During the loan process there will be a number of individuals working towards closing your loan – each has their own specific role and all are committed to exceptional service. Below is an overview of the loan process, pictures of the team members, and a brief description of their roles. Please call us at any point of we can be of service.
Senior Loan Officer, NMLS#: 729612
Structures Loan and Ensures Approval
Monitors Market and Locks the Interest Rate
Manages Pipeline for On-time Closing
Loan Officer, NMLS#: 921479
Issues Pre-Qualification and Pre-Approval
Reviews Documents for Approval Purposes
“Contracts” Loan and Sends Disclosures
Loan Officer, NMLS#: 1055667
Provides Weekly Updates
Assists Team with Communication
Gathers Outstanding Documents
Reviews File for Underwriting Purposes
Packages Loan for Processing
Sets Up Homeowner’s Insurance
Coordinates Appraisal, Title Work, and Survey
Gathers Third Party Items
(Ex: Verification of Employments, IRS docs, etc.)
Sr. Loan Processor
Liaison to Underwriter, Closer, and Title Company
Submits and Clears Conditions
Reviews the HUD-1 Settlement Statement
When purchasing or refinancing a mortgage home loan there are Closing Costs and there Prepaids. Closing costs are fees incurred for purchasing the property and prepaids are costs incurred for home ownership. In other words, even if you paid cash for a home you would still owe the prepaids (with the exception of per diem interest).
For a purchase loan the prepaids consists of: the per diem interest, the first year’s insurance premium, and (if applicable) an Escrow Account. Prepaids may also include any per diem HOA dues associated with the property. The only difference for mortgage prepaids between purchase and refinance home loans are that purchases require the first year’s homeowners insurance paid at closing and refinances will account for whatever insurance amount is outstanding.
- Per Diem Interest: this is the amount of interest you pay at closing for the number of days remaining in a month after funding. For example, if you close and fund on the 15th of a month with 31 days then you’ll owe 16 days of interest at closing. The dollar amount will vary based on your loan amount and interest rate. Feel free to use our Mortgage Payment Calculator to determine the monthly interest paid and divide that by 30 or 31 for a rough estimate of your daily interest.
- First Year’s Insurance: your first year’s insurance premium will be due at closing. This is difficult to estimate simply because the amount depends a variable of items. Feel free to contact PIP Insurance for a quote. For a very rough estimate use a .006 factor. For example, on a $200,000 loan the first year’s insurance premium may be $1,200 (200,000 x .006).
- Escrow Account: Escrow accounts are required for most loans (like Conventional, FHA, VA, USDA, etc.) with one exception: for conventional financing with a LTV at 80% or less the borrower has the option to waive escrows. Note: there may be a one-time escrow waiver fee of .25% of the loan amount that will be charged at closing – it will just depend on the investor. Check out our page on Escrow Accounts for more information.
- HOA Per Diem Dues: if you are purchasing a home and there is a mandatory HOA then chances are you will owe money either to the HOA directly or to the seller for reimbursement of HOA fees already paid. For example, if seller has already paid the full year’s invoice and you’re closing October 1st you’ll owe the seller a 3 month refund for the amount of time that you’ll own the home during that year.
Please contact us if you have any specific questions and be sure to check out our related pages.