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An Overview of The Loan Process
Our team of mortgage professionals are trained to provide you with
information, to make obtaining the right loan easy. Whether you want a
Good Faith Estimate, Pre-qualification, or even Pre-Approval, you can
apply from the comfort of your home or office. Royal Pacific Mortgage will
gather the proper information online or over the phone and fax or mail the
necessary documents directly to you. At Royal Pacific Mortgage you can communicate with
our staff through e-mail, submit a pre-qualification, and apply for a
mortgage 24 hours a day, seven days per week on-line. Follow the easy
steps outlined below to obtain your loan.
- Contacting Royal Pacific Mortgage-
Although our standard
office hours are weekly 8:30AM to 5:00PM HST (Hawaii Standard Time=GMT-10), you have access to our
experienced loan officers 7 days per week. At any time, when you need a
rate quote or questions answered you can call us (808) 885-5516.
If our offices are closed, you can leave a message and the loan officer
will return your call promptly. At any time during your
shopping process, our highly skilled mortgage planners will be happy to
assist you in finding the program that best suits your borrowing needs.
Our staff is trained to give you straightforward, honest answers that
make getting the right loan easy. Whether you want a Good Faith
Estimate, Pre-qualification, or even pre-approval, you never have to
leave your home or office: We will gather the proper information
over the phone and fax or mail the necessary documents directly to you.
At our web site you can obtain valuable information about loan programs,
communicate with our staff through e-mail, and
download all the necessary forms to apply for a mortgage.
- Applying-
There is no longer a need to drive to a loan office and
spend hours wasting time. With Royal Pacific Mortgage you can (i) begin your
loan application by phone (808 885-5516) with a mortgage consultant; the
process takes about fifteen minutes! You can also (ii)
download and print application forms at this web-site, or
(iii) request an
application package by
mail, or fill out an
on-line application using our secure server.
Any way you choose to apply, Royal Pacific Mortgage can "Lock-in" your rate
as soon as you are approved. If you close within your designated lock-in period Royal
Pacific
Mortgage guarantees that the terms (rate and points) of your loan will
not change. At the time of application you will be charged a $475
application fee that will be applied toward your closing
costs.
- Confirmation of Application-
We will Federal Express
the complete set of documents relating to your loan, much of it already
filled out, for your approval and signature. This package will include a
Good Faith Estimate of Settlement Charges, a Federal Truth-in-Lending
Disclosure statement, and a list of documentation required to
expedite the processing and approval of your loan. You will be requested
to return these documents in a timely manner by mail.
- Processing-
Once our processing center receives your application they
prescreen your file based on income and credit worthiness and determine
what documents if any are missing that will be needed to get the loan
into "Underwriting" for approval . Your credit report will be pulled and
an appraiser local to your area will be commissioned to appraise the
property. A Processing Agent will be assigned to your file acting as
your point of contact for any questions relating to your loan. Once we
receive your completed application and supporting documents, the
file will be submitted to underwriting for approval. At this point the
borrower should select the Title co./ Settlement Agent you wish to have
handle your closing, or have us select one of our approved
Settlement Agents.
- Underwriting-
The decision to approve or deny a loan is based upon several
basic factors: credit, income, debt to income ratio's, cash savings and
property appraisal. The underwriting process typically takes 24 to
48 hours. If any issues arise during the underwriting process your
Royal Pacific Mortgage Processing Agent will immediately contact you with
instructions on how to satisfy underwriting conditions.
- Closing-
After you have been approved, Royal Pacific Mortgage will have the
closing documents prepared and sent to the closing agent (settlement
agent). Closing usually occurs within three days of approval unless you
or your contract call for a later date. Regardless of whether you
choose your own settlement agent, or use one of our approved agents, you
have the flexibility of choosing the time and place of the closing
. If you will be out of
town for the closing, documents can be overnighted to your
location for execution wherever you are.
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