HOW TO HAVE YOUR LOAN CLEARED TO CLOSE IN AS LITTLE AS 14 DAYS!!!

You might have heard of certain horror stories about banks taking SO long

to process and close loans in this current market. Most big banks are taking up to 60 days to close NJ refinances. Especially with the NEW appraisal ordering procedures AND the NEW Truth in Lending guidelines, it is only increasing the time frame necessary to close mortgage loans today!

While we at First Lenders Mortgage follow these new procedures and guidelines, we are still clearing loans to close in as little as 14 Days from start to finish in this current mortgage market.

How?  Because we are completely automated and take full advantage of the quickest lenders and use the most up to date technology available. Also we do not have up to 5-10 people handling your loan application and documentation like most banks today. Your loan file is handled by up to 3 people and in turn, we are able to process and have your loan cleared to close in as little as 14 days.

How Our Process Works!!

Day 1:  We go over all your loan options and enter all your information into our system either over the phone, through our company website, http://www.firstlendersmortgage.com or in person. Once we have all your information, we will run your loan for an automated approval (completed within 15 minutes).

Once your file is approved, we are able to lock your loan. Also at this time, we are able to start the appraisal ordering process (paid by credit card). With the NEW appraisal ordering process under Fannie Mae and Freddie Mac, this is the only way they allow the appraisal to be ordered.

Day 2:  We collect all necessary documentation from the borrower(s). For example: W2’s, recent paystubs, copy of mortgage statement, Homeowners Declaration page, driver license, credit card statements (if paying off), and any other necessary items requested by First Lenders Mortgage.

We generate your complete loan application to be signed,

dated and returned. We can send application via secured email with password or in person whichever you prefer.

Day 3 and 4:  We order title work and order appraisal. Also by this time we have collected and received all necessary documentation and received signed application from borrower.

Day 5:   Title work is received

Day 8:  Appraisal is completed and uploaded into investors website for review

(Appraiser will call to schedule appointment with 48 hours. It is up to

the client to schedule the appraisal as soon as possible)

Day 9:  Loan is underwritten

Day 14+:  Your loan is cleared to close!!

• Note this is best case scenario and each file is case by case. Minor delays can be caused by appraisal, title issues, missing documentation, etc. Purchase closing of course will be longer because of the various parties involved. But the process is still as easy as a typical refinance. Timely cooperation from borrower is also appreciated.