Processing the Loan Application
As sson as your application arrives, we start processing it. There are a number of steps involved, including
the services of third parties.
Here are the processing steps:
You will need to provide supporting information on your income and
assets. These can be mailed or faxed or emailed. Review our chart
of Required Documents for a full list.
2. Disclosures:
Within three days of receiving your application, we will send to you
any disclosures regarding your loan.
3. Good Faith Estimate:
Within three days of receiving your application, we will send to you
a Good Faith Estimate of all the fees associated with your loan. Some
third-party fees are estimates only.
4. Truth in Lending Disclosure:
Within three days of receiving your application, we will send to you
a Truth in Lending Disclosure, which describes the details of your
loan including the interest rate, and Annual Percentage Rate.
5. Title Search:
A title search is conducted to verify that the seller is still the
legal title holder and that there are no liens against the property.
This involves a third party and fees vary by state.
6. Appraisal:
Primary Capital Mortgage will order an appraisal of the subject property
to verify that the sales price is in line with the appraised market
value. This involves a third party and fees vary by state.
7. Credit Report:
Primary Capital Mortgage will order a copy of your credit report from
one of our approved agencies. This information will provide a credit
score and will validate some of the information you provided on your
loan application.
8. Final Loan Decision:
After review of all documents, Primary Capital Mortgage will make
a final loan decision.