|
|
|
|
|
|
 |
|
||||||
|
|
|
||||||
|
   |
|
||||||
|
|
|
The following sections provide an overview of our mortgage process:
Pre-qualification Prequalification is a good first step in the home-buying process. Getting prequalified carries a number of advantages: knowing how much home you can afford can help you focus your house hunting, being prequalified can demonstrate to a seller that you're serious and ready to buy. In addition, completing the final mortgage application will go faster since you have already provided much of your information. Prequalifying generally takes little time, United Financing will give you an answer in minutes. You can save yourself time in the prequalification process by preparing some information before you get started:
Loan Application This is perhaps the most important part of the mortgage process. During this process your United Financing representative will ask for information pertaining to your income, assets and liabilities. Once this information has been collected we will discuss a loan program that best fits your financial needs. Prior to loan application you will need to determine the amount of down payment you will be making towards your new home. If you are doing a full-documentation program (i.e. providing information about your income and assets) you will need to provide the following documents:
Credit Report A credit report will be obtained as part of the loan application process. The credit report will show your payment history, credit limits, monthly payments and current balances. Verification We will verify the information disclosed on your initial loan application (i.e. income, assets and liabilities). Property Appraisal To determine the value of the property you are purchasing or refinancing, United Financing will order an appraisal from a licensed real estate appraiser. Underwriting A loan decision will be issued based on four factors - income, assets, credit record, and property value. An Underwriter will review the information on your loan application and the information collected on your behalf. At that time some additional information or documentation may be requested (those are called conditions, for example a gift letter for the source of your down payment). Interest Rate You have the opportunity to establish an interest rate guarantee or "lock" the interest rate. Only you can make the decision to lock the interest rate on your loan. It is your responsibility to contact your United Financing representative to determine the interest rate and lock in your loan. Keep in mind that interest rates can change at any time and without notice. Rates generally change a little bit each day (or even a few times a day), sometimes better - sometimes worse. You may want to check with your representative periodically to make sure rates are at a comfortable level and ask his advice on locking the rate or floating. Closing United Financing will coordinate a firm closing date and time with you (and your real estate agent, seller, etc. if purchasing) Schedule a final walk-through of your new home before closing to make sure it is ready for you and to ensure that any contingencies specified in the commitment letter about the home's condition have been satisfied. Prior to the closing you must obtain homeowner's insurance with a carrier of your choice. This information must be provided to United Financing within 72 hours of closing. Our representative will provide you with the amount you will need to bring to closing. Funds needed for closing must be in the form of a certified check or cashier's check. United Financing representative will go over the settlement charges with you and have you execute the Note and other applicable closing documents. Service Evaluation Customer satisfaction is very important to us. You will be asked to fill out a customer service evaluation regarding your mortgage experience. This information is used to refine our systems, processes, and employee training programs. Please give us your input to help us in our continuous effort to improve our customer satisfaction. |
|
|
|
|
||||
|
|
|
|
|
|
|
|
