Your First Step to Savings
Meeting with a professional loan originator is your
first step in reaching your financial goal. Tri-State Mortgage has a variety of
programs that can help you reach your financial needs. We can show you how to
save your money by paying off high interest annuities or just keep your payments
more manageable. Tri-State can find financing for those who have bad credit and
we can compete with local banks for those consumers with good credit history.
The majority of programs are based on your last twelve month payment history.
When you and your loan originator have found a program that will satisfy your
financial needs, the paperwork begins. With a little help from you, your loan
originator will fill out all of the necessary documents.
You will need to supply:
- Current Years income taxes w/W2's
- Previous Years income taxes w/W2's
- 2 current paycheck stubs from each borrower
- Homeowners insurance declaration page
- Bankruptcy papers, if filed
- Divorce decree, if divorced
Step Two to Financial Peace
When all your necessary documents have been received, your
loan originator goes to work for you. In order to find the best program for your
needs, your broker may submit your load request to several lending institutions.
We use several lenders from all over the United States, including selected local
banks. A pre-approval should be ready for your review within 48 to 72 hours.
A pre-approval is the lenders proposal. It states interest rate, term and stipulations
needed for final approval. Rate and payment are subject to change if all stipulations
can not be met.
Step Three "The Appraisal"
The next step in obtaining your home equity loan, is your
homes appraisal. At TRI-STATE we carefully select an appraiser from the lenders
approved list of appraisers. Your approved appraiser will call you to set up a
convenient time to come out to your home and make an inspection. They will take
measurements of your rooms, property and take interior and exterior pictures.
Your help there is also needed. Since pictures of your home are reviewed by the
lender, any debris or clutter in your yard should be removed. It will also be
to your benefit to have your home in a relatively clean and neat condition. The
lender will look for pride in ownership.
We usually receive your appraisal within 2-3 weeks after inspection,
although in some cases it may take a little longer. While we await your appraisal,
we are still working on your loan. During this time we establish payoff amounts
on the outstanding loans being consolidated, verify employment and verify your
employment and verify your mortgage payment history. We must also gather any other
documents and information that is needed to meet all of the stipulations your
lender has asked for.
Step Four "Going To Final"
"Going to final" is the term we use to describe
the procedure of giving the lender all of the stipulations, and the copy of the
appraisal so the loan request can go to the underwriters for final inspection.
The underwriters request that tax information, title work, divorce decrees, updated
pay-stubs and bankruptcy papers be turned in for final review.
Step Five "The Closing"
Now is the time that you have been waiting for. Your home
equity loan can now close. A local title company will be assigned to either come
to your home or set an office appointment with you to explain the load documents.
Your TRI-STATE MORTGAGE load originator should be present din case you have any
questions. To close your loan, you will be asked to bring a picture I.D.
All refinance loans, bill consolidation loans, and home improvement
loans will be paid after the third day of your closing date. This three day waiting
period is required by federal law. You may make arrangements with the title company
to pick up your money at closing.
