Common Mortgage Loan Questions
1. Who should I contact regarding loan status questions?
Please contact your loan officer for all questions and updates. If he/she is unavailable, please leave a message and somebody will get back to you as soon as possible.
2. How long will it take to be approved?
Normally, your loan will be approved within two weeks of your loan application. It is important that we receive all items requested on your checklist in a timely manner.
3. When will I be notified of my approval?
You will be notified immediately upon your loan approval. In addition, all appropriate parties will be contacted (Realtors, builders, attorneys, etc.)
4. May I fax additional documentation to you?
Any additional documentation, which does not require an original signature, may be faxed to (303) 477-1315. For example bank statements and paycheck stubs may be faxed.
5. Who schedules the closing?
For a Purchase, the seller’s Realtor will schedule (in conjunction with all parties) the closing with the Title Company and Stanford Funding, Inc. For a Refinance, we will do our best to schedule a time and location that is convenient for you.
6. When will I know how much money I will need for closing?
For a Purchase, there are times when you will not have your exact closing figures until the day before closing. This is very normal. The title company has to receive figures from three different sources. Once all three sources submit their figures, they compile your numbers. If need be, we can give you a close estimate of the final figures 2-3 days prior to your closing. For a Refinance, if any cash is needed at closing, we usually will have your figures 2-3 days in advance.
7. What form of money is acceptable as payment at closing?
A cashier’s check made payable to you is acceptable to the title company. If you are using a sale proceeds from your current home, have that title company issue your proceeds as a cashier’s check payable to you. As a reminder, if you are liquidating any funds, be sure to contact that institution to learn their liquidation policy and time frame. Some accounts may take up to two weeks to liquidate.
8. What should I do with the print out I receive from First Check Credit?
Nothing! In most cases, we have already asked you for any explanations regarding any derogatory credit marks or credit inquires.
9. What is the 3-day right of rescission on refinances?
When you refinance, the title company cannot disburse your new loan until three business days have expired. This will also give you time to review all of your documents.
10. May I increase or decrease my loan amount?
In most cases, yes, provided we have enough time. Of course you still need to qualify at the new loan amount. Please contact your loan officer as soon as possible to see if you may change your loan amount.
11. When do I get my homeowner’s insurance agent involved?
The simplest way to handle this is to give us your insurance agent’s name and number after you select one as soon as possible. Your agents will then mail or fax us a copy of your policy and your first year’s premium. You will pay the premium at closing, which will be included in your final closing figures.
12. When is my first payment due?
As a general rule, your first payment is due on the first day of the month, two months after you close. This means that your first payment could be from 31-60 days after you close. Examples Close April 1, your first payment is June 1. Close April 30, your first payment is still June 1. Close May 1, and your first payment is July 1. Some exceptions may apply ask your loan officer.
Thank you again for your business and feel free to call me or email me at our Mortgage Company Contact Page with any questions or concerns.
-Willie Dann
Stanford Funding, Inc
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