We Wanted to address a few things as a follow up to prior notification to make sure everyone is aware of the procedures for processing with us to get your loan closed.
We make sure that on all new submissions we need to have the submission form fully completed and follow the submission checklist for required items. ( this saves time for underwriter hold ups on missing documents).
It is imperative for us to use the submission form to give a brief synopsis on your loan scenario so the underwriter is aware of how we properly package the loan and what we are trying to accomplish for the borrower. Additionally, if it is a scenario you have discussed with us in advance and there are some nuances to the deal please let us know. Completing the submission form on our end will make your approval more streamlined and avoid any unnecessary delays.
Once the loan is approved the underwriter will issue a commitment letter with some conditions that need to be met, like an updated pay-stub, or a copy of the down payment check and so forth.
We use a condition cover sheet when submitting conditions to the underwriter if we are providing a different item to clear a condition than what was requested these conditions form will help make that clear to us and allow the underwriter to mark the conditions fulfilled accurately.
Once all conditions have been met, we are ready for closing.
We upload a closing request form to the closing department. We do not schedule closings until the file is actually CTC ( Clear To Close) but if the form is in the file we can proactively check the attorney info and complete our employment income verifications as needed. The closing department does require 24 hours notice to schedule the closing once the file has the CTC (clear to close) issued. All CEMA ( for refinances) docs must be approved prior to the 24-hour request mark.
Our turn time is for closing loans is impeccable, we can actually accommodate same day closings, providing all parties are ready.
Again, thank you as always for your business and please let us know if you have any questions. 800-535-0270
Get .125 better on 30-year interest rates on all FHA/VA 620+ FICO purchase loans that are originated and locked in July!
We periodically offer pricing specials as our wholesale lenders offer them to us and we just pass the savings onto our clients, besides the pricing special we are also offering 24-hour turn time for all new purchase loans in the month of July. That means that your loan will be approved in one day.
Give us a call only 3 weeks left in July.
Two reasons we love our job helping our clients close loans and showing them ways with our products that they did not know existed.
There is nothing more exciting than that!
This is why we repeatedly tell our clients to always call us with any and all scenarios that they think may be tough or they think can’t be done at all. So we can talk them out and we can show them in most cases what program we can put them to make it work!
So on this Tuesday “TRY US” with your scenario and let’s close your loan!
If your loan meets the following requirements, let’s close it Fast and EZ!
• 680 Minimum Credit Score
• Purchase, R&T or Cash Out
• Owner Occupied or 2nd Home • 4 Financed Properties Max
• 2 Borrower Max Per Loan
• Current on all debt and no disputes
• No Open Judgments, Collections of Liens
– 2 Yr Ch 13
– 4 Yr Short Sale and Ch7
– 7 Yr Foreclosure
THE RATES ARE GREAT, THE PROCESS IS SIMPLE AND THE TURN-TIMES ARE FAST! Give us a Try!
The mortgage industry allows homeowners and businesses the option to refinance their properties by consolidating other debts to get better interest rates. With MortgageDepot.com you can get multiple offers from top wholesale lenders. We are one of the few largest privately owned mortgage brokers in New York that specializes in helping homeowners properly use the equity in their home to leverage themselves. Many times homeowners are not aware that they can take advantage of a debt consolidation mortgage and consolidate their debt to a lower interest rate rather than pay double digits interest to the credit card companies.
In today’s mortgage world the lenders will allow paying off debt to qualify for a loan. In the past because of high debt borrowers would have to turn to alternative measures of refinancing because high credit card debt would not qualify the borrower, but now lending guidelines have loosened up a bit and lenders allow paying off debt to qualify for the loan and the homeowners take a benefit of a lower mortgage interest rate rather than get a mortgage rate that is designed for a cash-out refinance which is higher in nature.
Because of our knowledge and desire to help homeowners we can offer better interest rates to our clients. Our in-house price system allows us for finding the best mortgage rate for our clients no matter what the scenarios are.
Contact us you’ll be glad you did.
Nothing could more negatively affect an offer to purchase more than not having a pre-qualified letter of approval from a qualified lending institution. Be prepared. See us before you begin shopping or call us and we will assist you in getting Pre-Approved for a mortgage loan.
Why Should I Get Pre-Approved Before Shopping?
When you find the home you want, you’ll be happy that you’re pre-approved because it gives you an advantage over other “shoppers” when it comes time to make an offer. Remember, the pre-approval process does not commit you with that bank, but it does show the seller(s) that you are serious and financially capable to own the home.
For example, if you were selling your house and had two equal offers that were acceptable to you, but one buyer has a letter of approval from the mortgage bank and the other buyer does not, who’s offer would you take? The answer is clear, isn’t it?
Credit Problems? Don’t Worry!
No matter what your credit problems are, there are diverse programs available today from many lenders. There are conforming and non-conforming programs that enable you to receive the funds necessary to purchase the home you want. Give us a call at (718) 268-9000 and we’ll help you understand the process you’re about to get involved in. We’ll be with you every step of the way!
Once You Get Pre-Approved, the Search Begins…
Go ahead and shop for the right home for you. Once you find it, you’ll present an offer that will get you the home. Then you’re on your way to OWNING the home. It’s that simple when you’re prepared.
Times may change, but the old adage still applies: “The early bird gets the worm!”