Nicolás Romo
L.A., CA - (562) 716 - 0504
 
We lend in the following states: AZ, CA, FL, NV, CO, WA, OR, HI and AK
 
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Shop for Loan Programs and Rates
To shop for a loan you will need to:

Know how long you plan to live in the home.

If you plan to sell the house in a few years (say 3-7 years), you may want to consider an adjustable or balloon loan. On the other hand, if you plan to reside in the home much longer, you may want to consider a fixed rate home loan.

Understand the relationship between rates and points.

Points are considered to be prepaid interest and are tax deductible. Each point is equivalent to one percent (1%) of the loan amount. For example, 1 point on a $100,000 loan is $1,000. The more points you pay upfront, the lower the rate you will receive, and in turn, the lower the monthly mortgage payment you will have to make.

Compare different home loan programs.

Shopping for a loan can be complicated due to the myriad of programs to choose from, all of which have different rates, points and fees. At the end, it can get very difficult trying to determine which program is best suited for your unique situation. This is the time when an experienced loan consultant can be of great value, because he/she can assist you in making an informed decision.

   
Apply For Your Home Loan
   
Obtain Loan Approval
Upon receiving your loan application, we will start the loan approval process right away. This entails verifying your:

Credit history

Employment history

Assets -- bank accounts, stocks, mutual funds and retirement accounts

Property value

Based on your specific scenario/situation, additional documents or verifications may be needed. To improve the odds of getting your loan approved:

Complete the loan application in its entirety.

Act quickly to any requests for more documents. This is especially imperative if your interest rate is locked or if you plan to close by a certain date.

Please do not make any major purchases. Do not buy a car, furniture, major appliances or apply for another home until your loan is closed. Anything that makes your debts increase might have a negative impact on your current loan process.

Do not transfer or deposit money into your bank account(s) unless it can be traced. If you are receiving money from friends, co-workers, family, or other relatives, please contact us as soon as possible.

Do not go on vacation around the closing date. If it is out of your control and you have to be away when your loan is expected to close, you are allowed to sign a power of attorney, authorizing another person to sign on your behalf.

Close the Loan
Upon approval of your loan, you will be required to sign the final home loan documents/paperwork. This will normally occur in the presence of a notary public. Please be prepared with the following:

Have a cashiers check for your down payment and closing costs, if required. Personal checks are normally never an acceptable form of payment.

Be ready to review the final loan documents in detail. Ensure that the interest rate, program and loan terms agree with what you were promised. Further, verify that your name and address on the loan documents are correct. Mistakes occur all the time.

Sign the loan documents if everything is correct.

Normally, your loan will close within one to three (1-3) business days after you have signed the loan documents, depending on whether it’s a purchase, refinance or home equity loan.
Rescission Period
On refinance and home equity loan transactions, federal law requires that you have three (3) days to review the documents before your loan transaction may close.
 
         
Corporate Office - SLC Mortgage
6320 W. Union Hills Dr. A-220
Glendale, Az 85308
#MB-907180
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