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.

ARMET ING
ARMET I.
23:09 15 Jul 21
David and Ricardo did a very good job, during the purchase of my properties, providing me with support during the purchase process. Thank you so much.
Jessica Michels
Jessica M.
01:24 15 Jul 21
Claudia helped us all the way thru the process on buying our home. We couldn’t have chosen a better professional for this job. She was always available and responding to our questions without any... delayed. I will recommend Claudia as a excellent mortgage broker.read more
Ana Paula Hensel
Ana Paula H.
19:47 22 Jun 21
David is an extremely competent and committed person, he conducted the entire process with great competence. Helped a lot in all situations, with a lot of patience and promptness.
Sergio Garin
Sergio G.
18:50 22 Jun 21
Realmente muy contento con todo el asesoramiento, de David C, que me entrego durante todo el proceso ,Disponibilidad las 24 hrs del día . Es la segunda Hipoteca que tomamos y lo volvimos a elegir... por la confianza y eficiencia que ha demostrado amplios conocimientos profesionales y gentileza en todo momento para resolver las dudas que se me presentaban, a cualquier hora del dia . Recomiendo de todas maneras su asesoramiento para comprar una tercera propiedad. fueron tiempos muy dificiles en la pandemia , porque tuvimos que cerrar en Paris y Chile, porque mi hijo se encontraba en diferentes lugares logrando los objetivos en un 100 porcientoread more
Rodolfo Villafuerte
Rodolfo V.
14:46 22 Jun 21
We had great advised and conditions with our condo mortgage. The mortgage has approved with a high percentage of financing rate.
Landon Scott
Landon S.
15:35 21 Jun 21
David Comisso is the lender you want to work with, he's very knowledgeable and is a master at compiling a file. No matter how complicated the case, David makes it happen.
Angel Bracho
Angel B.
01:41 19 Jun 21
Excellent service provided by David C. My client was able to close within 30 days. Looking forward to work with him for my next transaction.
Francisco Raddatz
Francisco R.
21:12 18 Jun 21
Thanks David and team for all the support to get my mortgage in the US. I was able to do everything remotelly and quickly. I always counted with a transparent profesional guidance that made me feel... confident all time.read more
Lia Souza
Lia S.
00:11 17 Jun 21
Claudia just helped me buy my first property in Miami without delays.She made the whole process really easy, and walked me through everything.She was always available to answer my questions.... Everything was easy and very professional.I recommend lending bankers mortgage and Claudia to anyone wanting to purchase a property here.read more
Talía Brigneti
Talía B.
23:50 15 Jun 21
I recently closed my first property with the immense help and guidance of David C— from the first day I reached out until the day we closed he was extremely responsive to every one of my of intricate... questions and took as much time as was necessary to thoroughly explain each step in the process. Even when matters got complicated with the deal, David worked out alternatives to solve the different issues and make sure we stayed on track with our closing timelines (and we closed even sooner than what we anticipated!). Highly recommend anyone to work with David if you have the opportunity!read more
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