RECORD LOW MORTGAGE RATE – OFFICIAL LOAN APPLICATION

Given the unprecedented opportunity at hand, we will be maximizing our efforts by prioritizing applicants who are capable and willing to handle the workflow digitally.

Digital workflow includes, but not limited to:

• Scanning documentation
• Uploading documentation
• Communicating primarily by email in the beginning

NOTE: You will receive phone consultation at the appropriate time, however in the beginning we ask for cooperation and the timely completion of required tasks.

We always strive to give the highest-quality service, and typically spend an excessive amount of time nurturing our clients each step of the way.

However, at the given moment we are refraining from this typical manner of business to give everyone the best chance of locking the LOWEST MORTGAGE RATE IN HISTORY.

You will frequently receive emails from your loan officer and our LOAN SUPPORT team.

We kindly ask that you use the REPLY ALL feature when replying to emails so that everyone gets your message.

When sending new emails, be sure to include LoanSupport@BestMortgageRate.com.

Please DO NOT send emails to only your loan officer, as it will delay the time it takes for you to receive a response.

While we begin the setup process for your loan, we suggest preparing the required documentation for a speedy loan approval.

Choose a link based on the loan you requested, but keep in mind additional items may be required.

VA “I.R.R.R.L. Streamline” rate reduction refinance

VA “Cash Out” refinance

Standby for an email titled, “Your Disclosures Are Ready” with an invitation to complete your initial disclosures in the Loan Portal.

In the meantime, as suggested earlier, now would be a good time to start organizing your documentation.

Very soon you will be able to upload your documentation into specifically assigned tasks for each item.

For a list of required documents choose a link below based on the loan you requested, but keep in mind additional items may be required.

TIP: As you review the checklists, keep in mind that the FAQ page probably already answers your document questions.

“VA I.R.R.R.L Streamline” rate reduction refinance

VA “Cash Out” refinance

Once the application is received and the e-Consent accepted, we will begin preparing your initial disclosures. Included will be a Loan Estimate.

IMPORTANT
Please be advised the initial disclosures, including the initial Loan Estimate, are generated from a template.

Just like the other parts of the process described here within, we are trying to maximize effort where it is needed most.

The Loan Estimate that is sent with the initial disclosures serves one primary purpose – to bind us (the lender) to the figures disclosed next to each line item. Once the Loan Estimate is disclosed, we cannot add new fees, and the amounts listed for each cannot be changed.

However, what most people don’t realize is that the rate disclosed, along with any points or lender rebates can change.

For this reason, we do not put much emphasis on getting it perfect on the initial disclosure package.

The Loan Estimate and Closing Disclosures issued later in the process will accurately detail all lender rebates exactly as promised.

Regulations require that you receive these disclosures 3-days prior to any scheduled closing date. Therefore, you will know well in advance if we truly live up to our name NO COST VA LOANS.

Because we ask for this type of early cooperation, we want our clients to understand some of the core principles by which we stand.

• We vehemently detest and have ZERO tolerance for “bait-and-switch” sells tactics.

  We will always deliver on the rate and terms as promised, and will NEVER suggest or offer a lesser option.

• We are firmly against homeowners paying closing costs

  …and will not advise you pay them on our loans, besides TAXES, INSURANCE, and INTEREST. All of which will occur regardless of whether or not you transact on a new loan.

  If you find any other charges exist when you receive your Closing Disclosure you have my full permission to cancel the loan.

After the application is submitted, we will retrieve a credit report.

When a credit report is ordered it will show on your credit history as an inquiry from either “American Mortgage and Insurance Inc” (our parent company) or “Corelogic Credco” (a national credit vendor that compiles and generates the report)

To avoid multiple credit inquiries please REMOVE ANY FREEZE that you have on your credit report. Please do this for all credit bureaus, including Transunion, Equifax, and Experian.

THE IMPACT ON YOUR CREDIT SCORE
We understand some people are extra-sensitive about their credit scores, but a mortgage company completing a credit check will have very little impact on your score.

Only when you have multiple inquiries from DIFFERENT types of creditors, will inquiries have a harmful effect.

This is because the credit scoring algorithms that generate your scores cannot determine if you’ve obtained multiple lines of the new credit, and therefore cannot determine accurately if you are now a greater credit risk.

However, one credit pull, from one type of creditor (a mortgage company), does little to your score, if anything at all.

Afterall, the point of good credit is to be able to receive better credit terms.

The algorithm knows that a one-off inquiry is not a concern, therefore your score is not harmed.

Even multiple inquiries from the same type of creditor (mortgage lenders) will not have a big effect, if they accrue within approximately 30-days of each other.

Again, the algorithm determines that you might be looking for one type of credit, and therefore you are likely shopping among different lenders.

As a mortgage company we respect people’s concerns about their credit score, so we suggest completing an application only once you are comfortable with the reality that a credit report will need to occur, and that a single type of creditor checking your credit will not have a meaningful impact on your scores.

The things that are permanent and should be the real focus of a borrower’s attention, are their payment history and the ratio of balances to the credit limits.

After handling hundreds of loan applications, we have identified a few questions that occur on almost every loan.

As a result, we created a FAQ page to make the process go smoothly.

After you submit the application, we kindly ask that you read the FAQ page so you know what to do next.

The FAQ is extremely short, and most likely has the answer to your question before it even comes up.

I understand there is a tendency for all of us wanting to take shortcuts and rush through things without reading all of the instructions.

However, if you read the FAQ it will eliminate a lot of the mistakes that cause delays, which means your loan gets completed faster.