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We want to take the mystery out of the mortgage process; particularly the online mortgage process. Your mortgage will be
handled by real people who you can reach.
As a licensed broker, we leverage our position for you by searching the wholesale lenders (not retail) across the country for
the best rates and pricing available. Lenders are actually, behind the scenes, competing for your mortgage!
The process begins with your loan consultant gathering some information. He or she then calculates the myriad of
adjustments that lenders place on their mortgage money. Your consultant will advise you on how those adjustments can be
to your benefit. Those adjustments include the property's state, loan size, Loan to Value ratios, borrower's debt ratios,
standalone or combo scenarios, loan purpose, types of loans, types of borrowers, types of properties, documentation,
credit scores and credit history. Many of these factors are explained further with the buttons in the left margin. You do not
need to understand all of these factors since your loan consultant does. The information in this site is not intended for you
to do the job of the loan consultant, but only to take the mystery away.
Once the loan consultant has determined the loan scenario, an application is created. This can be done in person, over
the phone (avg 14 mins), via fax or (if you want to save even more money) by applying online (securely).
Upon receiving the application, your loan consultant will (with your authorization) pull a credit report that electronically
merges with your application in our computers. The Mortgage Resource team goes to work to get a loan pre-approval,
subject to receiving the required documentation for the underwriters to give final loan approval and funds to close. With a
loan pre-approval, we can provide a Pre-Approval Letter that your real estate agent will be able to use in conjunction with
an offer to purchase.
Refinances can skip this paragraph. Once a fully signed purchase contract is faxed to our offices, we can get the
necessary title, appraisal and insurance work ordered. The required documentation from the borrower will be requested.
Quick return of that documentation is essential in closing your loan on schedule.
We will take care of ordering and processing the appraisal, hazard insurance changes, title search, title binder, chain of title
or warranty deed and closing protection letter from your attorney.
When all documentation is compiled, the file goes to underwriting. If any additional documentation is required, your prompt
action is critical to closing on schedule. After all underwriting guidelines are met, the loan file is sent to the lender's closing
department where the closing package and closing documents are prepared. When prepared, the closing package is sent
to your closing attorney who prepares the Settlement Statement. It is at that point when all parties know what the amount of
funds to close are. The funds to close, unless rolled into the loan amount, need to be in the form of a certified check
payable to the closing attorney who will disburse all funds to all parties.
At the closing table, your attorney handles the closing and explains all the documents involved. After closing, the attorney
faxes certain documents back to the lender who releases the loan funds. The attorney records the deed, then prepares all
checks for all parties. In the event of a refinance, there is likely 3 days of rescission prior to recording and disbursing funds
on the fourth day.
Helpful hints:
Save even more and apply online here (no cost or obligation)
* Deepest cuts for loans with Fannie Mae Approve/Eligible and Freddie Mac Streamline Accept and Accept Plus. This offer does not apply to Fannie Mae Expanded
Approval levels, Freddie Mac Standard Accept, borrowers with more than three investment properties and using that income to qualify, non-conventional, subprime
or loan amounts under $100,000.
handled by real people who you can reach.
As a licensed broker, we leverage our position for you by searching the wholesale lenders (not retail) across the country for
the best rates and pricing available. Lenders are actually, behind the scenes, competing for your mortgage!
The process begins with your loan consultant gathering some information. He or she then calculates the myriad of
adjustments that lenders place on their mortgage money. Your consultant will advise you on how those adjustments can be
to your benefit. Those adjustments include the property's state, loan size, Loan to Value ratios, borrower's debt ratios,
standalone or combo scenarios, loan purpose, types of loans, types of borrowers, types of properties, documentation,
credit scores and credit history. Many of these factors are explained further with the buttons in the left margin. You do not
need to understand all of these factors since your loan consultant does. The information in this site is not intended for you
to do the job of the loan consultant, but only to take the mystery away.
Once the loan consultant has determined the loan scenario, an application is created. This can be done in person, over
the phone (avg 14 mins), via fax or (if you want to save even more money) by applying online (securely).
Upon receiving the application, your loan consultant will (with your authorization) pull a credit report that electronically
merges with your application in our computers. The Mortgage Resource team goes to work to get a loan pre-approval,
subject to receiving the required documentation for the underwriters to give final loan approval and funds to close. With a
loan pre-approval, we can provide a Pre-Approval Letter that your real estate agent will be able to use in conjunction with
an offer to purchase.
Refinances can skip this paragraph. Once a fully signed purchase contract is faxed to our offices, we can get the
necessary title, appraisal and insurance work ordered. The required documentation from the borrower will be requested.
Quick return of that documentation is essential in closing your loan on schedule.
We will take care of ordering and processing the appraisal, hazard insurance changes, title search, title binder, chain of title
or warranty deed and closing protection letter from your attorney.
When all documentation is compiled, the file goes to underwriting. If any additional documentation is required, your prompt
action is critical to closing on schedule. After all underwriting guidelines are met, the loan file is sent to the lender's closing
department where the closing package and closing documents are prepared. When prepared, the closing package is sent
to your closing attorney who prepares the Settlement Statement. It is at that point when all parties know what the amount of
funds to close are. The funds to close, unless rolled into the loan amount, need to be in the form of a certified check
payable to the closing attorney who will disburse all funds to all parties.
At the closing table, your attorney handles the closing and explains all the documents involved. After closing, the attorney
faxes certain documents back to the lender who releases the loan funds. The attorney records the deed, then prepares all
checks for all parties. In the event of a refinance, there is likely 3 days of rescission prior to recording and disbursing funds
on the fourth day.
Helpful hints:
- Don't plan to close at the last possible minute. An ice storm cutting off electricity in one city can prevent closing
documents or wiring of funds for a closing in a different state! - Don't plan your schedule too lightly. If selling your current home and purchasing a new one, don't plan on both
closings within a day or two of each other. It can be done. It has been done. But there are too many factors
involved with too many people in different locations. A reschedule or even a minor delay will always happen at the
worst time!
Save even more and apply online here (no cost or obligation)
* Deepest cuts for loans with Fannie Mae Approve/Eligible and Freddie Mac Streamline Accept and Accept Plus. This offer does not apply to Fannie Mae Expanded
Approval levels, Freddie Mac Standard Accept, borrowers with more than three investment properties and using that income to qualify, non-conventional, subprime
or loan amounts under $100,000.
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| Ask about PAID Closing Cost Option! |
| My |
| Where good credit is rewarded and damaged credit is rebuilt. APPLY ONLINE OR CALL NOW! Toll Free 866.452.0876 910.452.0876 Ext. 118 Ask @ PMI tax deduction! Email us |
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| Mortgage Corp |