Loan Process

1. The Application

The key to the loan process. Using verifiable information you provide us, we work to obtain approval of your purchase loan.

2. Ordering Documentation

We order a full credit report, verification of employment verification of funds to close, mortgage or landlord ratings, and any other necessary supporting documentation. If you have a property already identified then an appraisal report is ordered and a preliminary title report is requested as well.

3. Good Faith Estimate and Truth In Lending Disclosure

We are required to prepare for you a Good Faith Estimate and Truth In Lending Disclosure within 3 days of the application submission. Loan Processor and Loan Submission: After receiving the necessary supporting documents, the loan processor works to verify and reconcile the information and assure that the application is complete.

4. Loan Submission

If the loan package is complete, the Loan Processor submits to the underwriter for approval. The underwriter reviews your credit payment history and credit score, job stability, income ratios, down payment, closing cost, cash reserves and property appraisal.

5. Loan Approval

Once the loan is approved, we are ready to close escrow providing the property is ready and has met the terms of the sale contract. At this time escrow is informed of the loan approval status.

6. Funding

After all parties (You and the Seller) have signed the closing documents, they are returned to the to the lender for review of the complete package. If there are no further issues, then funds are wire transferred to escrow allowing completion of the transaction.

7. Recordation

When escrow receives the funds from the lender, the necessary documents are delivered to the county recorder's office. Recording is the time that your purchase is complete. All funds distributed to the involved parties and escrow is officially closed.

8. You now own your new home

Important Notes:

The property is the security for the loan. The lender will require an appraisal by a certified fee appraiser to assure that there is sufficient collateral. The underwriter will look for marketability, condition and value of the home.

Most loan programs require that funds be or must have been in your account for 3 months. A minimum of 5% down payment usually needs to be your own funds. The remainder can be a gift by a relative, providing a gift letter and bank statement showing the ability to give is also provided.

Income ratios are based on your gross monthly income (before taxes). Bonuses, overtime, part-time or self-employment income must be likely to continue and is averaged over the last two years. The Principle, Interest, Taxes, and Insurance (P.I.T.I.) (plus Mortgage Insurance if applicable) is divided by the gross monthly income to get the top ratio. Take the PITI and all debts are added together and divided by the gross monthly income get the bottom ratio. Ratios needs vary based on the Loan To Value (LTV) or how much down payment is made. Special programs can allow you to purchase with very little money, less than perfect credit, and income that is not verified.

See What Our Clients Are Saying About Us!

karolina m
karolina m
01:46 29 Nov 23
Lending Bankers Mortgage (Danny Perez and David Otero) was recommended by RPM Luxe Realty. From day one, Danny made me feel comfortable. I went through the pre-approval, approval, clearing to close, etc. processes with Danny figuratively holding my hand the entire time. There were times when I was literally crying because I was so frustrated and scared and Danny made me feel like everything would be okay. In general, I think RPM Luxe and Lending Bankers Mortgage make a great team. Danny is very relaxed and I’m not sure that he ever feels stressed, which is something unfamiliar to me. I think it’s because he has been doing this for quite some time.Additionally, Danny treats his clients like family. If anything is wrong, Danny takes it personally as though it was his own personal situation.If you are looking for 24/7 concierge service, Danny and David are your guys. After the Thanksgiving holiday, Danny was inflight and texting and emailing the entire time. I was grateful that American Airlines’ Wi-Fi was working so well.
jazmin campo
jazmin campo
17:18 23 Oct 23
Rodrigo y David nos ayudaron de principio a fin y se aseguraron de contestar todas las preguntas que teníamos. Los recomiendo de corazón y volveremos a trabajar con ellos en la próxima casa que compremos.
Paula Urruti
Paula Urruti
21:40 17 Oct 23
Gracias Juan G y David por su asesoramiento y ayuda para poder concretar la compra de mi unidad! Todo fue muy simple y claro desde el comienzo.
Dorotea Liguori
Dorotea Liguori
15:04 17 Oct 23
Our experience with Danny Perez has been nothing short of PHENOMENAL. In a last-minute decision, we wanted to move our closing date up by two weeks, and Danny made it happen with absolute ease. The team is not only fantastic and responsive, but they also efficiently handle all queries and swiftly get everything organized. With Danny, what we anticipated to be a nerve-wracking experience turned out to be a breeze. A huge thank you to Danny and his team for their incredible assistance! We will undeniably come back for your top-notch services in the future!
Juan D. Peralta
Juan D. Peralta
14:28 17 Oct 23
Gracias Lending bankers por toda la ayuda, Excelente servicio y muy agradecido con David Otero y Gabriel quienes ayudaron a que todo el proceso fuera fácil y lograra la meta! 100% recomendados
Thank you to David Otero and Gabriel Corriente for making the process as smooth as possible. I highly recommend working with them.
Everything was on schedule and on time. I highly recommend Dany he made our transaction as smooth as possible! Looking forward to working with Danny and the LB team again!
angela brown
angela brown
16:42 16 Oct 23
Danny Perez was excellent, I highly recommended him.
Vanessa Charles
Vanessa Charles
16:33 16 Oct 23
I had the pleasure of working with Danny Perez. He is extremely helpful and professional. He answered all of questions throughout the process and made it so easy. Without hesitation, I would recommend their services to anyone seeking a mortgage professional.
Emmy Rosati
Emmy Rosati
16:17 16 Oct 23
Danny was super helpful and easy to work with !

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Buy a Home or Refinance in Miami FL
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