Once your loan application has been received we will start the
loan approval process immediately. This involves verifying your:
1. Credit
history
2. Employment
history
3. Assets
including your bank accounts, stocks, mutual fund and retirement accounts
4. Property
value
Based on your specific situation, additional documents or
verifications may be required. To improve your chances of getting a loan
approval:
- Fill out the loan
application completely.
- Respond promptly to
any requests for additional documents. This is especially critical if your
rate is locked or if you plan to close by a certain date.
- Do not make any major
purchases. Do not buy a car, furniture or another house till your loan is
closed. Anything that causes your debts to increase might have an adverse
affect on your current application.
- Do not move money into
your bank accounts unless it can be traced. If you are receiving money
from friends, family or other relatives, please contact us.
- Do not go out of town
around the closing date. If you do plan to be out of town when your loan
is expected to close, you may sign a power of attorney, to authorize
another individual to sign on your behalf.
After your loan is approved, you will be required to sign the
final loan documents. This will normally take place in front of a notary
public. Be prepared to:
- Bring a cashiers check
for your down payment and closing costs if required. Personal checks are
normally not accepted.
- Review the final loan
documents. Make sure that the interest rate and loan terms are what you
were promised. Also, verify that the name and address on the loan
documents are accurate.
- Sign the loan
documents.
Your loan will normally close shortly after you have signed the
loan documents. On refinance and home equity loan transactions federal law
requires that you have 3 days to review the documents before your loan
transaction can close.