Shoreline Mortgage- The Loan Process

An Overview of The Loan Process

Our team of mortgage professionals are trained to provide you with information, to make obtaining the right loan easy. Whether you want a Good Faith Estimate, Pre-qualification, or even Pre-Approval, you can apply from the comfort of your home or office. Shoreline Mortgage will gather the proper information online or over the phone and fax or mail the necessary documents directly to you. At Shoreline Mortgage you can check our most recent rates, fees and closing costs, communicate with our staff through e-mail, submit a pre-qualification, and apply for a mortgage 24 hours a day, seven days per week on-line. Follow the easy steps outlined below to obtain your loan.

Contacting Shoreline Mortgage- Although our standard office hours are weekly 8:30AM to 6:30PM EST, you have access to our experienced loan officers 7 days per week. At any time, when you need a rate quote or questions answered you can call us Toll Free at (888) 353-1558. If our offices are closed, you can leave a message and the loan officer "on call" will be paged and will return you call promptly. At any time during your shopping process, our highly skilled mortgage planners will be happy to assist you in finding the program that best suits your borrowing needs. Our staff is trained to give you straightforward, honest answers that make getting the right loan easy. Whether you want a Good Faith Estimate, Pre-qualification, or even pre-approval, you never have to leave your home or office: We will gather the proper information over the phone and fax or mail the necessary documents directly to you. At our web site you can obtain valuable information about loan programs, fees and closing costs, communicate with our staff through e-mail, submit a pre-qualification, and even apply for a mortgage 24 hours a day, seven days per week.

Applying- There is no longer a need to drive to a loan office and spend hours wasting time. With Shoreline Mortgage you can (i) begin your loan application by phone (888 353-1558) with a mortgage consultant; the process takes about fifteen minutes! You can also (ii) apply on-line at this web-site, or (iii) request an application package by mail. Any way you choose to apply, Shoreline Mortgage can "Lock-in" your rate instantly. If you close within your designated lock-in period Shoreline Mortgage guarantees that the terms (rate and points) of your loan will not change. At the time of application you will be charged a $295 application fee that will be applied toward your closing costsk.

Confirmation of Application- We will Federal Express the complete set of documents relating to your loan, much of it already filled out, for your approval and signature. This package will include a Good Faith Estimate of Settlement Charges, a Federal Truth-in-Lending Disclosure statement, and a list of documentation required to expedite the processing and approval of your loan. You will be requested to return these documents in a timely manner by mail.

Processing- Once our processing center receives your application they prescreen your file based on income and credit worthiness and determine what documents if any are missing that will be needed to get the loan into "Underwriting" for approval . Your credit report will be pulled and an appraiser local to your area will be commissioned to appraise the property. A Processing Agent will be assigned to your file acting as your point of contact for any questions relating to your loan. Once we receive your completed application and supporting documents, the file will be submitted to underwriting for approval. At this point the borrower should select the Title co./ Settlement Agent you wish to have handle your closing, or have us select one of our approved Settlement Agents.

Underwriting- The decision to approve or deny a loan is based upon several basic factors: credit, income, debt to income ratio's, cash savings and property appraisal. The underwriting process typically takes 24 to 48 hours. If any issues arise during the underwriting process your Shoreline Mortgage Processing Agent will immediately contact you with instructions on how to satisfy underwriting conditions.

Closing- After you have been approved, Shoreline Mortgage will have the closing documents prepared and sent to the closing agent (settlement agent). Closing usually occurs within three days of approval unless you or your contract call for a later date. Regardless of whether you choose your own settlement agent, or use one of our approved agents, you have the flexibility of choosing the time and place of the closing . If you will be out of town for the closing, documents can be overnighted to your location for execution wherever you are.

Shoreline Mortgage Corporation
4000 Hollywood Boulevard
Holllywood, FL 33021
Toll Free (888) 353-1558
Phone (954) 966-1313
Fax (954) 966-3606
E-Mail Loans@Shorelinemtg.com

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