(If your answer is “NO” for one or more of the questions below please contact your LO immediatley)
Are you out of Forbearance* for every mortgage?
Will you be employed when your loan is funded and earning the same income (or more) as documented at the time of your loan application?
Will you have reserves in your bank account(s) for at least 6 months of mortgage payments?
On the day of closing/funding, a Verification of Employment (VOE) will be conducted to ensure that you are still employed in the same position and earning the same wages (or more). Please acknowledge.
Will you allow the appraiser to visit your home for conducting the appraisal?
Will you be able to close in the presence of an Escrow / Closing Officer at the Title Company OR allow a Mobile Closing Notary to visit you at the time of closing?
Q. How do I avoid delay’s and monitor my loan’s progress?
A. Please respond promptly to all communications – paperwork requests, phone calls, emails, DocuSign. Make sure we have your correct contact information. Our floify portal has different milestones that are updated regulary, this will help you keep track of your loans progress.
Q. What about the paperwork?
A. Your list of required documents will be updated as needed to our online portal Consumer Connect. Please upload documents ASAP, and be sure to send ALL PAGES for ALL DOCUMENTS. It is important that you check your portal frequently for updates on your loan.
Q. Does my spouse need to be at closing?
A. Yes, always. In the Community States Like TX and CA. Different states may have different requirements.
Q. What if one of us needs to travel?
A. We can do a specific Power of Attorney, but not at the last minute. There is a fee to draw and review a Power of Attorney, so try to work travel around the closing. It takes time to produce and approve a POA, so be sure to notify your Loan Officer and Processor immediately.
Q. Can I get a loan in my Trust?
A. Usually, but only if it’s an Inter Vivos or Revocable Trust. You will be required to sign individually as well. This also takes extra time, so let us know ASAP.
Q. What about in my business or company name?
A. No, this is not allowed. Currently LLC and Corporation loan are done as commercial loans.
Q. What will I need at closing?
A. All signers must bring two forms of picture ID. Driver’s License, Passport, Green Card, H1B Visa, etc. It must be valid at the time of closing. Please bring your cash to close as a Cashier’s Check payable to your title company, alternatively you can wire the funds per the title company’s insturctions. PLEASE NEVER WIRE MONEY REQUESTED FROM A HOMEWITHLOAN.COM TEAM MEMBER. OUR TEAM WILL NEVER ASK YOU TO WIRE MONEY INDIVIDUALLY. Always consult your processor before wirign funds.
GUIDANCE FOR CLOSING – Review the documents carefully. Make sure your name(s) is/are correct. Make sure it is the correct program, i.e., Fixed Rate or ARM, 15-year or 30-year, ect. Watch for anything that might be an error. Delays will affect your getting keys and moving in for Purchases.
Q. Can I take out another loan during my mortgage process?
A. New loans might jeopardize your qualification. Talk with your loan officer before you do anything! A new line can seriously jeapordize your deal. Excessive use of Credit card or opening new credit account can disqualify your form getting a mortgage.
Q. What if I change jobs?
A. Like new credit, a change of job may put the loan at risk. Please consult your LO before making changes.
Q. What if the process takes longer than the lock?
A. In the event that this happens, rate lock exenstion fee’s may be charged to the borrower if it is seen the the extension was needed due to lack of coorperation by the borrower.
Q. What if rates change?
A. If rates go up, you’re protected. If rates go down significantly, we MAY be able to lower yours. Small decreases in rates are not eligible for reductions. Rate changes may come with a negotiation fee. Not all loans are eligible for Rate negotiations check with your loan officer.
Q. What if something changes?
A. Once we provide a Loan Estimate to you, it is our commitment to deliver your loan with those terms we've offered and you’ve accepted. If there is a change in circumstances, which you have requested or are coming form lender due to change in appraisal value or change in loan terms. And updated commitment will be issued to reflect the same.
REFINANCE LOANS ONLY
Q. What is different about a refinance?
A. We'll need a current mortgage statement, a legible copy of your survey, and proof of insurance.
It usually costs a little more than when you purchase a home.
Q. What about my escrow account?
A. We are required to set up a new escrow account for each new loan. Escrow waiver can be requested if you are putting 20% down payment. And escrow waiver fee can be applicable for each request. You will get the balance of your old escrow account back when your old loan is paid off. This takes about three weeks.
Q. Can I do a home equity loan?
A. YES. Cash Out refinances in Texas have special rules. Including the following: Maximum 80% Loan-To-Value. And 75% for non-owner occupied. No power of attorney allowed. Must close at title company or law firm. Must wait 12 months to do another.
Q. Can I change my Insurance Company before closing?
A. No you cannot change the insurance company, prior to 7 busniess day of closing. If you do, you need to contact the Loan officer immidieately!
This Q&A list may not address every aspect of every loan. It is designed to give borrowers a good idea of the process. Not all parts mentioned herein will apply to all loans and/or all borrowers.