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After our initial phone conversation with you, we will send you an Initial Loan Application.
This application will tell us information about you and your current income and expenses and your assets and liabilities. We will quickly review this after your completion and will likely issue a Letter of Intent or Loan Commitment based upon the facts on your application.
After we have reviewed your Application and issued you a Letter of Intent, we will need additional documentation to support the items you have listed on your Loan Application.
These items could include:
1. Proof of your income and current mortgages or other expenses
2. Verification of residency or citizenship
3. Detailed information of the property on which you want the loan
4. Credit reports
5. Application fee, either refundable or applied to the closing costs
6. Information on other assets you have listed on the Application
After review of the backup documents and your Application, we will open an escrow for the loan with an insured and reputed company, order preliminary title insurance, and order an appraisal (if necessary).
Assuming there are no issues with the title and the valuation of the property, we will request proof of insurances or order new insurance policies, request the escrow company to prepare an estimated closing/settlement statement and begin preparation of loan documents and prepare for funding and closing of the loan.