The Loan Process begins with a submission of a Loan Application. However, it is usually a good idea to call us first to discuss your needs to determine if your loan is the type we can help you with. Call Ken Gain at (907) 279-8551, or email to kgain4cash@msn.com.
LOAN APPLICATION: Once it is determined that your loan need is something that we may be able to help you with, the next step is the submission of a Loan Application. The submission of our Loan Application will usually provide us with sufficient information to issue a Preliminary Loan Proposal. In cases in which we represent you in applying to another Lender, it may be necessary to at a later time submit a new application on that Lender’s form. However our Loan Application will be sufficient to get the process started and make a determination of which loan program best meets your needs.
PRELIMINARY LOAN PROPOSAL: Upon receipt of your Loan Application we will review it and if we believe that we can help you, we will issue a Preliminary Loan Proposal outlining the general terms and conditions of the loan. If the loan is one that will be made by us or our affiliates the Preliminary Loan Proposal will outline everything needed to get to the closing. If the loan is one that will be made by a 3rd party, the Preliminary Loan Proposal will outline the terms of the loan that we believe can be obtained and these terms will be outlined in the Loan Broker Listing, which is the agreement between you and us for our representation of you to 3rd party lenders. At this point we will require a $500 application fee of which $250 will be paid to a title company for a Preliminary Title Report.
LOAN COMMITMENT: Our firm does not issue Loan Commitments, but most 3rd party lenders will issue a formal Loan Commitment outlining the full terms and conditions of the loan and what information you must provide and what actions you must take to be approved for this loan. At this point you will typically be required to pay for a professional appraiser and perhaps an engineering report and an environmental report. Some Lenders will require a Commitment Fee at this point which typically will range from 1/2% to 2% of the proposed loan amount.
LOAN CLOSING: This is the final step of the process in which your loan is funded and when you will sign final loan documents, guaranties and warranties when required. You will be required to pay the cost of document preparation, legal fees, title insurance, closing escrow fees and recording fees at this point. In addition you will be required to present evidence of insurance pre-paid for one year, and post required reserves for taxes, insurance and replacements, if required by your loan. The approximate amount of these requirements will be outlined in the Preliminary Loan Proposal but may be further modified in the Loan Commitment.