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 95 percent, and will expect a down payment making up the difference, if applicable. The loan underwriters will need the purchase contract with the agreed upon price for the home you want to buy.
When you file your application the approval process time will vary, depending on the complexity of your mortgage, current market conditions, and whether you have to provide additional information. Once we receive all of your information, there is a possibility that we may be able to get a decision within hours…
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 and help you determine if there is a different strategy you can take to get approved the next time you apply.We will help you resolve whatever issues that may cause you to be denied your dream of home ownership or financial independence through refinance. We will guide you through the issues and will stay with you until you are ready and able to move forward with your dreams.
Is your proposed down payment sufficient? We offer mortgages with low down-payment requirements.
Is the size of the mortgage you need too high, given the property’s appraised value? Have similar houses in the neighborhood sold at prices comparable to yours? Did the appraiser overvalue the property? 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.