Step 1: Contact Us
Our highly skilled loan officers will be happy to answer your questions and assist you in finding the program that suits your borrowing goals. You may contact us by filling out application or give us a call 210 396 0183.
Step 2: Inquire about a Loan (15 minutes)
One of the greatest benefits to working with us is that you may choose not to leave home. Nor do you have to spend hours filling out mountains of paperwork. We enable you to inquire about available loan programs and rates online, over the telephone, by fax or by mail. The process takes approximately fifteen minutes.
Step 3: Complete and Sign Application (24 hours)
Upon your request within 24 hours of receiving your loan prequalification, we will send you a loan application form completed with the information you supplied to us. Additionally, a Good Faith Estimate of Settlement Charges, a Federal Truth-in-Lending statement, Rankin Mortgage disclosures, and a list of documentation we require to process your loan will be included. To expedite your loan approval, you will be asked to review, sign and return these documents to us in a timely manner, by mail or fax.
Step 4: Processing the Application (7-10 business)
Upon receipt of your executed application, a loan processor will verify for accuracy, your credit, income, and asset information, then complete a credit and income decision. For approved loans, an appraiser local to your area will be commissioned to review the property. A title company/settlement agent is also selected to handle your closing. If there is a company with whom you prefer to work, you may notify us of your preference. We encourage you to contact us, at any time, regarding questions or concerns relating to your loan.
Step 5: Underwriting the Loan for Approval (24 hours )
The final underwriting process to approve or deny a loan is typically completed within 24 hours of final processing. Each underwriting decision is based upon several basic factors including without limitation, credit, income, debt to income ratios, cash savings, and property appraisal. The Rankin Group Loan Processor or Loan Officer will contact you with instructions on how to satisfy specific underwriting conditions when any such issues arise.
Step 6: Closing on Your Home
After your loan has been approved, The Title Company will prepare your HUD Closing Documents. You and your Realtor will make an appointment with the Title Company to Sign for your New Home the Date Agreed Upon in your Contract. Signing usually takes about 1 hour. If the Buyers and Sellers both sign closing documents early enough in the day you may receive keys to your home that day.