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The (SM) Loan Process

February 3, 2010

The way we process your loan at is unlike any other mortgage company you’ll find. We have a

Meet a member of our team. Carrie, she works the file through the loan process.

whole team of mortgage professionals dedicated to securing the best home loan possible for you!

The only cost to you is a simple credit report, which costs $18-$25, depending on the state where you live. This can easily be paid with any major credit card. The exciting news about us pulling your credit report is that your Personal Loan Executive will give you full access to your credit report. Surprised? Most people are. But, as you can tell we are not like any other Bank or Mortgage broker. We are not about secrets! We believe you should have access to all your credit information, as knowledge is power.

As you will see, an application at is more detailed than other Mortgage Brokers or Banks. The reason we ask more detailed questions is to get to know you and your goals which, in turn, helps us to formulate the perfect strategy for securing the best home loan for your individual needs. This process takes on average 30 minutes. We call it the “30 minutes to financial happiness application”!

We want you to be totally happy with our service. That is why our Loan Coordinator oversees every step of the process to ensure you are taken care of. If this seems like a lot of people are involved in processing your loan request… you’re right. Our entire Lending Ladies team is dedicated to helping you find the best loan possible. That’s a promise!

It is recommended that you get pre-approved before you start looking for your new house. This will help you to:

1 Look for properties within your price range.
2 Be in a better position when negotiating with the seller (seller knows your loan is already approved).
3 Close your loan quickly (loan already approved)

More on Pre-Qualification
• LTV and Debt-to-Income Ratios
• FICO Credit Score
• Self Employed Borrower
• Source of down payment

LTV and Debt-to-Income Ratios
LTV or Loan-To-Value ratio is the maximum amount of exposure that a lender is willing to accept in financing your purchase. Lenders are usually prepared to lend a higher percentage of the value, even up to 100%, to creditworthy borrowers. Another consideration in approving the maximum amount of loan for a particular borrower is the ratio of monthly debt payments (such as auto and personal loans) to income. The rule of thumb states that your monthly mortgage payments should not exceed 1/3 of your gross monthly income. Therefore, borrowers with high debt-to-income ratio need to make a higher down payment in order to qualify for a lower LTV ratio.

FICO Credit Score
FICO Credit Scores are widely used by almost all types of lenders in their credit decision. It is a quantified measure of creditworthiness of an individual, which is derived from mathematical models developed by Fair Isaac and Company in San Rafael, California. FICO scores reflect the credit risk of the individual in comparison with that of the general population. It is based on a number of factors including past payment history, total amount of borrowing, length of credit history, search for new credit, and type of credit established. When you begin shopping around for a new credit card or a loan, every time a lender runs your credit reports it adversely effects your credit score. It is, therefore, advisable that you authorize the lender/broker to run your credit report only after you have chosen to apply for a loan through them.

Self Employed Borrowers
Self-employed individuals often find that there are greater hurdles to borrowing for them than for an employed person. For many conventional lenders the problem with lending to the self-employed is documenting an applicant’s income. Applicants with jobs can provide lenders with pay stubs, and lenders can verify the information through their employer. In the absence of such verifiable employment records, lenders rely on income tax returns, which they typically require for 2 years. We specialize in Self-employed tax returns.  So let us take a look at those for you and we can tell you quickly if your are approved or not.
Source of Down Payment
Lenders expect borrowers to come up with sufficient cash for the down payment and other fees payable by the borrower at the time of funding the loan. It is generally expected that these funds be the borrower’s own savings, although a borrower may receive non-returnable gifts towards down payment and other loan fees.

Complete Secure Application:
Takes about 10-15 minutes to complete and is required for “Pre-Approval”. (Recommended)

You can apply at or call our office for a quick loan application. 877-744-8350 We look forward to it.

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