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Getting a mortgage loan is not an easy job. It’s not that we are trying to scare you; we are just stating the fact. If the loan process would involve just filling up an application form, you would not have come to us for the same. As a Miami mortgage company, Garrtech Funding, takes off the excess load of the loan application process from your shoulder and make it fast and easy. Based on the Florida mortgage standards, we will guide you selecting the loan product that best fits your requirement.
The loan process comprises the following steps:
It is the first step in the mortgage loan process. We collect all types of financial information from our customers including their income, assets, credit history, debts, and financial goals. This helps us in making a conditional determination whether you, as an applicant, are eligible for the loan or not. We also seek your permission for running your credit score. We give our customers a prequalification letter while we review all the information that we receive from them.
Filling out the loan application form
The formal mortgage loan processing begins with filling up the application form. We sit with our customers and guide them in their application fill-up process. In many cases, we take full responsibility and fill up the application form with the help of the information furnished by our customers. We also arrange all the documents that are needed for the loan application. We make sure that we discuss ‘closing costs’ and ‘down payments’ with you at the time of making the application. We also provide a Truth-in-Lending Statement (TIL) and Good Faith Estimate (GFE) mentioning the loan fees, rates and other associated costs for getting the loan. As a premier mortgage broker in Miami, we believe in keeping things transparent and clear.
Processing and underwriting
At Garrtech Funding, we thoroughly review the documents provided by the customer and offer a loan package that seems most suitable as per the customers’ needs. This is again reviewed by the loan underwriter, who confirms that all the criteria are met successfully.
If the underwriter finds that there are discrepancies in the furnished documents or in the application form, we contact the customer directly and tell him/her about the problem. We reach out to the customer in the best possible manner to get the missing links filled and get the loan application processed.
If you are taking a conventional mortgage loan, you will need mortgage insurance. This is applicable when the down payment of the loan is less than 20% of the actual amount of the loan. Mortgage insurance is required for VA and FHA loans as well.
Pre-closing and closing
During pre-closing title insurance is prepared, all the approval criteria are fulfilled and a closing date is fixed for issuing the loan.
Now that we appear to the closing of the mortgage loan, we fund the loan to the customer in lieu of the title to the property. Here the loan process is completed and declared as ‘closed’.
As a trusted and reliable mortgage broker in Miami we help you with the mortgage loan and property buying process in the best possible manner. Contact us today for all your mortgage loan queries.
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