Please follow steps before filling out application

That's a great question and I'm glad you asked because there is not enough transparency with borrowers in the mortgage business. The fact that you said you have never had to do it before shows that. So hopefully I can clarify this for you. 

1. Industry Practice: All lenders and brokers factor in the cost of the credit report. Some do it upfront like we do, while others include it at closing. Either way, the fee is part of the process. If you check your prior settlement statements from any purchase or refinance you have ever done, you will see the credit report charge on there. 
2. Being Transparent: Charging upfront allows us to be clear about where your money is going from the start. This way, there are no hidden costs later on.
3. Our Situation: As a broker working on 100% commission, we cover our own expenses. If the credit report fee isn’t paid upfront, it comes out of our pocket. This small fee helps us continue offering dedicated support to our clients.
4. Your Benefit: An accurate credit report is essential. It helps us understand your financial situation and secure the best mortgage rates and terms for you. Think of this upfront cost as an investment in getting you the best possible deal.

I hope this makes sense. We are here to ensure you have a smooth and transparent mortgage process, so please feel free to ask any other questions you might have. 

You absolutely will. Once the Application is completed, we will be emailing you a consumer copy of the report. This report will now show your full SS#, so don't be alarmed that we are sending it through email.

Once we get your credit report uploaded to our system, we will be sending you an email requesting what documents we will need to proceed with the process.

Once we have all your income documents and info we request, we will do what is called a debt to income ratio scenario to see if you are pre qualified. We will notify you of that. 

Great Question, So if this is a purchase, we will issue you a pre qualification letter or some states call it a pre approval letter to you. You will make an offer with your Realtor. If they accept your offer, your realtor will get us the contract. After we get that, we will submit your file to any of our 250 lenders that best suites your needs. 

If this is a refinance, once we have all your documents that we requested and you are preapproved, we will submit it to any of our 250 lenders. 

So we will submit your loan to a lender. Once that is done, we will contact you to see what option fits your needs. Being a mortgage broker, our compensation is 2.75% of the loan amount. We can set it up where you the borrower can pay for that which would help your rate being lowered, or you can pay for some of it and the lender can pay the other portion.  We also have an option where the lender can pay all our compensation. That would make your rate a little higher than doing the borrower/lender paid split. Please note that rates do change daily and we will keep an eye on when to lock your loan. 

*Please note that our compensation will be part of your total closing costs, if you do the option of paying some or all of our compensation (origination charges)

Once we establish what your initial rate is (floating rate), we will be sending you a Loan Estimate for you to esign. After signed, our processor will be sending you out the payment link to pay for your appraisal. You will receive a copy of the Appraisal once we have it from the Appraisal company to see what the value is on the home you are either purchasing or refinancing.

              Any other questions, contact us at 706-310-5152