What is the process for obtaining a Mortgage?

• A Loan Application is taken and all supporting loan documents are collected.
• The credit report is ordered and missing documents are gathered.
• The completed loan file is submitted to the lender for pre-approval.
• The appraisal, title report, and escrow are ordered.
• The underwriter reviews all the remaining conditions prior to final loan approval.
• The loan documents are prepared and delivered to the Escrow Company.

 What are the steps for a successful escrow closing?

• The escrow company will contact you to arrange an appointment time to sign your loan documents.
• The escrow company will prepare your closing statement, and tell you how much money is required for closing.
• Please make arrangements to wire funds or bring a cashier's check to the Escrow Company.
• Select a homeowner's insurance company. Ask your insurance agent to contact your escrow company seven days prior to escrow closing.
• The loan closing may be delayed if closing documents are signed incorrectly, or if the final closing conditions are not satisfied.

Why is the annual percentage rate (APR) different than the interest rate?

The annual percentage rate (APR) is the cost of credit expressed as an annual rate. Because you may be receiving loan  "points" and other "prepaid" finance charges at closing, the APR disclosed is often different than the interest rate on your loan. This APR can be compared to the APR on other loan programs to give you a consistent means of comparing rates and programs.

The APR is computed from the amount financed and based on what your proposed payments will be on the actual loan amount credited to you at settlement. The APR attempts to predict an average rate over 30 years. The APR is also increased if the loan has Private Mortagage Insurance (PMI). The PMI is considered a "Prepaid" finance charge when calculating the APR.