Why go to a broker instead of a bank?
The days of the local community bank giving special consideration to a long-time customer when they applying for a mortgage are gone. Banks used to retain mortgages in their portfolio and therefore could use their own policies when making a lending decision. Today, Banks sell loans off to investors and therefore have to meet the investor’s guidelines. Also Banks don’t have access to loan programs that may be offered by other lenders. Brokers, on the other hand are free to do business with any lender so Brokers can offer borrowers a full menu of products including, but not limited to: Conventional, FHA, VA, USDA, Jumbo, Alternative Credit, Commercial Loans, Reverse Mortgages and Fix and Flip loans, etc., while virtually no one bank offers all products. Brokers put the borrower first since making loans is the Broker’s only business and Broker’s only get paid when they close a loan.
What Documentation Will I Need?
The documentation required will depend on a number of factors such as the type of loan, your Income, assets and employment as well as your credit profile. Therefore, some of all of the following may be required: Drivers License or other acceptable ID; copies of pay stubs for each applicant reflecting a minimum of 30 days income as well as YTD earning; names and contact information of employers for the most recent two years; W-2s for two years; Bank and/or Investment account statements for the most recent two months; if self-employed, year-to-date Profit and Loss Statement plus signed income tax returns for the last two years; proof of pension or social security income; information regarding mortgages, revolving and installment loans or other debts; home insurance policy information; and if purchasing, a copy of signed sales contract along with the earnest money deposit check.
How do I begin?
Simply fill out the application. Click the “APPLY NOW” button above. It should take 15 or 20 minutes. Don’t worry if you don’t have all the information requested. The information you do provide will give our Mortgage Loan Originators a starting point to understand what your goals are and your credit profile. Also you can always reach out to one of our Carefree Mortgage Loan Originators and work together to complete the application.
What is the process?
After consulting with you to determine the best loan program to meet your goals, we will request that you complete the standard mortgage loan application, then we will order a credit report, get preliminary approval, let you know what other supporting income, asset and other documentation is needed, as well as order an appraisal. Once we have the full documentation package, we will submit it to loan underwriting for approval, satisfy any pre-closing conditions and then close your loan!
What are the closing costs?
Typical closing costs are made up of state taxes, Lender fees, and Closing Agent and appraisal fees. In addition to loan closing costs funds may be required at closing to be placed in escrow to pay such expenses as taxes and insurance when they become due. A preliminary Loan Estimate will be provided to you at time of application, and all closing costs will be finalized and disclosed to you on the Closing Disclosure prior to closing the loan. Contact your Loan Originator to discuss the specific costs. Each loan is different.
What is the timeframe to close a Loan?
The majority of loans will close in as little as 20 days or as many as 45 days based on how much of the required documentation you are able to provide upfront in the process as well as the turnaround time for such things as the appraisal or possibly a survey. For certain situations some loans may require more than 45 days to close but this is typically the exception.
What if my credit isn’t perfect?
There are multiple loan programs for credit impaired customers, from FHA to Alternative Credit to Hard Money Financing. Our Mortgage Loan Originators will work with you and advise you on the best strategies to improve your credit profile so you can qualify for the loan you are seeking.
Do I have to attend the closing?
You do not. Many closings today may be done electronically or utilizing a mobile notary that comes to your location.
During the process is there anything I should or should not do?
Your Loan Originator will stay in contact with you on a regular basis through out the process however please discuss any changes to your situation as soon as these changes are known. Also, DO NOT MAKE ANY CHANGES TO YOUR EMPLOYMENT, ASSETS, ACCOUNTS (open new accounts, close accounts or request extension of credit lines) without FIRST discussing it with your Loan Originator.