The Global Lending Loan Process
Get PreQualified
When buying a house, you have the option to get PreQualified or PreApproved. You can typically get PreQualified over the phone or via the Internet in just a few minutes. A PreQualification is simply a cursory overview of your financial situation and credit profile. It gives you a general idea of you ability to qualify for a particular mortgage. It is our conviction that all of clients become PreApproved before you start looking for a house. This process will allow you to determine a realistic shopping price range and the maximum sales price based on your financial ability.
Move forward to PreApproval
Once you have become acquainted with the team at Global Lending Group we trust that you will be confident on our ability to serve you and will elect to move on to the PreApproval stage. In this case we will complete a full loan package including verification of your credit, income, assets and liabilities and actually submit the loan to our investors for underwriting review. The logic behind this approach is that while you are preparing to being shopping for a home we are taking the guess work out of the process. Within a few short weeks we can have the entire loan approved subject only to a successful appraisal of your new dream home. Now when you make your offer to purchase you do so with the confidence that you are ready to consummate the transaction just like a cash buyer would be!
Organize your documents
If you are buying or refinancing a home we will typically need the following documents for a full documentation loan (Full Doc)
- If you are salaried: provide two years W-2 and one month of pay stubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
- If you own rental property, please provide rental agreements and two years tax returns.
- Provide the two most recent statements for each bank, stock and mutual fund account. Please include all pages and those “intentionally left blank”.
- Provide the last two statements for any stock brokerage or IRA/401K accounts.
- Provide a copy of divorce decree if applicable.
- If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.
Process the Loan
Our Team of processing experts will take the headaches out of the lending process and allow you to focus on the excitement of your real estate transaction. Whether it is a purchase, debt consolidation refinance an equity repositioning loan or a first time homebuyer loan our team is on your side. They will receive your loan file from the mortgage consultants and assist you every step of the way in successfully consummating the transaction. The Processing Team becomes your advocate with the Underwriters, Appraisers, Inspectors and Title Company to ensure every detail is coordinated for an on time closing.
Protect the Loan
During the time between the mortgage application and closing it is imperative that you do NOT add any new accounts, debts credit cards etc… to your financial profile. Your loan is being approved based on the assets and liabilities that you list on your loan application. In many cases your employment, bank balances and credit report will be reviewed just a day or two prior to closing. If there are any changes from the time of application your loan could be in jeopardy of not closing.
Close the Loan
After your loan is approved, you will be notified of the appropriate closing location and the specific requirements to finalize the settlement process. Be prepared to:
- Bring a cashier's check for your down payment and closing costs if required. Personal checks are normally not accepted.
- Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
- Sign the loan documents.
Purchase transactions will normally fund shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can fund.
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