Home Loan Process
"Solomon Financial made it easy for me to get a loan and fill me in with an understanding of WHAT TO EXPECT WHEN FINANCING without me asking. I just closed escrow on my 3rd property with them now and using both their real estate and mortgage divisions and I cannot say enough about the experience I now have with my biggest investments!" J. Strattenburg, San Diego, CA
1. In order to finance or refinance a home loan Solomon Financial may require documentation to verify and substantiate your employment, credit and financial situation to assure its investors that you have the ability to repay the money. This documentation may consist of tax returns, recent pay stubs, bank statements, verifications of employment, deposit and rent or mortgage, appraisal, purchase agreement, divorce decrees, bankruptcy papers (if applicable), date of birth (Patriot ACT requires this) and any other information as deemed necessary.
2. Understand that you will have to provide a complete loan analysis/application which a Solomon Financial advisor will help you complete. Our Solomon Financial advisor will be the liaison between you, the borrower(S), and the underwriter. The underwriter is the person who goes through the documentation and information you have provided with a fine-tooth comb to make sure everything fits the program requirements. You will not be able to speak with underwriter - it is the Solomon Financial advisor's job to communicate information to you.
3. Waiting period begins in underwriting. Expect to wait. It may take several days to a few weeks to get the initial response from the underwriter. The underwriter will either approve the loan as it is or, more likely, provide a list of items that need clarification or additional documentation. This will be communicated to you by a Solomon Financial PROCESSOR.
4. Expect to be asked to provide additional items. Once you give these to your agent, it will be a few days before you hear back again. The underwriter may come back to the agent several times with certain "conditions." Don't be concerned. The underwriter is simply doing an underwriter's job. At this point, what you have is conditional approval - meaning, your loan is approved pending removal of these conditions.
5. Understand that the entire loan process typically takes between two and four weeks, possibly longer, depending on the particular circumstances of the loan. Loans for self-employed people, people with poor credit, or people with unusual circumstances often take longer because of the additional documentation required.
6. Realize that once the loan is approved, the loan papers will be sent to the escrow/title company. The escrow officer will add other documents to the file created from information received from the lender. Once these documents are prepared, the escrow officer will contact you to set up an appointment for you to come in and sign your papers.
7. Allow sufficient time to read through and sign many papers/documentation commonly referred to as "the docs" that are required by law. The escrow officer should provide you with a copy of everything you sign.
8. Understand that from the date you sign your papers, it will be another two or three days until the loan is funded, which is when the money is transferred.
9. Know that the loan will close, or record (with the county), one or two days after the loan has been funded. Once the loan is recorded, the transaction is complete.
Note: If you DO NOT UNDERSTAND any part of the home loan refinance/purchase process, please ASK US!!! We have been in business since 1990 and we have probably come across your question(s) numerous times. We want you to understand and walk away knowing that you were serviced properly because your home is one of the biggest investments in your lifetime.
Tips & Suggestions
* Unforeseen delays, such as problems getting an appraiser or information from an outside source, will slow the loan process.
* Do not apply for credit ANYWHERE, until your transaction is done. We have seen clients not qualify for a loan several weeks into their transaction due to not understanding this.
* Lenders will require a paper trail for money that has been deposited into your account. The paper trail will verify from where the money came and that the money is not a loan that will have to be paid back. So if the underwriter discovers that a large amount of money has been deposited into your account, the underwriter may want documentation of where it came from.
* When you go to sign your loan papers, bring your driver's license or some form of picture identification. You will most likely also need to bring money to settle your transaction if asked by your Solomon Financial processor (pre-paid interest, property taxes not paid, etc.) Make sure to ask whether you will need a cashier's check or any other special requirements to complete the transaction. If a notary comes to your home or other agreed upon location, coordinate this days in advance if possible.
*If you will be out of town for more than 72 hours, kindly notify Solomon Financial advisor/processor.
*Solomon Financial reserves the right to refuse service to anyone.