Start today by completing your loan application online. It's simple, fast and secure. The entire process takes only about 15 minutes, and you can save your work after each step to come back and continue later.
Q. Are there other costs besides loan closing costs?
A. Yes. Prepaids and Initial Escrow Payment are addtitional costs due at closing, and it can be a sizable amount. It helps to understand how this works to avoid surprises when receiving Loan Estimate. See details.
Q. Does applying also lock the terms?
A. No, applying does not automatically lock the terms. Please stay in close contact with your Loan Officer.
Q. I am refinancing, and I have an existing equity loan or line. Does this matter?
A. Yes. Regardless of the balance, presence of secondary financing impacts new loan terms and complicates the process. Please discuss this with us before applying.
Q. I own other real estate properties. Do I need to list them?
A. Yes. Even if you own a property free and clear, it is an expense (property taxes, at the very least). If not listed, it will be found through pre-closing due diligence, causing last minute issues.
Q. I am self-employed. Does this matter?
A. Yes. Please see new COVID-related requirements for self-employment income verification below.
Once the application is submitted we will review it to make sure we received all the information that we need. If anything is missing or needs clarification, we will contact you. We will also let you know which supporting documents will be required. General documentation requirements are outlined here, although the exact list of documents may vary depending on circumstances. During the loan process, we will keep you informed of every step that is being taken, from application to funding. We will be in contact with you at all times and will be answering any questions you may have.
Due to COVID-19 impact on businesses, the following additional requirements are in effect for borrowers qualifying on self-employed income. In addition to latest business and personal tax returns, as applicable, audited year-to-date profit and loss statement reporting business revenue, expenses and net income up to and including the most recent month preceding the loan application date; or unaudited year-to-date profit and loss statement signed by the borrower reporting business revenue, expenses and net income up to and including the most recent month preceding the loan application date AND three business depository account(s) statements no older than the latest three months represented on the year-to-date profit and loss statement are required. Business account activity must support unaudited P/L statements. Additional documentation may be required upon review. Prior to closing, final confirmation that business is currently in operation is also required. Max Loan-to-Value (LTV) ratio when using self-employed income for qualification is limited to 75% (25% minimum down payment).