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| | Applying for a loan can seem daunting, but with Granite Loan Center, it is actually quite a simple process to get the mortgage that meets your requirements and saves you money.
Here is a general overview of how the loan application works:
STEP ONE: Your Borrowing Power
Before you even start looking for a home, you need to find out what you can afford. With answers to a few simple questions we can help you calculate how much you can expect to borrow, based on typical lender standards. This will help you determine the type of house you can afford.
STEP TWO: The Pre-Qualification Letter
With information about your employment, assets, etc., and your permission to access your credit report, we can issue a Pre-Qualification Letter, which lets you make offers as a “cash” buyer and negotiate the best deal for you.
STEP THREE: Apply for a Loan
When you have found your dream house, you can apply online with Granite Loan Processing. Our online application process is conveniently designed to allow you to stop any time and pick up where you left off, since your information data is saved. When you come back, the Review and Update screen will show you what is left to do.
STEP FOUR: We Find the Loan
We will start looking for the best loan to meet your specific needs, at the best rates. At the appropriate time in the process, we will order a property appraisal for you.
STEP FIVE: Loan Approval
We will work with the escrow / title company chosen by your realtor or the seller to handle your loan funding and help you with details of your home purchase. The escrow / title company will prepare the final papers for you to sign at their offices.
STEP SIX: Congratulations!
You are a new homeowner and can start enjoying your new home. | |
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| | In order to make the approval process as quick and easy as possible, please provide us with the following items:
- Copy of Driver’s license and social security card
- Copy of last year’s W-2s
- Copy of 1 month paycheck stubs (most recent)
- Copy of last 3 months bank statements
- Copy of Homeowner’s insurance policy or quote for new policy
- Copy of 12 cancelled rent checks (for those who rent)
- Copy of purchase contract (for those who are buying a home)
- Copy of Bankruptcy Petition papers (where applicable)
- Copy of Divorce Decree(s) (where applicable)
- Copy of First Mortgage Note (for those getting a new 2nd/Heloc)
- Gift letter and source of gift (if you are using a gift from another party to help with down payment or closing costs)
The sooner we have these items, the sooner we can provide final approval and loan documents. Thank you for your cooperation. If you have any questions, please feel free to call us at (530) 332-9525. | |
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| | At Granite Loan Center, we strive to make our customers our Number One priority. To do this, we must be consistent and well organized. Below is an estimated timeline that we abide by when processing our loans.
Day One: - Loan application is taken
- Escrow account is opened
- Appraisal is ordered (optional)
- List of items needed given verbally to the customer
Week One:
- Good Faith Estimate, Truth in Lending, typed “Needs List” and additional authorization forms sent to client
- File originated into computer system
- Automated underwriting completed for automated approval
- Findings generated
- Interest rate locked (optional)
Week Two: - Preliminary report from escrow received
- Appraisal received
- Needs list received and reviewed
- Complete file submitted for final approval
Week Three: - Final Prior to Documentation conditions submitted
- Doc’s ordered
- Client signs documentation at escrow
Week Four: | |
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