the loan process
The loan process can vary in time. A purchase loan usually takes anywhere from 30 days to 45 days after acceptance. A refinancing loan can vary as little as 3 weeks, to a few months depending on how the market is fluctuating and whether we feel the timing is right to lock rates and close. Every situation is different; borrowers sometimes need more time before closing a loan and we try to accommodate every situation the best we can while still taking full advantage of what the market has to offer.
There is always a way to save our clients the unsatisfying feeling of having to pay closing costs. Those options, among other alternatives, will always be discussed before initiating a loan.
The pre-qualification process is a quick and easy process. After the collection of documents we need from our borrowers we quickly upload these documents and issue DU or LP documented approval.
Those documents are;
- Previous month of paystubs (if applicable)
- 2-3 years of w-2's (if applicable)
- Last 2 years of Federal Tax Returns, both Personal and Corporate/Partnership Returns)
- 2 months of complete bank statements, retirements and investments
- Copy of borrowers drivers license and social security card
- An email address used daily by the borrower
- Current mortgage coupon, insurance, tax bill and HOA statements (if already homeowner)
- Rental agreements, mortgage coupons, insurance, tax bill and HOA statement for all rental properties (if applicable)
The application process will be handled directly from the broker, along with their team of processors. We will be able to commence once we have collection of all the necessary documents. Form (1003).