How do I apply for a loan?

Contact our friendly and professional loan staff at 1-866-66-FASTER or submit an online application. We will assist you through the application process and even guide you with filling the application and submit the documentation required to process your loan. Obviously if you are doing this through the mail it can take a week or more but if you use the Federal Express process that is provided at no charge to you this process is shortened. You should understand that the next process cannot begin until these documents are completed and or received. It is usually during this time frame that the appraisal and the title policy are ordered.
Back to top

During the application process, your loan agent will...

• help you decide on a program and loan type that's right for you
• gather information for your loan application and explain all the forms
• ask you to sign the loan application
• setup an appointment for an appraisal on your home
• provide you with a loan kit that has information and disclosures explaining your rights and the loan process

Do they really need to know everything about me for the application?

It may seem that way -- but actually all your mortgage lender needs to know about you is your employment and finances, and information about the home you are buying. However, you will need to provide quite a few details about these topics, and your application process will go much more smoothly if you're prepared. Be sure to ask your loan consultant at Greenlight Financial Services what information you'll need in order to complete your application.
Back to top

What does my monthly mortgage payment include?

For most homeowners, the monthly mortgage payments include three separate parts: a payment on the principal of the loan (that is, the amount borrowed); a payment on the interest; and payments into a special account (called an escrow account) that your lender maintains to pay for things like hazard insurance and property taxes. These elements are called P.I.T.I. (Principal-Interest-Taxes-Insurance).
Back to top

What happens after I submit an application?

After your application and documentation is received, we forward it to a processor who verifies and validates all of the information to be true and correct. Verification requests may be sent to your employers, mortgage holder/landlord and lending institutions. This is done by fax when possible. When all the information is collected the processor then verifies that basic lender loan requirements have been met. The completed package (including the appraisal and title report) is then sent to the underwriting department. The processing of your loan usually takes about a week but it is often delayed when third parties do not respond to the validation requests or appraisals are delayed. If your loan qualifies for automated underwriting the documentation requirements are often reduced and the process can be completed in one to three days depending on the volume of loans the processor has.

Once processing is complete, the underwriting department reviews your loan package to make sure it conforms to all the guidelines required for that loan product. They also review the appraisal and title report and may do additional validation of employment, mortgage payments, and credit. And, anything else they feel is necessary to document your loan. They have ultimate power and decision authority to determine if you have met the qualifications for the approval of your loan. The time required to do this under normal conditions is only one to three days. if any documentation is missing, inaccurate, or does not agree with the signed loan application, the loan will be pulled out of this system until the documentation requirements are met or the loan is turned down or resubmitted. This can cause delays but minor problems are usually resolved quickly.
Back to top