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Can I apply for a loan before I find a property to purchase?
What is a credit score and how will my credit score affect my application?
Will the inquiry about my credit affect my credit score?
Are we right for you?
Can I really borrow funds to use towards my down payment?
How do you decide what you need from me to process my loan?
I'm self-employed. How will you verify my income?
Will my overtime, commission, or bonus income be considered when evaluating my application?
I am retired and my income is from pension or social security. What will I need to provide?
How do I know if it's best to lock in my interest rate or to let it float?
If I have income that's not reported on my tax return, can it be considered?
How will rental income be verified?
I have income from dividends and/or interest. What documents will I need to provide?
Do I have to provide information about my child support, alimony or separate maintenance income?
Will my second job income be considered?
I've had a few employers in the last few years. Will that affect my ability to get a new mortgage?
I was in school before obtaining my current job. How do I complete the application?
If my property's appraised value is more than the purchase price can I use the difference towards my down payment?
I'm getting a gift from someone else. Is this an acceptable source of my down payment?
I am selling my current home to purchase this home. What type of documentation will be required?
I am relocating because I have accepted a new job that I haven't started yet. How should I complete the application?
I've co-signed a loan for another person. Should I include that debt here?
I have student loans that aren't in repayment yet. Should I show them as installment debts?
How will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?
What, exactly, is an installment debt?
Tips for completing our online application.
I've moved around a lot, will that affect my chances of being approved for a mortgage?
I'm currently renting and haven't told my landlord that I might be moving. Will you need to contact my landlord?
I can't take phone calls at work. Can you contact me during non-business hours?
What will be required if I withdraw money from a 401(K) account for my down payment?
Am I obligated to continue after I submit my loan for approval?
Should I fax the information needed from me?
Am I too old to get a 30 year mortgage?
I don't know the exact values of some of my assets. Is that a problem?
Why do you need information about properties I own if I am not financing them?
What happens after I submit my loan for approval?
Will I receive any off-line status updates?
I forgot my password. What do I do?
I'm nervous about providing personal data online. Is this site secure?
Can I make my monthly payments with an automated debit from my checking account?
I can't provide one of the documents that you are asking me for. What do I do?
I am buying a secondary residence, but it's not really a vacation home. How do I complete the application?
I am purchasing a home, why do you need the name of the real estate broker?
What happens if I have a second mortgage that I don't want to pay off with my new first mortgage?
Why does it matter if my second mortgage was obtained in the last 12 months?
Why does it matter if I have used my equity line of credit in the last 12 months?
Who can I contact if I have questions?
How quickly can you close my loan?
My rate is floating. How do I lock my rate?
Will my personal data be shared with other companies?
Is there a fee charged or any other obligation if I complete the on-line application?
When can I lock in my interest rate and points?
Will I be charged any fees if I authorize my credit information to be accessed?
What can you expect when you apply for a mortgage?
What is a Loan Estimate?
What is a Closing Disclosure?
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Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we'll issue a pre-qualification.  The pre-qualification will be based on the information you provided during the on-line application, and will be subject to you finding your perfect home. Your Loan Coordinator will provide you with a list of items needed to process your loan application.

 

Once you have found the perfect home, simply contact your Loan Coordinator at 1-866-758-3970 to update your application with the property address and to lock in your interest rate.

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A credit score is one of the pieces of information that we'll use to evaluate your application. Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness.

Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past.

Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, the higher your credit score, the lower the risk that your payments won't be paid as agreed.

Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors when making a loan decision and we never evaluate an application without looking at the total financial picture of a customer.

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An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing.

But don't overreact! The data used to calculate your credit score doesn't include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry. Don't limit your mortgage shopping for fear of the effect on your credit score.

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Whether you're purchasing or refinancing, we're certain you'll find our service amazing!

 

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Yes, you can borrow funds to use as your down payment! However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it's a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.

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We take full advantage of an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your loan application. The automated underwriting system compares your financial situation with statistical data from millions of other homeowners and uses that comparison to determine the level of verification needed. In some cases, the most recent W-2 and a pay stub can be used to verify your income or a single bank statement can be used to verify the assets needed to close your loan. For self-employed borrowers, income is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period.

Your Loan Coordinator will contact you regarding the items needed to process your loan application.

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Income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period and a current year-to-date Profit & Loss statement for the business.

We'll review and average the net income from self-employment that's reported on your tax returns to determine the income that can be used to qualify. We won't be able to consider any income that hasn't been reported as such on your tax returns. Typically, we'll need a full two-year history of self-employment to verify that your self-employment income is stable.

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In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We'll usually need to obtain copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we will need to obtain copies of recent two year's tax returns to verify the amount of business-related expenses, if any. We'll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income.

If you haven't been receiving bonus, overtime, or commission income for at least two years, it probably can't be given full value when your loan is reviewed for approval.

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We will ask for copies of your recent pension check stubs, or bank statement if your pension or retirement income is deposited directly in your bank account. Sometimes it will also be necessary to verify that this income will continue for at least three years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter. If you don't have an award letter, we can contact the source of this income directly for verification.

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Mortgage interest rate movements are as hard to predict as the stock market and no one can really know for certain whether they'll go up or down.

 

If you believe that rates are on an upward trend then you'll want to consider locking the rate as soon as you are able. Before you decide to lock, make sure that your loan can close within the lock-in period. It won't do any good to lock your rate if you can't close during the rate lock period. If you're purchasing a home, review your contract for the estimated closing date to help you choose the right rate lock period. If you are refinancing, in most cases, your loan could close within the lock expiration period. However, if you have any secondary financing on the home that won't be paid off, allow some extra time since we'll need to contact that lender to get their permission.

 

If you think rates might drop while your loan is being processed, take a risk and let your rate "float" instead of locking. If you submit your application with the rate in Float status, you can request to lock in your rate by contacting your Loan Coordinator by either telephone or email.

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Only income that is reported on your tax return can be considered when applying for a mortgage. Unless, of course, the income is legally tax-free and isn't required to be reported.

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If you own rental properties, we will ask for the most recent two year's federal tax returns to verify your rental income. We'll review the Schedule E of the tax return to verify your rental income, after all expenses except depreciation. Since depreciation is only a paper loss, it won't be counted against your rental income.

If you haven't owned the rental property for a complete tax year, we'll ask for a copy of any leases you've executed and evidence of complete PITI (Principal & Interest, Taxes, Insurance) must be verified via mortgage statements, notes, tax bills, homeowner’s insurance statement and/or homeowner’s association insurance statement (if applicable).

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Two years personal tax returns are required to verify the amount of your dividend and/or interest income so that an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of the assets that generate the income using copies of statements from your financial institution, brokerage statements, stock certificates or Promissory Notes.

Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for repayment.

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Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan.

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Typically, income from a second job will be considered if a two-year history of secondary employment can be verified.

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Having changed employers frequently is typically not a hindrance to obtaining a new mortgage loan. This is particularly true if you made employment changes without having periods of time in between without employment. We'll also look at your income advancements as you have changed employment.

If you're paid on a commission basis, a recent job change may be an issue since we'll have a difficult time of predicting your earnings without a history with your new employer.

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If you were in school before your current job, enter the name of the school you attended and the length of time you were in school in the "length of employment" fields. You can enter a position of "student" and income of "0."

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Unfortunately, if you are purchasing a home, we'll have to use the lower of the appraised value or the sales price to determine your down payment requirement.

It's still a great benefit for your financial situation if you are able to purchase a home for less than the appraised value, but our investors don't allow us to use this "instant equity" when making our loan decision.

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Gifts are an acceptable source of down payment, if the gift giver is related to you or your co-borrower. We'll ask you for the name, address, and phone number of the gift giver, as well as the donor's relationship to you.

If your loan request is for more than 80% of the purchase price, we'll need to verify that you have at least 5% of the property's value in your own assets.

Prior to closing, we'll verify that the gift funds have been transferred to you by obtaining a copy of your bank receipt or deposit slip to verify that you have deposited the gift funds into your account.

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If you're selling your current home to purchase your new home, we'll ask you to provide a copy of the settlement or closing statement you'll receive at the closing to verify that your current mortgage has been paid in full and that you'll have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that's the case, we'll just ask you to bring your settlement statement with you to your new mortgage closing.

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Congratulations on your new job! If you will be working for the same employer, complete the application as such but enter the income you anticipate you'll be receiving at your new location.

If your employment is with a new employer, complete the application as if this were your current employer and indicate that you have been there for one month. The information about the employment you'll be leaving should be entered as a previous employer. We'll sort out the details after you submit your loan for approval.

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A co-signed debt is considered when determining your qualifications for a mortgage. If the co-signed debt doesn't affect your ability to obtain a new mortgage we'll leave it at that. However, if it does make a difference, we can ignore the monthly payment of the co-signed debt if you can provide verification that the other person responsible for the debt has made the required payments, by obtaining copies of their cancelled checks for the last twelve months and there is no history of delinquency.

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A student loan that is not in repayment yet would be considered a projected obligation.

Debt payments, such as a student loan or a balloon-payment note scheduled to begin or come due within 12 months of the mortgage loan closing, must be included by the creditor as anticipated monthly obligations during the underwriting analysis.

Debt payments do not have to be classified as projected obligations if the consumer provides written evidence that the debt will be deferred to a period outside the 12-month timeframe.

Balloon-payment notes that come due within one year of loan closing must be considered in the underwriting analysis.

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If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require that two to four years have passed since the bankruptcy or foreclosure. It is also important that you've re-established an acceptable credit history with new loans or credit cards.

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An installment debt is a loan that you make payments on, such as an auto loan, a student loan or a debt consolidation loan. Do not include payments on other living expenses, such as insurance costs or medical bill payments. We'll include any installment debts that have more than 10 months remaining when determining your qualifications for this mortgage.

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Completing our online application is as easy as 1-2-3! We'll ask you questions about your personal finances and the home. You'll probably know all the answers off the top of your head.

 

The application is broken down into sections and you can track your progress through each section at the top of each screen. It should take less than 20 minutes to complete the application.

 

Move through the application by using the back and next arrows at the bottom of each screen. Don't use the back and next button on your browser while you're completing the application.

 

We use exciting new technology in order to provide you with the most convenient online mortgage application ever! As you answer some of the questions, you'll note that questions below may change, disappear or new questions are added instantly. We don't ever want to waste your time asking for information that isn't important in your situation, so we evaluate the information we need based on your answers. Isn't that what amazing customer service is all about?

 

If you need additional help answering a question, click on the question mark at the end of the question for more information.

 

If you don't have time to complete the application right now or if you need to gather information before you finish, we'll save the information you have completed. When you're ready to finish, return to the site and enter your User ID and password to continue.

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If you've moved frequently, it really has no affect on your application. We'll ask for your residence history for the last two years to insure that the proper credit records are considered when obtaining your credit report, but it certainly won't affect your ability to obtain a mortgage.

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In most cases, we won't need to contact your landlord at all. However, if you have a limited credit history obtaining information about your rental payment history may help us to approve your loan. Please let us know if you would prefer that we not contact your landlord.

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We ask for your daytime phone number so that we know the best way to reach you. If you can't take calls during the day, please don't answer the daytime phone question. We'll contact you after work hours or via e-mail, if you prefer.

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If you'll be withdrawing funds from a 401(K) or retirement account to fund your down payment, we'll ask you to provide evidence that you have the funds available by providing a recent statement. We may also need to verify whether or not repayment is required. If repayment is required, we will need to consider that monthly payment when making your loan decision.

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There's absolutely no obligation to complete your application - even after you submit your loan for approval.

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We can accept faxed copies of most of the documents we'll need from you. Your Loan Coordinator can provide you with our fax number.

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You are never too old for a 30-year mortgage! Seriously, Federal law prohibits all lenders from discriminating based on age. You should apply for whatever mortgage you are comfortable with - no matter what your age.

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The information we need about additional assets that you own does not have to be exact. Don't worry about providing exact values for your assets, estimated values are all we'll need.

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We need information about all the real estate you own to insure we have a reasonable estimate of your net worth. If you don't know the exact value of your real estate holdings, provide your best guess - in some cases that is all we will need to process your new mortgage request.

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After you submit your loan for approval, our system goes to work instantly reviewing your application to determine if it meets our guidelines for on-line approval.

 

If your application isn't approved on-line, it doesn't mean that we can't provide your financing. Some situations are too complicated for an automated decision and require a little human intervention. We'll review your information off-line. A Loan Coordinator will contact you to discuss your situation. If we can approve your loan, the Loan Coordinator will give you the opportunity to lock in your interest rate and points right away.

 

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Keeping you informed of the status of your application is an important part of our amazingly easy process!

Once you submit your application, you will be assigned a Loan Coordinator.  Your Loan Coordinator will review your information and respond either by phone or by email. Your Loan Coordinator will email you a list of items needed to verify or document your application information. 

If you have any specific questions during the process, contact your Loan Coordinator. Your Loan Coordinator would be happy to provide any information you require!

 

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If you can't remember your password, give us a call at toll-free 1-866-758-3970 and we'll establish a new one.

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Information About Our Site Security

 

We use leading-edge technology to ensure that all customer information is 100% safe. We protect our customers by using a combination of security measures that are among the best in the e-commerce industry.

 

Encryption

 

All customer information is encrypted using Secured Socket Layer (SSL) technology supported with digital certificates provided by Starfield Technologies. This means that your loan application information is safe and secure as it travels over the Internet.

 

Firewall Security

 

We use leading firewall and network security technology to protect our internal computer systems from unauthorized access. Our customers can be confident that their personal information is completely safe and private after they apply.

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Automated monthly payments are available.  You will need to complete an Authorization Agreement for Direct Payments form.  Contact your Loan Coordinator to request this form.

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If you can't provide one of the items we're asking for, contact your Loan Coordinator right away. In some cases, we can obtain the information we need in another way. If we can't, the Loan Coordinator can explain other options that may be available.

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If you are buying a secondary residence that's not a vacation home (such as a home that's closer to work for use during the week) you should complete the application indicating that you are buying a primary residence. Before you submit your application you'll have the opportunity to enter additional information. Please make a note of your situation there so that your Loan Coordinator has all the details as they review your application.

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Though there is some variance across the country, generally the broker contact information is given to the closing agent or attorney and may be needed for scheduling the appraiser's inspection of the home. We'll make sure that everything necessary has been taken care of so that your closing happens as efficiently as possible.

 

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If you have a second mortgage that you don't want to pay off with your new first mortgage we'll have a little extra work to do. We'll need to get the permission of your second mortgage lender to pay off your existing mortgage and replace it with your new mortgage. Generally, their major concern will be the relationship of your new loan amount to the value of the home.

 

Your second mortgage lender will probably ask us to provide some documentation such as a copy of the mortgage note you'll be signing and the appraisal before they provide their approval. We won't be able to schedule your loan closing until we receive their approval. If your rate is locked, waiting for the 2nd mortgage approval may impact your lock expiration date.

 

Keeping a second mortgage in place may cause a "Secondary Financing" fee to apply.  The Secondary Financing fee is based on the loan to value of the new first mortgage and the combined loan to value of the new first mortgage and the existing second mortgage.

 

Contact your Loan Coordinator with questions regarding the rate lock expiration date and if the Secondary Financing fee will apply.

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For refinance transactions, underwriting guidelines require that we consider if you are refinancing the balance on existing mortgages only or receiving cash back at closing.  The maximum percentage of your home's value that you can borrow can vary based on the type of refinance you are requesting.

Typically, if you are paying off a mortgage that is less than 12 months old, it is considered to be the same as receiving cash back at closing.

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For refinance transactions, underwriting guidelines require that we consider if you are refinancing the balance on existing mortgages only or receiving cash back at closing. The maximum percentage of your home's value that you can borrow can vary based on the type of refinance you are requesting.

 If you are paying off your equity line, it is considered to be the same as receiving cash back at closing.

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If you have any questions or concerns, please contact your Loan Coordinator either by phone at 1-866-758-3970 or by email at internetlending@republicbank.com

Our Loan Coordinators have one responsibility - making sure that your new mortgage experience is amazingly easy! If your Loan Coordinator is not available when you need a question answered, any of our Loan Coordinators can provide any assistance you need.

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Our goal is to have your loan ready for closing as soon as possible! Generally the items that take the longest to receive are things such as the appraisal and the title work. We'll want to get those ordered as soon as possible to avoid any delays.

 

If you are purchasing a new home, we'll do our best to meet the date you and the seller have agreed upon. Whether you are purchasing or refinancing, our goal is to have your loan closed before your rate lock expires. If you are refinancing and have a second mortgage that you don't want to pay off with your new loan, closing could take a little longer since we'll need the permission of your second mortgage holder before we can close.

 

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You can request to lock the current day interest rate by contacting your Loan Coordinator using one of the following methods:

  • by phone at toll free 1-866-758-3970 during business hours.  Business hours are 8:00 am – 5:00
    pm (EST).
  • by sending an email to internetlending@republicbank.com.  In order to lock the current day interest rate, email lock requests are accepted Monday through Friday 9:30 am – 12:00 midnight (EST).

     

                                                                                

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Our top priority is to provide you, our customer, with outstanding products and services. To achieve this goal, we must collect, maintain and use certain personal and financial information. We recognize and respect your privacy concerns and expectations about this information. We want you to know about our privacy policies and practices.

Click here to view our Privacy Policy.

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There is no fee charged to you for us to access your credit information or to submit your application.

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Upon submitting the application, you may be directed to a page which allows you to “lock” or “float” your interest rate on-line.  If you are not directed to this page, we may need some additional information before we can “lock” your interest rate.

Your assigned Loan Coordinator will contact you to discuss your application, lock your interest rate and answer any questions you may have.

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There is no fee charged to you for us to access your credit information or to submit your application!

Upon submitting the application, you may be directed to a page which allows you to “lock” or “float” your interest rate.  If you are not directed to this page, we may need some additional information before we can “lock” your interest rate.

Your assigned Loan Coordinator will contact you to discuss your application, lock your interest rate and answer any questions you may have.

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We've built the most convenient home loan service ever!

Here's how it works:


1.  You'll complete our on-line application. The application will ask you questions about the home and your finances and takes approximately 20 minutes to complete.  After submitting the application, you may be directed to a page which allows you to “lock” or “float” your interest rate.  If you are not directed to this page, we may need some additional information before we can “lock” your interest rate.

After your application is submitted, your assigned Loan Coordinator will contact you to introduce themselves and to answer any questions you may have. Your Loan Coordinator is a mortgage expert and will provide help and guidance along the way. 
 

2.  You will be sent a Loan Estimate.  The Loan Estimate explains the important details about the loan you have requested. 

We'll order the appraisal from a licensed appraiser who is familiar with home values in your area and a title lien search examination from our closing agent.

Upon receipt of the order, the appraiser will contact you to set an appointment to view your home. If you are purchasing a property, the appraiser will contact the seller's real estate agent.

The title lien search examination is required. The title lien search examination is used to confirm the legal status of your property and to assist with preparing the closing documents.


3.  We'll contact you to coordinate your closing date.

Once the underwriter has reviewed and approved all documentation for your application, we'll contact you to schedule your loan closing. If you are purchasing a home, your loan coordinator
will contact you to schedule your loan closing and may assist in scheduling the closing with your real estate broker if necessary.

The closing will take place at the office of a closing agent or an attorney in your area who will be acting as our agent. Prior to closing, you will be sent the Closing Disclosure.  Your Loan Coordinator will contact you to confirm the closing date, time and answer any question you may have regarding the closing.

That's all there is to it!  Apply Now and you will be on your way to the most convenient home loan ever!

 

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A Loan Estimate is a three-page form that you receive after applying for a mortgage. The Loan Estimate tells you important details about the loan you have requested.

The form provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan. The Loan Estimate also gives you information about the estimated costs of taxes and insurance, and how the interest rate and payments may change in the future. In addition, the form indicates if the loan has special features that you will want to be aware of, like penalties for paying off the loan early (a prepayment penalty) or increases to the mortgage loan balance even if payments are made on time (negative amortization). If your loan has a negative amortization feature, it appears in the description of the loan product.


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A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

The lender is required to give you the Closing Disclosure at least three business days before you close on the mortgage loan. This three-day window allows you time to compare your final terms and costs to those estimated in the Loan Estimate that you previously received from the lender. The three days also gives you time to ask your lender any questions before you go to the closing table.

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