Frequently Asked Questions
Loan Process and Checklist
1. Connect & Apply
We start with a pre-application quote form where you provide us with basic information to initiate the pre-approval. One of professional loan originators will contact you to discuss your loan scenario with rate and term options. They will also answer any questions or concerns you might have before taking the next step.
2. Processing & Underwriting
Once we initiated our partnership and you have agreed on a loan program. We initiate the underwriting! As we work on the processing and the underwriting of your loan. We make sure that we are meeting all guidelines set by the loan program selected.
3. Closing & Funding
Congratulations! You are now Ready to close! Your loan originator
will contact you to schedule a date where you will sign all the
disclosures needed to fund your loan.
All of our no income doc loans are secured by the value of the property and not the borrower’s income. Some programs require a minimum credit score to obtain a higher LTV. However, there are certain documents we will need to review depending on whether you are a solo investor or company, including but not limited to a purchase contract and proof of closing funds unless refinancing. Every program is different and require minimum documentation
The collateral being offered to secure the loan must be properly defined in terms of what the property is being classified as and what the value is. It is also important to know what the value is based on, whether it be an appraisal, a broker's opinion, or something else
The location of the investment property can be an important factor is appraised value.