THE LENDER

The Lender you select may be affiliated with a bank, savings & loan, mortgage company or a mortgage brokerage firm.

The Lender’s role is to:

•          Assemble information (regarding your income, debt, employment, past credit history, current savings & information relating to the property through an appraisal) on your financial situation to help you receive approval for the loan.

•          Discuss with you whether or not you should lock-in or float your interest rate.

•          Review your financial situation to ensure you qualify for the loan. They will explain in detail your specific loan to make sure you fully understand it and review your estimated closing costs, your monthly payment & explain private mortgage insurance and how it works.

•          Send out your information to be verified by your employer, creditors, banks, etc. The appraisal and credit report are ordered at this point.

•          Place all pertinent information and the appraisal in a file for a final review and approval by the underwriter.

•          Submit loan to underwriter for approval (once all the information is received).

•          Send the approved loan to the closing department to be organized and sent to the settlement company.

•          Send instructions for loan closing to settlement attorney once they notify the Lender that they have received the title binder, survey, termite report, prepaid hazard insurance, well & septic reports and any other required documents.

The Lender is available to answer any question you have in reference to your loan at anytime during the loan process or after it has closed.