, you should expect to hear from us within 1 day.
Soon after your application you will receive a "Truth in Lending" statement -- don't panic! The APR (Annual Percentage Rate) is not your interest rate. The APR is the net yield to the lender which includes your interest, discount fees and other credit costs that you pay up front. Your mortgage note at closing will reflect the actual interest rate that you will pay.
After your loan processor is in receipt of all necessary verifications from employers, banks, landlords, mortgage companies and the credit reporting agencies, certain questions may arise. This is where we need your help! Any questions regarding the file must be addressed in writing and clear documentation provided. BE ASSURED, WE NEVER ASK FOR ANYTHING THAT IS NOT NECESSARY TO APPROVE YOUR LOAN!
The property appraisal is used strictly to determine market value -- not to warrant the condition of the property. However, any deficiencies which will affect marketability will require repair prior to closing.
Once we complete the initial processing of your application, the file is submitted to our underwriting department. The underwriting time is generally 2-3 business days. Since mortgage loan processing is an art, and not a science, the underwriter may request additional information -- don't be alarmed, this is not unusual! This is the last hurdle before loan approval.
After your loan is approved, the closing agent will contact you regarding the final settlement amount you will need to close on your home. Should any problems arise, our closing department personnel are very knowledgeable and fully capable of handling any questions.
Contact us today for assistance with any other questions you may have.
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