Loan Process Overview...

 

Always making sure to invest in people! To provide our clients with a wider range of mortgage products, DC Holdings & Investments,LLC has recently partnered with One Nation Financial, one of the nation's most prestigous wholesale lenders. With over 40 lenders at their disposal, One Nation Financial is truely investing in people!

 

[1]- Prepare Necessary Documents

 

Taking the time to prepare necessary documents prior to consultation, helps to ensure your loan process goes smoothly. The following general information will be necessary in order for us to process your application.

1. Complete and sign our online residential loan application, Fannie Mae form 1003, and additional space for your assets or liabilities.
2. If you are a salary employee: provide W-2's for the previous two years and one month of paystubs. If you are self-employed, provide tax returns for the previous two years, including all schedules, and a YTD profit and loss statement. (Note: provide copies of all requested documents. Do not provide original documents.)
3. If you own rental property, provide recent rental agreements and tax returns for the previous two years, including all schedules.
4. To speed up the approval process, provide bank statements for the most recent three months, and recent statements for stock, mutual funds and IRA/401K accounts.
5. If applicable, provide a copy of your divorce decree and settlement agreement.
6. If you are NOT a US citizen, provide a copy of your green card (front & back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 visa.
7. If any borrower has filed bankruptcy, provide the Discharge Notice, Filing and Schedule of Creditors.
8. If you are applying for a home equity line of credit or loan (second loan), also include your first mortgage note. (This should be with your closing loan documents.)

[2]- Obtain Loan Approval

 

Getting approved can help you understand how much you can borrow.

 

When buying a home, you may be pre-qualified or pre-approved. Pre-qualification is not as useful as pre-approval. Pre-approval requires a more rigorous process, including verification of your credit, income, assets and liabilities. It is highly recommended that you be pre-approved before you start looking for a home.

 

Being pre-approved will:

1. Inform you of your maximum affordable home value, and save you from previewing properties outside your price range.
2. Put you in a stronger negotiating position with the seller, because the seller will know your loan is pre-approved.
3. Help you close quickly, since your loan is pre-approved.

 

Once your loan application has been received, we will start the loan approval process immediately. This involves verifying your:

• Credit history
• Employment history
• Assets including your bank accounts, stocks, mutual fund and retirement accounts
• Property value
• Based on your specific situation, additional documents or verifications may be required.

[3]- Select Best Loan Program

 

Once you've submitted your application for approval, our team of mortgage specialist work hand-in-hand with you to present you with multiple loan programs which best fit your needs.  What loan program is best for your situation?

1. Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable rate or balloon loan. If you plan to keep your home for a longer time, you may want to consider a fixed rate loan.
2. Understand the relationship between rates and points. Points are considered prepaid interest and may be tax deductible. Each point is equal to 1 percent of the loan. For example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower your rate.
3. Compare different loan programs. With so many programs to choose from, it's hard to figure out which program is best for you. Consult an experienced loan officer who can help you find a loan program that best fits your short- and long-term plans.

[4]- Close the Loan

 

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in the presence of a notary public. Be prepared to:

• Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally NOT accepted.
• Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify the accuracy of the name and address on the loan documents.
• Sign the loan documents. The notary will require that you have your picture ID with you. Some lenders also require to see your Social Security card.

 

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions, federal law requires that you have three days to review the documents before your loan transaction can close. Purchase transactions do not have a three day rescission period.

 

 

 

 

CLICK HERE to access our MORTGAGE CALCULATOR.

 

CLICK HERE to apply for your FREE PRE-APPROVAL.

 

 

 

 

 

 

 

 

 

  

 

One Nation Financial is an Equal Housing Lender.