START THE PROCESS ONLINE - IT'S EASY
Click on the topics below for more information on the mortgage loan process from start to finish. Always remember that should you ever have any additional questions, please contact us and we will be happy to discuss them with you.
Click on the topics below for more information;
Print a detailed information checklist of the information you’ll need to provide. If you don’t have all of this information readily available, don’t worry. Some of it can be obtained from your credit report. Your mortgage specialist will work with you to ensure that we have the necessary information.
To start the application process online, you will need to have on hand the following information about yourself and any co-borrower:
- All Borrowers
- Purchase Borrowers
- Refinance Borrowers
- Social Security Number
- Date of Birth
- Email address
- Home phone number
- Current address
- Previous address if you've been in your current residence for less than two years.
- Name and address of your employer
- Name and address of your previous employer if you've been at your current job for less than two years.
- Gross income amount, including secondary income sources, if applicable (Alimony, child support, or separate maintenance agreements need not be revealed if you do not wish to have that income considered).
- Asset information, including the value of your banking, investment, retirement and other accounts
- Current expenses, including housing, credit card and loan payments, child support, and other obligations.
- Current obligations
- Current market value of your primary residence, if you own it
- Estimated down payment amount
- Year property was built
- Estimated purchase price
- Address of property you're purchasing
- Estimates of annual property tax, hazard insurance, and any homeowner association dues on the new property.
- Peapproval borrowers can supply this information soon after a purchase contract is signed.
- Year property was purchased
- Original property purchase price
- Total outstanding balance of all loans secured by the property
- Estimated property value
- Amount of money you'd like to borrow
If you're uncertain about an entry, put down an estimate for now. You can discuss your questions with your home mortgage specialist. You'll also have the chance to update any information you give here. If you have any questions or require assistance, please contact us here.
A mortgage specialist will contact you to provide a tailored mortgage consultation. You’ll have the opportunity to update information and review your financing options. You can also decide whether or not you want to have your mortgage specialist prepare and submit a financing application for you. That’s when your credit report and other financial information will be reviewed. You will then receive within a couple of days a Loan Application Package which contains standard mortgage forms, disclosures you need to complete, and a checklist of additional personal documents (such as account statements, paycheck stubs and tax returns). Complete and sign where indicated and return with all requested documents, along with the check for the application fee and estimated appraisal cost.
Once we receive your loan package, a loan processor is assigned to your file. Any missing documents from your loan package will be once more requested and you will be asked to execute any documents that need to be redone. Your loan will remain in our processing department until all missing information is received. Once all documents are in place, an appraisal is ordered. The appraiser will contact you within two days to schedule a convenient time for an inspection of the property. Once property is inspected, it may take our processing department an additional three days to receive the appraisal report.
Upon receipt of the appraisal report, your loan package is submitted to our underwriting department for review and approval. This process can take up to three days maximum but typically 24 to 48 hours. If your loan is approved, your mortgage specialist will contact you about what’s needed to close your loan. It’s important to communicate regularly with your mortgage specialist throughout the period leading up to your closing date. This will allow you to be prepared in the event additional information is needed to finalize the loan.
In our closing department a closing processor is assigned to your loan whose duty is to ensure that all documents are finalized, and coordinates all matters accompanying your closing, such as ordering title work, final payoff amounts, and insurance information. Your closing package is then forwarded to the title company where you are contacted to sign all necessary paperwork in conjunction with the mortgage.
From loan application to loan closing the process can take as little as 15 days to as much as 60 days. It greatly depends on how fast you provide us with documents and information. Please note, you may track your loan progress on-line anytime at Euro International Mortgage. Ask your mortgage loan specialist for your access code to keep track of your loan.