Residential Financing
THERE IS A HOME LOAN TO FIT YOUR NEED ! ! Hunting for a new home can be exciting. Each home you visit offers its own unique possibilities. The excitement heightens when you can actually see your hopes and dream mirrored in those possibilities. By contract, the hunt for your loan is more businesslike. That's why it is so important to contact us to answer your questions and provide advice on the loan process and programs available. We will guide you through all steps of the loan application process and determine how much income you will need to comfortably afford a loan you can live with. By contacting us, we will begin the PRE APPROVAL process which includes a credit check and fully underwritten -- not just an off-the-cuff pre-qualification. We will help you determine your down payment and in many instances, we can get you approved with ZERO DOWN and NO CLOSING COSTS. We will determine what an affordable monthly payment is and if your monthly income can meet the rest of your major expenses. We can creatively draft your purchase and sales agreement to allow the seller to pay your closing costs and in many instances, your down payment as well - you can really get into a home with NO MONEY regardless of your credit history. CHOICE OPPORTUNITIES: Types of Loans Available After we have examined your housing needs and calculated how much you can afford. we are ready to consider the home loan that best satisfies both requirements. Today's home buyers have many choices. Borrowers generally are placed in one of six categories: * First-Timers, * Refinancers, * Moving Uppers, * Builders, * Relocaters, and * Empty Nesters. In all categories, there are additional focal points: * Ability to Qualify, * Cash for Down Payment, * Closing Costs, * Payment Stability, * Purchasing Power, * Fast Approval * Interest Rate Adjustment or Movement * Payment Flexibility * Faster Equity Building * Lack of Credit WHAT TO LOOK FOR IN A LENDER: The search for the "Right" lender can be mind boggling and confusing. Time is very precious. By contacting us, your search is over. WE locate the perfect lender to fit your specific needs. We provide: * Competitive Rates * Commitment * Flexibility * Stability * Reputation * Service * Same representative from start to finish * Team of Professionals working for you CHECKLIST FOR LOAN APPLICATION Here is a list of item to use as a guide in gathering information you will need to complete a home loan application: Credit Card Account - Account Numbers, creditor name and address, monthly payments and unpaid balances Checking & Savings Accounts - Account numbers, balances, name and address of financial institutions Other Loans/Mortgages - Account numbers, name and address of lenders, monthly payments and unpaid balances Most Recent Paystub and Copy of W-2's and Tax Returns for past two years Rental Property, if applicable Purchase and Sales Agreement - Make sure when you write your purchase and sales agreement to state the Escrow (closing) AND the Title is "LENDERS CHOICE". This allows the Lender total freedom in assuring the loan documents are created correctly and in a timely manner. FOR REFINANCES: Basically the same information as above will be needed. Additionally, you will need to provide Proof of Title and Insurance We safeguard your consumer rights by providing you with advance information designed to protect your interests. TRUTH-IN-LENDING Disclosure specifies your loan's Annual Percentage Rate or APR. The APR reflects the total mount of finance change - including interest, points, and all loan fees -- calculated as a percentage of the borrowed amount and expressed as a yearly rate. RESPA - (Real Estate Settlement Procedures Act) - requires the lender to provide you with information on all known and estimated closing costs. These standard costs must be paid at the time of closing. Examples include loan origination fees or points, title insurance, settlement or escrow costs, recording fees and -- where required -- attorney fees. "SETTLEMENT COSTS AND YOU" is a booklet prepared by the U. S. Department of Housing and Urban Development (HUD) and gives you an item-by-item explanation of closing costs. WHAT DOES A LENDER LOOK FOR? Lenders focus on three areas of your financial situation: Your equity in the property represented by your down payment amount Your ability and willingness to repay your loan Your creditworthiness, indicating your attitude toward financial responsibility. During our initial meeting, you will sign forms which authorize the fathering of this data, beginning with the information you have provided. Most of the research time will be spent in substantiating that information. Your ability to pay the down payment and all closing costs will be supported by the amounts of current checking and savings balances. If funds are coming from some other source such as gifts, selling your previous home, sale of other assets, etc. will be verified. Repayment of the loan will be determined by an evaluation of both your current debts and your current and past income. Verification forms may be sent to your employer(s) and to your financial institutions. Creditworthiness will be evaluated on the basis of past credit history and the types of credit arrangements you have established. An explanation will be needed for lapses of payments, tax liens, judgments, etc. We have established a number of safeguards which respect and protect your privacy in the gathering and evaluation of your credit information. After all this, and we have approval, the subject home will be appraised by an approved lender appraiser. We can creatively draft your purchase and sales agreement to allow the seller to pay your closing costs and in many instances, your down payment as well - you can really get into a home with NO MONEY regardless of your credit history. DOING YOUR PART - HELP KEEP THINGS MOVING: After you have completed all the forms and provided all the necessary information, the application is submitted - Now just relax and everyone else gets busy. The lenders loan processing staff will immediately begin to mail out documents requesting verification of the information you provided. Financial and employment information will be certified. A credit check will be ordered. The next few days will be spent waiting for the replies to return. We extend every effort to make your waiting period as short as possible. During this time, you may be contacted to provide additional information. Give these requests your priority attention. The Lender's Underwriter will recommend the decision based upon the documentation provided. Your APPROVAL may contain conditions which means additional information is needed or property improvements may be required. Again it is imperative you understand those conditions and take immediate steps to resolve them. CLOSING - When the Seller receives their money CONGRATULATIONS! You now can take possession of your new home. You have been planning for this day since you and your real estate profession found this home. You may want to visit the property with your real estate agent a day or so prior to closing to make sure everything is as it should be. The Settlement Agent - occasionally referred to as the Escrow Agent, or Closing Agent will prepare an estimated Uniform Settlement Statement which itemized the dollars-and-cents of the purchase arrangement and all closing costs and prepaid items. You are entitled to an explanation - and an estimate- of each closing cost you incur. Be sure all your questions are answered to your satisfaction. Be sure to refer to your copy of HUD's "Settlement Costs and You" which we provided to you when we completed the application. In many States, the "Signing of Closing Documents Day" is not the "Closing Day". The signed documents are returned to the Lender for their review. They make sure all the conditions were met, the documents were signed and dated properly prior to releasing the funds to the Seller. In the case of refinancing, you have three days to change your mind prior to releasing the funds. By enlisting our professional expertise, you can be assured of a carefree home purchase and loan process. Thank you taking your valuable time to consider your loan options and look forward to serving you and your family in achieving your goals.
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