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About the Company
Loan Process
About the Company
Where are you licensed to do loans?
We are licensed or exempt, and accepting requests in ALMOST
ALL
states.
If I live on the east coast, how can you do my loan from Washington state?
We operate almost entirely over the phone and internet keeping
our overhead low and passing on the savings competitively!
We have local affiliates (right around the corner from
you) for Appraisal, Title and Escrow. During the process
of your loan we communicate with you via the phone or email.
When it's time to sign we set up an appointment with your
local Escrow Agent who is often no more than 10 minutes
from your home or place of work.
What is a Transparent Wholesale Brokerage Agreement
For Borrowers that qualify for "A Paper" loan programs (generally
those with above average credit and income with low debt)
our "Transparent Wholesale Brokerage Agreement" lets the
Borrower "see inside the machine" throughout the process,
call the shots directly (with professional assistance)
and take advantage of the actual Wholesale Direct money
pricing. This can be fun, exciting, stressful, frustrating,
or all of the above...and sometimes it saves thousands
of dollars! If you are interested in this completely unique
option, the DEFINITELY contact us for more explanation!
See a comparison here.
Loan Process
How can I figure out what my payment will be?
Use our Payment Calculator to find out what your
payment will be based on the amount you want to borrow.
How can I get a custom leverage analysis?
- Get comfortable. Seriously, we would never want you to provide information you're not comfortable giving. Check us out,
read our testimonials, ask for references.
- Fill out a loan application and pull your credit.
- We will run a full leverage analysis that will compare:
- Your current mortgage(s) with savings and investments.
- Three loan programs available to you and their impact on estimated future investments.
- We can also "pull comps" to get an estimate on your home's current value.
Besides what I disclose myself what kind of personal information is gathered?
When you start your loan with us you will be asked to sign
a Signature Authorization which authorizes us to verify your past and
present employment earnings records, bank
accounts, stock holdings, and any other asset balances that
are needed to process your mortgage. It also authorizes us to order a
consumer credit report and verify other credit
information, including past and present mortgage and landlord
references.
How long does it take to get a loan?
Sometimes there are complications, but generally it takes
two to four weeks. (See our
testimonials page.)
Why does it make sense to shop brokers NOT rates?
Many otherwise savvy mortgage shoppers attempt to get a firm
grip on rates and fees prior to committing to their particular lender,
loan officer,
banker, credit unioner, website, etc. This is another set-up
for rape-age of Johnny Lunchbucket.
You see, many of the separate 3rd party closing cost fees MIGHT be reduceable
or eliminable entirely... but it depends on many factors
that a lender will have no way of knowing until they get
themselves elbow-deep into
your financials, credit, and potentially the property itself.
...when Johnny Lunchbucket calls around trying to gather Good
Faith Estimates
from lenders in advance of divulging all his info and getting all the
necessary credit and income verifications done, he'll be played for the
same game of "lowball quote, hook 'em in, and squeeze him up as we
go, boys!"
Once again, in most cases you'll only find out if you actually got a
good deal AFTER it's too late to change (without incurring additional
expense, delays, or losing a property deal.)
Insisting on choosing by the numbers, and failing to do the due diligence
and choosing based on the LOAN OFFICER HIM/HERSELF will hang Johnny out
for the wolves almost every time.
Best Plan;
- Find someone you can trust, who comes well recommended by satisfied
clients,
- Ask in advance that you be provided with ACTUAL 3rd party charge
invoices at closing (so the L.O. knows you'll be watching,)
- Expect initial GFE's to be "all over the place" on fees until
the L.O. gets your specifics nailed down, and you're at
the MOST 3 weeks from closing. Remember... the quality
of the professional & their team will determine
how good your deal.
LOTS of people lose money or get abused because they are assuming they
can shop themselves the best deals online. The lenders are playing against
the public's assumptions and ignorance.
What financial documents do I need to get?
Generally you need the following (see Your
To-Do Checklist for a more
information and a printable list):
- Our Internet online Loan Application
- PAY STUBS for past one month including YTD totals on the paystubs
- 4 if paid weekly, or
- 2 if paid bi-weekly
- W-2 forms and/or 1099's for 2004 & 2005
- Copy of your present First Mortgage document called the "NOTE"
(only required if you're applying for a second mortgage from us)
- Copy of your current Declaration Page (front) of homeowner
(fire) insurance policy (including agent's name and telephone number)
- If you're a renter buying a home, we need copies of cancelled
rent checks, front and back, if renting from a private
landlord.
- Current monthly investment statements (stocks, IRA’s,
Mutual Funds etc.) if any
- Clear crisp copy of driver license(s) we can read
What information is required on an online bank statement?
Most lenders require five critical pieces of information on online bank statements
- Account holder's name
- Account number
- Bank/Institution's name
- Account balance
- Date of account statement (not a screenprint of a browser's date.)
How Can I Get The Best Insurance Coverage And Value?
Check out this website:
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