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Loan Processing.
| Once all preliminary information has been given to Amy and you have met with her to complete your loan application (CLICK HERE to APPLY ONLINE NOW), verification forms will be sent to your employer(s), bank(s), and current mortgage company or landlord. A credit report and appraisal of the property will be ordered. Amy will provide you with a Good Faith Estimate at loan application and a Truth-In-Lending Disclosure will be mailed to you shortly after the application date. |
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The Good Faith Estimate lists the estimated costs you will incur in the purchase or refinance of your home. |
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The Truth-In-Lending Disclosure shows the
total cost to you (over the term of the loan)
for your specific financing. The APR
(Annual Percentage Rate) is not your
"note" rate. |
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Verification of Employment (VOE) forms is sent to all employers for the last two years. The VOE is completed, signed by the employer, and returned to the mortgage company. This will show the date you began your employment, the amount of money you earned last year and how much you have earned so far this year. It will also indicate bonuses and earned overtime. |
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Verification of Deposit (VOD) forms are sent to each banking institution listed on your application. The bank(s) will indicated the date you opened each of your accounts, the average balance in each account for the last three months, and the amount of money you have in each account on the days they complete the form. |
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Mortgage companies and landlords complete verification forms (VOM- Verification of Mortgage or VOR - Verification of Rent) by telling the mortgage company how much you owe them, what your monthly payment is and your manner of repayment. |
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The credit report will show what amounts of money are owed to each of your creditors. Minimum monthly payments and your manner of payment will also be shown. |
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The appraisal on the property confirms the value is at or above the purchase price on your contract. |
It normally takes SEVERAL DAYS for these reports and forms to be returned to the mortgage company. Your processor may contact you for assistance if any delays are encountered. It may also be in your best interest if you go ahead and contact your former employers or landlords to let them know to expect these forms. The credit reporting agency may call you to verify that the information they have gathered is correct.
Locking-in Interest Rates.
UIMC offers a maximum lock period of 60 days on a purchase transaction. When you are within that 60-day range you may choose to lock in a rate. It is up to the borrower to call for rate quotes and, when ready, notify Amy Williams or her assistant when you have decided to lock. Never assume you are locked in until you SPECIFICALLY call in and request to be locked. Amy and her staff can quote you the daily interest rate and current market trends, but we cannot predict future rate fluctuations.
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United International
Mortgage Corporation
3 East Main Street
Buford, Georgia 30518
Georgia Residential Mortgage Licensee #18883
e-mail: info@uimortgage.com
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Smooth, Efficient, Friendly Service!
On your first visit, you will meet with Amy Williams or one of her Sales Assistants. Afterwards, you may be talking with your loan processor. They are working hand-in-hand to see that your loan is approved.
Once all required documentation has been compiled, you may be asked to write letters in regard to your assets, income or credit. Please remember that we request these letters to assist you in obtaining your financing.
Prior to the processor working up your file, she will verify the final sales price. Make sure that all additions (changes, deposits, options) have been sent to us. Please do not assume that your Realtor, if you have one, has done this. If changes occur which will affect the sales price, the loan may have to be resubmitted which could delay final loan approval.
Keep in mind that you need to maintain your current financial status as much as possible during the time you are awaiting loan approval and closing on your home. Try not to:
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Change jobs |
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Quit your job |
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Make major purchases - cars, furniture, appliances |
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Increase outstanding balances on credit cards |
Loan Approval.
PRE-APPROVAL - During your first meeting or phone conversation, you and Amy will determine the amount of money you can pre-qualify for.
LOAN APPROVAL - You should receive loan approval quickly following your first meeting with the mortgage company. The time frame will be longer if any of the information requested has not been returned to us in a timely manner. Time frame will vary based on the strength of your file.
Contingencies.
Conditions of Approval
Loan approvals sometimes carry "conditions of approval." The sale of a previous home or proof of funds is two typical examples. Please be sure to discuss any concern you may have about such conditions with your processor and obtain any requested documentation as soon as possible. Once all contingencies are met, final loan approval can be obtained.
Last Minute Requests.
The underwriter may require additional information at the last minute. We try hard to prepare you for the information she will need. However, history has taught us that it is impossible to anticipate everything they may deem pertinent to your case. Please try to be understanding if they request additional information or reconfirmation of previously issued information right before closing.
Your Interest Rate.
United International Mortgage Corporation understands that interest rates are of the utmost importance to you. We hope the following will help clarify some of the questions you may have.
The Latest Rates.
We receive daily rates after 9:30 a.m. each day, Monday through Friday. Please feel free to call us after this time for interest rate quotes.
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