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Everyone likes a smooth transaction. My team and I have a “5 x5 rule” essentially a 5 step action plan to make sure your home buying or Refinance experienced is streamlined and smooth. We have front ended these steps so you can sit back and relax after completing them. Remember should you have ANY QUESTIONS we are here for you. Answering your questions is our job. Best way to reach myself 24/7 is via my cell phone and second best is via my direct office line. Please make sure to ALWAYS include myself and my processor going forward on ALL EMAILS as we work as a team to better serve you.  

 

Step 1. End Goal Upfront:

Tell us what you are looking to do. Make sure we understand what you are trying to accomplish and your time frame. We move at your speed as we need your help providing documents before we can issue Pre-Approvals.

 

Step 2. Apply for a loan:

Go to www.applywithafi.com  

  • Click “APPLY NOW”

o   If you are filling out the application for the first time click “New Applicant” then select myself as your Loan Officer from the drop down box and click “Get Stated Now!” You will now be asked personal and confidential questions to build your file for your loan.

o   If you are coming back to securely upload your personal documents look for “Returning Applicants” section and click “Continue”. You will then be asked for your email and password you selected when you first filled out your application.

 

Step 3: Pull Credit:

Click below to pay for “$49.00” and receive your credit score that we use from Credit Plus.

https://credit.creditplus.com/smartpay/SmartPay.aspx?uid=be8c1858a1da4e3dab3957538f357bb0

Keep in mind we will be using the middle score for the three scores. No, we can not us a Consumer Credit Pull “Credit Karma and the like”. As Banks, Residential Lenders and Investors ALL use the Lender Credit Scoring System that sees more than the Consumer on you can pull for free online. This is a 3rd party fee that goes directly to Credit Plus. I can now load it to your file and get accurate debts to be offset by your Income verified above. We call this your DTI “Debt to Income”. ALL LOANS have different ratios for different Credit Score, DTI and CLTV “Cumulative Loan to Value”. This credit pull helps us figure your best options to present to you in helping you hit your mortgage goals.

 

Step 4: Securely Upload Docs.

Items needed ASAP. Remember, we go at your speed and these are items we need to approve you and give you accurate numbers. Please note we need all requested items in a “PDF format” with exception to your ID. If you do not have the requested below items in this format you can download a Scanner Application to your smart phone and it will allow you to take pictures and convert single and multiple pics to a PDF. You can then drag and drop them right to my website securely. Go to www.Claytonsloans.com

  • Copy of ID’s “Pic is ok here”
  • Tax returns 2 years  “In PDF Format”
  • W-2’s two Years  “In PDF Format”
  • Pay stubs (Last 30 days w/ YTD)  “In PDF Format”

* If self-employed or receive commission or bonus, interest/dividends, or rental        income:

*  Provide full tax returns for the last two years PLUS year-to-date Profit and Loss       statement (please provide complete tax return including attached schedules and statements. If you have filed an extension, please supply a copy of the extension.)           *  K-1's for all partnerships and S-Corporations for the last two years (please double-check your return. Most K-1's are not attached to the 1040.)                                                  *  Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.)

* If you will use Alimony or Child Support to qualify:

* Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year

* If you receive Social Security income, Disability or VA benefits:

* Provide award letter from agency or organization

 

  • Bank Statements 2 month worth all Pages “If a Business Owner will need that account information also”. 

“In PDF Format”

  • Get an Insurance quote “In Email or PDF Format”

STEP 5: The Pre-Approval

  • If this is a Home Purchase, you can now make sold offers and we will call the listing Agent on your behalf to let them know the strength of your offer and our ability to Close Fast due to your upfront help.

 

  • If this is a Refinance, we will now send your file to the Investor.

 

 

You are now at the halfway point of your loan. What to expect next & timelines:

  • We will submit your loan file to the investor. Be on the lookout for an email from them with your “Loan Estimate”.

o   Keep in mind these are general numbers as your file is not balanced with title on escrows collected like “Taxes and Insurance” yet. These numbers will be inflated by the investor until your file balances with Title. This is more verifying who you say you are and explaining that you are indeed looking to buy a house or refinance your home. Verifying the “Intent to Proceed” if you will.

o   You are not obligated to anything and these are not your final numbers that is why this is the “Estimate Stage”. Please e-sign ASAP to keep your file moving forward.

 

  • Now we lock your Loan. Schedule a time to review in person, email or screen share to see current rate sheets and any possible credits I can give you when we lock based on the 10yr bond market for that day.

o   Our suggestion is to lock sooner than later as numbers need to be figured while your file moves towards closing. The sooner you lock the faster we can balance with title to get your final figures.

 

  • We will order Title docs and the Appraisal now. The appraisal is the 2nd Third Party fee you can expect during your loan. Usually $650-$750 for a 5-10 turn time. If requesting a rush they may request another $250. We may get lucky and receive a PIW “Property Inspection Waiver” and not need an appraisal but we do not know until we send to the Investor.

o   The “PIW” is all based on what has sold within the past 6 months near your home and their consistent values. This is the longest part of the transaction as is could take 5-10 days so it is important to order this as soon as possible. This is ordered as soon as you sign the “Loan Estimate & Intent to Proceed”. These documents will come from the Investor after submission as stated above.

 

  • Next after your file comes out of underwriting “Usually 2-4 days for submission to underwriting” they may require a few small conditions “usually 1-2 days to review”, with your help getting anything they may need we can then get the Clear to Close.

 

  • Once we gave the Clear to Close we will be sending out the final BALANCED W/ TITLE CLOSING DIOCUMENTS. You will have 3 Business Days to review and make sure everything is accurate here. This is called the TRID rule and makes sure there are no surprises at your closing and everything has gone smoothly like we stated above in the beginning.
  • We can now set a Closing Date and CLOSE your loan.

 

Text or call with any questions along the way as it is our job to answer your questions and make sure you understand the above 5 steps and we look forward to seeing you at the Closing Table soon!