We should say that “working with us” is the first way! When you let us help you find the loan that’s right for you, you truly are taking advantage of some of the area’s best technology and expertise to get you a loan decision and funding on your loan quickly. But here are five “other” ways you can speed up the process of getting a mortgage loan:

1. Have everything ready and in one place. Elsewhere on our website, you’ll find a list of things you might need in support of your mortgage application. If you get them all together and keep them in a safe, portable place like a special pouch or folder, you can cut down on time spent rooting around for things we may need. Also, you’ll help cut down on your own anxiety and confusion.

2. Be honest and complete when you fill out your application. “Fudging” your employment or residence history or omitting open credit accounts you’d rather not have considered doesn’t increase your chances of getting a favorable loan. In 100 percent of cases, it makes it harder, and take longer.

3. Respond promptly to requests for additional information. During processing, we or the lender considering your loan may need additional information. Provide it as soon as you get the request, or return the call as soon as you get the message.

4. Be prepared to explain derogatory items in your credit report. This is really part of number 2 above. If you had an illness or a divorce where you missed or made late payments, or you have other instances of late payments or delinquencies on your credit report, be prepared to explain them. Be honest, and don’t be nervous! The loan processor isn’t judging you, they’re trying to fill in all the blanks in their paperwork.

5. Let the appraiser in! The appraisal is one of the lengthiest parts of the mortgage loan process. Studies have shown that the single biggest factor in appraisal “lag time” is the appraiser’s inability to reach the owner to make an appointment. If you’re refinancing and the appraiser calls to make an appointment, make it as soon as convenient for both of you.

admin | Get Your Loan Faster | 02 15th, 2010 | No Comments »

APPLICATION
Approximate Time Frame – 5-20 Minutes

The application is the first step necessary to process your commercial loan. With FC360, you can submit a secure encrypted loan application online within a few minutes time.

APPLICATION CONFIRMATION
Approximate Time Frame – 1 Day

An experienced loan officer will contact you within 24 hours to confirm your application. Once we have discussed your loan request with you and are able to determine which program best suits your needs, our loan officer will indicate what information we will need from you to obtain a preliminary approval. You will be directed to our forms links in the website so you may fill out and complete the required application forms

DETERMINATION
Approximate Time Frame – 1 Day

Once we receive your signed completed package, a determination will be made as to whether your loan will best fit our loan programs or the loan programs of our large list of lenders with established partnerships with FC360. In such a competitive environment, you can rest assure that this decision will always be made with your best interest at heart. After a loan program determination is made and accepted by you, a term sheet indicating the terms will be sent via email or fax for your signature to be returned via fax.

PROCESSING & UNDERWRITING
Approximate Time Frame – 7-14 Days

Once your FC360 loan officer receives the signed term sheet, the the underwriting process begins. The process differs depending on whether it is our program or a brokered loan program which better suits your needs. However, the process does include some back to back communication with you clarifying any issues and/or gathering any additional documentation. It is at this time when communication and/or gathering any requested documentation within a timely manner is crucial to avoid delays.

APPRAISAL
Approximate Time Frame – 15-30 Days

The commercial appraisal process is very different from residential and entails a substantial amount of work on behalf of the appraiser. On a purchase, depending on the timeframe required by a contract, we might choose to order an appraisal at the time we begin the underwriting process to be able to meet the closing date. Otherwise, the appraisal will be ordered after approval. At least two appraisal estimates with local commercial appraisers will be requested and discussed with you prior to engaging their services. The appraisal plays a major role in the loan amount approved since lenders generally base their loan to value (LTV) on the lower of the purchase price or appraised value.

CLOSING
Approximate Time Frame – 3 Days
Immediately after approval, FC360 will prepare the closing documents. These will be supplied to a local closing agent in your area that will close the loan.

admin | Process Steps | 02 15th, 2010 | No Comments »

Financing

admin | Financing | 02 15th, 2010 | No Comments »