You may have heard of credit scores and wonder what they are. How
do they affect your ability to get it a loan? How do they affect the
interest rate and the points you have to pay? You may wonder
whether your credit score is accurate. Here we will explain credit
scores and how you can improve your score.
2. Do I have to meet in your office?
3. After I fill out the application, what happens next?
4. What does it mean when my loan is approved "with conditions?"
5. What does "Close Escrow" mean?
6. What is a "Right of Rescission?"
As might be expected, the first step in obtaining home loan financing
is to fill out the loan application (also called a " Fannie Mae 1003", or
"Uniform Residential Loan Application"). Our experienced loan
officers will be happy to assist you in filling out the loan application
if you should have any questions. We will make an appointment to
meet with you at your convenience if you desire. Whether you choose
to meet with us or fill in our online application, you will eventually need
to provide us with some personal and financial information (click here
for a list of what you need to provide). If you are unable to provide some
of the required documents, you can provide them to us at a later date
before your final approval.
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No! It is possible to complete the loan process without attending a
meeting in our office. This can be done by doing one of the following:
filling out our online application form, printing and filling out the blank
Fannie Mae 1003 on our site, we will fill it out for you your application it
us if you wish.
When we do talk to you, we will discuss different possible loan programs
available to you that might best meet your needs, the interest rateso
available, and your financial and property situation.
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Once you have chosen a loan program and interest rate, the application
has been filled out and you have provided us with the necessary inform-
ation, we will then send out verification forms to verify your employme-
nt history and bank account information, obtain your credit report,
order your preliminary title report from the title company and order your
appraisal. Once this information is returned to us, we will compile your
loan documents and submit them to underwriter for final approval.
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What does it mean when my loan is approved "with conditions?" |
Your loan may be approved as submitted, approved with conditions, or a
counter offer may be made for your consideration. If there are conditions
on the loan in order for it to be approved as submitted, we will work with
you to satisfy these conditions. Conditions might include an explanation
letter of some sort, copies of investment documents, copies of divorce
papers, or any number of things that may help clarify your qualifications
for the loan.
After the loan conditions are met (if any) and the loan is approved, the
necessary documents are prepared for closing. The lender will draw up
the necessary documents along with any (prior-to funding) conditions
that have yet to be met, and in most cases send them to a title or escrow
company near to where you live or your attorney to an appointment with
you when the loan papers are ready to be signed.
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The task of closing the loan is normally the responsibility of the escrow
officer, attorney, or lender. This person or company is responsible for
gathering together all of the necessary documents (deed of trust, promissory
note, etc.) and making sure all documents are signed. Following the lenders
instructions, the escrow officer, attorney or lender then calculates the various
pro-rations, charges and adjustments ( interest on your old loan, interest on
your new loan, money for impound accounts for taxes and insurance, etc.),
makes sure all the funds are deposited (if any) and provides you with a
settlement statement showing all of responsibilities also makes sure that all
of the parties involved in the loan process are paid after the loan funds. Your
loan will then "close escrow" and your new loan will be recorded.
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Department where they do a final check to see that everything is in order.
On a refinance, there is a 3-day right of rescission period. This means that
you have 3 days from the day you sign the papers to change your mind about
following through with the loan. If you have not exercised your right to
rescind during the 3-day right of rescission period, the funds are released.
The loan funds are then distributed to proper parties ad the documents are
recorded at the county reorder office. The loan is done! The loan is done!
NOTE: There is no right of rescission on a purchase.
EMAIL US: camelotmortgage@yahoo.com
PHONE NO.:866-511-1877(toll free)
