 | Randy Vickers is the owner of Priority Mortgage Corp of Wichita, which opened in Jan. 1989, is the oldest locally owned mortgage company in Wichita. Randy has been in the real state business since 1983 and is a licensed real estate broker as well as a licensed mortgage broker. Priority Mortgage Corp of Wichita KS Lic #1996-0122. Randy can be reached at 316-721-7700 |
Real Estate
2005-06-01 10:45:00
How long to process my loan?
ANSWER: Most people in today's world find value in getting pre-approved by their lender, sometimes even prior to finding the home they want to buy. This pre-qualification process gives a buyer an additional tool to include with an offer to purchase, thereby giving the Seller the added comfort of knowing that the Buyer has been looked at by the Lender, and subject to standard underwriting guidelines, they will have their home sold simply by signing that offer to purchase. Removing the question of the Buyer's qualifications is a good thing, and knowing the answer to this question at the time of contract signing makes the process go along very smoothly. A good mortgage broker is always ready to take a pre-qualification application. The process usually takes not more than an hour, sometimes less, and then the buyer knows what amount they can be approved for, and can then look for a home in a given price range with the confidence of knowing that if they see a home they like, they can buy it. The sooner the broker is able to verify the information that you provided to him/her at the time of application, the quicker your loan can be processed and closed. The standard information that is normally required at application is: your last couple of pay stubs, W2s, Social Security numbers, tax returns for the last two years (potentially), bank account numbers, and details of your long-term debts (credit cards, auto loans, child support, etc.). If you are self-employed you may also be required to provide Profit & Loss statements for your business. Lenders will want specific information. For example, the origin of your down payment will be verified. A qualified broker or lender will work with you to determine the best loan and interest rates available to you after they review your personal information and your credit report. You will receive a list of the documentation needed to complete your loan and once you've provided those items, your final loan papers will be signed by you and you will have a date when the loan will be closed and you can move in! More next month…
