Mortgage Loan Application Process

The mortgage loan application process has been simplified by the advent of technology. Once we receive your preliminary information, we can usually have an underwriting decision within 24 hours. Here is what your mortgage loan consultant will need from you initially:

Name
Home Address (No P.O. Boxes)
Telephone contacts
Social Security Number (SSN) – for credit qualifying purposes*
Employment Info (Employer Name and Address, Salary, and length of employment)

Once we receive this information, we will retrieve a credit report from a credit repository. Credit is a significant factor in getting a loan, however if you have had (or currently have) credit challenges, there are still loan products that can assist you. For more information see About Credit Scores.

The amount of loan that you qualify for will be based on your debt to income ratio. This is determined by dividing your annual income by 12 and then looking at the percentage of debts you have along with the proposed mortgage payment. Standard mortgage underwriting guidelines prefer borrowers with debt ratios of 40% or less, however loan programs do exist for borrowers that have high debt ratios, but have proven to be able to handle finances well. Debt ratios do not include utility payments or other monthly obligations that would not otherwise be reported to a credit reporting agency.

Another factor in the mortgage loan process is the amount of money you are putting into the transaction for down payment and closing costs. In short, the more money that you personally invest into the transaction, the better your terms with be (i.e. rate. Points, fees, etc.). If you are putting no money into the transaction, you may still be able to qualify for a loan (based on your credit rating), but the rate and fees will be higher because the bank will be taking all of the risk and you will be taking none.

Once you have received your mortgage approval, we can usually assist you in closing your loan within 30 days.

* We cannot approve loans using a Federal Tax ID number. You must be a legal resident of the United States to apply.

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