Process

            Each individual will have a different process to fulfill before final approval, not every loan is routine. We will first need a pre-approval. We have a team of brokers to assist you through the entire duration of the process to buying your new home. A broker is a team member who functions as an intermediary between you and the bank that you will be getting financed through. It is the brokers duty to get the best residential mortgage product for our clients. He is the borrower's representative and structures the loan for presentation to banks underwriting. He will negotiate any financial weaknesses you may have in qualifying for your loan. He will begin the process by getting full documentation of your financial background and atleast three years of work history. 

            In order to get an approval we have to check your credit rating. Your credit score can effect every aspect of your financial life. This has implications on qualifications for loans, the interest rate that you pay, employment opportunities, and insurance premiums. We want you to be able to get the best loan program at the lowest interest rate you can get. Credit reports can often incur errors and mistakes that can bring your credit score down, which in turn effect the type of loan you can get. We take a long look and examine your credit history to see if we can correct any mistakes or begin a process to help raise your credit score. If your credit score is less than what's required we will work to get it to the appropriate number.

            Credit scores or FICO ( Fare Isaac Corporation ) are determined by tradelines. A tradeline is a ten or more digit number that recognizes accounts and products you have purchased through your credit. These accounts show payment history, open balances and the payment status. Your score is determined by payments made on time and how many days you were late on each payment. It is developed with 15 days late, 30 days late 60 days late and 90 days late. Your score is dependant on each payment made whether it is current or late determines if your score will rise or fall. 

            We work with credit experts who will look at and examine each individual tradeline and work with you to rectify any discrepancies in your credit information. We will only deal with the necessary to give you a qualifying credit score.  Up to 80% of credit reports contain some type of error. These errors are serious enough to result in denial of loans and other credit. Each of these mistakes can have a variance of 50 points or more.  Majority of the incorrect information encompasses personal, demographic identifiers that were misspelled, long-outdated or belonged to a stranger.

Our credit experts are a team of Attorney's and Paralegals that commonly exercise your right for accurate and fair credit reporting. Through the Fair Credit Reporting Act      ( FCRA ) you have the right to dispute any questionable or inaccuracies in your credit history and have those removed. They will correct any mistakes posted on your credit report. They examine every tradeline to assure its accuracy. By simply correcting mistakes on your credit report can raise your score by 150 points. 

            Within reason if your debt out weighs your income we will pay to get that debt down. You need a minimum of four tradelines to qualify for a residential home loan. And if necessary if you need another tradeline to procure your loan we will also purchase that tradeline for you. If we need to do anything like this it will take a minimum of three months to complete these changes and for them to show on your credit report.    

            The next step is to see how much you will qualify for. This is determined by a combination of two factors. These factors are your annual income and the total debt you owe. This is defined as DTI ( Debt to Income ). Again this is your annual income and any other finances you have coming in each month and your total debt as listed on your credit report. 

            For an FHA loan you will be required to have a down payment of 3.5% of the total loan amount you are acquiring. And a 5% down payment for a conventional loan. As a condition of this down payment it must sit in an account for 90 days prior to closing.  The verification of this account is considered 90 days of reserves. The actual loan amount you receive depends on the real value of the home and this is calculated through an appraisal. Together an appraisal and inspection will cost $500. If you decide to invest with our company we will take care of all of this as explained in the Benefits section.