1. Prequalification-
Prequalification is the term used to explain the short mathematical equation that determines how much of a loan you can afford. This may be performed by going to the Loan Advisor or by filling out our simple loan inquiry form or by contacting one of our Loan Originators on staff at (206) 309-0188. Prequalifying for a loan usually takes less than 5 minutes.
2. Apply For Your Loan-
Applying for a home loan with Bay Business Investment could not be easier. You may call to set up a convenient time to meet face-to-face with one of our professionally trained Loan Officers or, if you prefer, have your loan application taken over the phone, which usually is completed in less than 15 minutes.
If you prefer to apply online, you can download a loan application right here and fill it out. If you wish to utilize facsimile to send us your completed application, please feel free to transmit it at (206) 309-0188.
3. The Processing Of Your Loan Application-
Processing a loan may be better described as verifying information. One of our courteous Processors will contact you shortly to discuss the facts presented on your loan application. Typically, the Processor will ask for 3 items to verify these facts:
1. Your last 2 pay check stubs (a year-to-date P & L if self-employed)
2. Your last 2 W-2 forms (personal and/or corporate returns will only be requested if needed)
3. The last 2 statements you received in the mail from any institution with which you have money on deposit (checking, savings, investment, 401k, etc...)
While this information is being collected, your Processor will order your credit report and the appraisal on the property being financed. If you are purchasing this new home, please submit a copy of your purchase contract, too.
4. Appraising Your Home-
Bay Business Investment is not partial to any appraisers. We have strong relationships many appraisers due to the amount of business we give them. We will take care of ordering your appraisal, but if you prefer to use your own, just let us know.
The appraiser will contact you (your Real Estate Agent if you are purchasing a new home) to set a mutually agreed upon time to spend 15 minutes exploring the inside of the property being financed. Then the appraiser will spend hours researching "comparables", like-homes in size and lot that have sold as geographically close in proximity as possible to the subject property and within the last 6 month period of time.
5. Underwriting-
Simply put, an Underwriter is the brain thrust of a lender. They determine if a loan is approved or rejected and under what terms. If your loan is not approvable under the terms for which you have applied, then a counter offer is usually made if possible. For example, if you applied for a 15 year fixed rate mortgage, but the Underwriter felt the larger payment would be overly taxing based on your other debts and as a function of your income, then they may offer a 30 year fixed rate mortgage instead.
6. Closing-
The name speaks for itself. Usually your closing will take place at the title company of your choice or in some cases can be at your home. Your loan processor will call you usually 24 hours prior to your closing to make sure everything has been properly coordinated between you, your Home Owners Insurance Agent, your Real Estate Agent (if applicable) and your title company. |
