Loan Process
Applying for
a home loan is a big
decision. Fortunately, we
can help make the whole
process as quick and
hassle-free as possible with
a wide range of loan options
and the support you need
every step of the way:
Application
Approval
Closing
1.
Application
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The first step in getting a loan is to request a loan. You can fill
out our online loan request
today or call
1-800-988-2216
for a no obligation
consultation. Here are a few
things you may want to
consider when making your
decision:
Purpose of
the Loan
Buying your
first home or looking to buy
a new home?
Want to
improve the terms of your
loan or refinance to convert
equity into extra cash.
Want to wrap
your current debts into one,
low-interest rate loan?
Fixed or ARM
Offers the
same monthly payments for
the life of the loan.
An Adjustable
Rate Mortgage (ARM) starts
out with lower initial
monthly payments for a set
period of time before
adjusting to a new rate
based on an interest rate
index.
Life of the
Loan
Rates and
Points
2.
Approval
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Now that
you've applied for a loan,
our loan professionals will
review and process the
information from the
application. A typical
approval process includes
the following steps:
Credit
Check
A credit
check will be performed to
verify the information
you've presented. However,
at Goldmark Financial we don't
believe that a few setbacks
in your credit history
should keep you from doing
the things you want to do.
That's why our loan
professionals will work hard
to present you with a range
of loan options to suit your
needs.
Document
Request
Our loan
professionals will request a
list of documents required
to complete the loan
process. Here are a few of
the things you may be asked
to present:
-
Proof of
income. If you're salaried,
this means W-2s, pay stubs,
bank statements, and
investment information such
as IRAs and 401(K)
statements. If you're
self-employed: this means
tax returns for the past 2
years and a YTD profit and
loss statement.
-
If you own
rental property, you may
also provide rental
agreements.
-
If you wish
to speed up the approval
process, consider providing
statements from your bank,
stocks and mutual funds, and
IRA/401K accounts.
-
If you're
requesting a cash-out
refinance, provide a letter
explaining what you plan to
do with the proceeds.
-
A copy of
your divorce decree, if
applicable.
-
If you are
NOT a US citizen, provide us
with a copy of your Resident
Alien or Immigration &
Naturalization Card (front &
back), or if you are NOT a
permanent resident provide
us with your H-1 or L-1
visa.
-
If you're
applying for a second
mortgage, you'll also need
to provide a copy of the
note on your first mortgage.
This is normally found in
your closing loan documents.
Appraisal
A qualified
appraiser will be sent to
the property to assess the
value of the house and
determine if the property
supports the loan amount.
Underwriting
This
represents the examination
of the appraisal report,
evaluation of your credit
profile and a review of all
documents. After the
underwriting process, your
loan may be approved for
closing.
3.
Closing
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Now that
you've received approval,
it's time to take the final
step toward finalizing your
loan. At closing, you will
meet with a qualified
Settlement Agent of your
choice, in a location close
to you. All of the loan
documents will be forwarded
to the Settlement Agent by
Goldmark Financial. Once
there, you will review all
documentation provided and,
with the assistance of your
Settlement Agent, sign where
necessary. Below are some of
the closing cost items you
can expect to see.
Lender
Costs
These may include processing
fees, underwriting fees, and
points.
Third
Party Costs
Charges paid
to other parties for items
required to obtain a
mortgage loan. These can
include title policies,
recording fees, and
appraisal fees.
Prepaid/Escrow Costs
By setting up an Escrow
account, property taxes and
hazard insurance will be
added to your mortgage
payment and paid monthly
