|
An Overview of The Loan Process
Our team of mortgage professionals is trained to provide you with information, to make obtaining the right loan easy. Whether you want a Good Faith Estimate, Pre-qualification, or even Pre-Approval, you can apply from the comfort of your home or office. Oregon Real Estate Mortgage.com will gather the proper information online, over the phone and fax or mail the necessary documents directly to you. At Oregon Real Estate Mortgage.com you can check our most recent rates, fees and closing costs, communicate with our staff through e-mail, submit a pre-qualification, and apply for a mortgage 24 hours a day, seven days per week on-line. Follow the easy steps outlined below to obtain your loan.
Step One: Applying
Apply on-line at this web-site or download the application and fax it to us, or send the application by U.S. mail. Or you can submit your loan application by phone 800-874-8760 with a loan originator; the process takes just minutes! Any way you choose to apply, Oregon Real Estate Mortgage.com will "Lock-in" your rate. If you close within your designated lock-in period we guarantee that the terms (rate and points) of your loan will not change.
Step Two: Confirmation of Application
Within 72 hours you will be sent complete documentation relating to your loan, much of it already filled out, for your approval and signature. This package will include a Good Faith Estimate of Settlement Charges, a Finance Agreement, a Federal Truth-in-Lending Disclosure Statement, and a list of documentation required to expedite the processing of your loan. You will be requested to return these documents in a timely manner by mail or use our fax number (253)874-8965.
Step Three: Processing & Appraisal
Processing your file will allow us to complete the package for underwriting. Ordering inspections, credit reports, title reports, and appraisal is completed in this step. In this phase, we will be completing the file, gathering all documentation, and "painting the picture" for an underwriter. This process allows us to present your case to the investor in the most favorable light. Our ability to present your financial package to the lender will allow us to secure the best rate in the least time possible. Normally, we complete this step after underwriting is completed and we are ready to close.
Step Four: Underwriting
This is where the final decision is made. We have the ability to have several investors issue decisions, thus maximizing your options. They will review your entire package and make their decision based on four critical elements:
- Income
- Assets
- Liabilities
- Collateral.
Step Five: Closing
Here is the final step to the transaction. We will have the documents sent to a closing facility near you. This is where you sign the documents necessary to satisfy the lender. This is also where any funds required for closing (such as downpayment) will be submitted. Once all parties have been satisfied, the loan will "Close" and funds will be disbursed.
|
