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The Merit Process

The key to our process is keeping it simple, from the first conversation to settlement of your loan. By originating, underwriting and funding our loans in house we not only avoid unnecessary third party costs such as underwriting fees, we centralize everything for our clients – questions are easily and quickly answered, there is no lag time between our receipt of documents and an underwriting decision and our familiarity with each loan allows us to ensure accurate closings.

FREE CONSULTATIONS – Whether you are looking to purchase a new home, lower your monthly payment or refinance to pay your loan off early, there are plenty of options available! When you speak with us about what you are looking to do we will clearly and concisely compare your current financing with all the available options.

PRE-APPROVAL – A crucial part of any purchase process. As a bank our pre-approvals are commitments to our borrowers that upon providing the necessary documentation their loan will be approved. Pre-approvals can be amended as needed for your purchase without any additional charge.

APPLICATIONS can be taken over the phone, in person or through our secure online application here, all at NO COST. Once an application has been received a pre-approval can be issued in the same day. All of our documents are sent via secure form transferred to ensure your security and privacy. Along with the loan documents or preapproval, all borrowers receive a clear list detailing exactly what documents are required for underwriting.

LOCK IN – Once a client is moving forward we can lock in the rate, 60 days for refinances and up to 90 days for purchase loans while offering a float down option exercisable at a cost of $500 at closing so you do not risk missing lower interest rates during the processing of your loan!

APPRAISAL – Once the loan is locked in, securing your interest rate the appraisal must be ordered to ensure the proper value of your home. This is the ONLY out of pocket expense during the Merit process. Appraisal costs are as follows:
$390 for homes valued up to $1,000,000
$550 for homes valued up to $1,500,000
$750 for home valued above $1,500,000

UNDERWRITING - When the requested documents are returned to our office they go directly to our underwriter, Mimi Hassinger. Mimi has worked with us for ___ years, during which time she has time and again demonstrated her ability to anticipate any possible issues with credit, income or any other part of the loan before it becomes just that. Her understanding of our investor’s guidelines and what they look for in a file helps us avoid any surprises from start to finish and makes for a stress free process!

CLOSINGS are able to arrange in the comfort of your own home. We welcome our clients to close their loan in our office but there is no need to travel as our closing agents are able to come to a place convenient for you. Settlement statements are always available in advance to ensure accuracy.

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Everything was smooth and straightforward for us as well, and it was great doing business with you.

Chris

Call us at 1-973-331-5600