801-221-9400
fletch@etrafficers.com
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1-844-loanpal

Steven Fletcher

801-221-9400 fletch@etrafficers.com

a refinance that's
so fast & friendly,
you'll be sittin' pretty in no time.

Get Pre-approved!

What You Can Expect

Affordability Analysis

What monthly payment do you want to make? We will help you select the right program and loan for you - and make sure that you’re able to qualify.

Credit Review

We will run a credit report for you and walk you through the results. Together, we will review your current payments and discuss any inconsistencies, items that need to be paid, or items you dispute.

Loan Application

We will gather employment and asset information from you - your full income details, as well as anything you own that has value. This helps us determine program eligibility. We can quickly pre-approve you for a loan that meets your needs.

What to Expect

Loan Estimate

We’ll disclose any costs associated with the purchase and determine how much cash you will need at the time of closing. We’ll discuss the use of seller credits - including what they are - and whether they can be used to pay some or all of your closing costs.

Outstanding Items

We will provide you with a list of items we still need to collect from you. We will review the appraisal process and potential value or repair issues.

Financial Stability Plan

We’ll supply you with a guide to mindful spending with tips for a stronger savings and financial plan.

Items Needed

Borrower(s) Information

  • Names as they are to appear on the deed
  • Social Security Number(s)
  • Drivers’ license(s) or other photo ID‘s
  • Home address(es) for the past 2 years

Employment/Income

  • Paycheck stubs for the last 30 days• W-2’s and Personal Tax Returns for last 2 years
  • Employment information for the past 2 years
  • Social Security or retirement award letters
  • If self-employed or commissioned, personal and/or business tax returns

Assets/Bank Statements

  • Most recent 2 months statements from banks or other financial institutions
  • Source of any non-payroll deposits
  • Balances for each checking, savings, retirement and asset accounts
  • Fully executed gift letter and proof of transfer

Real Estate Owned

  • Property addresses for real estate you own
  • Mortgage loan statements for mortgages
  • Other insurance and HOA statements for all properties

Other Information

  • Copy of bankruptcy filing and discharge
  • Purchase property information with sales contract and addendums
  • Copy of divorce decree and proof of child support

Other Information

  • 12 months canceled rent checks or management company contact information
  • Certificate of Eligibility and DD214 for Veterans
 

Refinance Communication System

Our Commitment to You

  1. Initial Loan Interview
    1. After we review your loan application and documentation, we will let you know if anything additional is needed before we can move forward on your loan. We will also set expectations for future communication and processing time-lines.
  2. Conditional Loan Approval
    1. After underwriting reviews your file, they will issue the initial loan approval with a list of conditions that we will need to work on before we can finalize your file.
  3. Appraisal
    1. We will notify you of value, potential changes required and if any repairs are needed.
  4. Clear to Close Submission
    1. After we have obtained all of the conditions listed on the initial loan approval and confirmed your terms, we will submit your file to underwriting for final sign off.
  5. Closing Process
    1. 1. Issue of Closing Disclosure:
      After we receive final underwriting approval, we will send the closing disclosure. The escrow officer will confirm the funds you need to bring into closing or the funds you will receive from us after closing.
    2. 2. Docs Drawn & Signing Arrangements:
      The escrow officer will schedule your signing.
  6. Loan Funded
    1. After our funding department has confirmed that all prior to funding conditions have been met and that all documentation is signed properly, we will fund your loan and the new deed of trust will be recorded against your property.
 

Do's and Dont's When Refinancing a Home

Do's

Advise your lender if any information you’ve provided changes.

Keep records of all bank transactions, especially if you transfer large amounts from one account to the other.

Get homeowners insurance with coverage equal to the mortgage amount or  replacement value of your home.

Protect your credit score. You want to stay on top of any little changes.

Dont's

Make any significant purchases during the mortgage process – including furniture.

Consolidate credit cards or get any new lines of credit. This can negatively affect your debt-to-income ratio.

Pay off collections or charge-offs. This can actually cause your credit score to drop.

Take on any new debt or cosign for another borrower. This could affect your credit. 

Customer Expectations

The information you provide to us needs to be as accurate as possible. Employment, income and asset information needs to be current and reliable. Please do not exaggerate or provide inaccurate information. Let us know if you took any time off, work non-paid or were on disability anytime within the last two years. We need to have a complete and correct application when we submit your file to underwriting. Here are some tips to remember when applying for a home mortgage:

Be Honest
Provide Information ASAP
Communicate
Always Ask Questions
Be Patient

Young girl thinking

Financial Stability Plan

Spend and Save Mindfully

Use a working budget to ensure that you are paying your fixed expenses first and allocating enough for variable expenses. Identify ways you are spending money unconsciously and identify ways you can be more efficient.

Secure Your Family’s Well-Being

Maintain adequate life insurance coverage to continue current lifestyle if your family is ever left behind.

Build Future Wealth

Create a comprehensive long-term plan to invest and diversify your money. Consult a financial advisor about retirement and education planning to ensure your investments are strategically aligned for the future.

 

Reduce Your Debt

Pay off credit cards monthly or have a plan to do it over a specific period of time. Create a plan to pay off your mortgage and other installment loans early.

Preserve Your Estate

Have a will or a trust. Meet with an estate planner to determine if a trust or a will meets the needs of your family for both life and tax planning.

 

 

Our goal is assist in educating consumers on how mortgage finance may affect their general life’s financial plan. We are not a licensed Financial Planning firm. Please contact your financial advisor for further review.

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