Welcome Radio Listeners!

We are proud to offer our lending services to our radio clients nationwide.

We need you to know that we are blessed to have you as a borrower.

We truly value your business.

During the loan process, you and your family will be treated as part of our Mortgage Wizards' family.

Guaranteed Time Frames to Close Your Loan; Just a Tactic for you to Call

We feel it is necessary to respond to those companies representations to close your loan in 10 days or less.

In many cases, we can close your loan in ten (10) days or less upon receipt of the appraisal.

However, guaranteeing to close your loan in ten (10) days or less is not ethical in our opinion. In fact, as discussed below, a guarantee can be dangerous!

The companies that promise to close your loan within a specific time are simply trying to rope you in. In some cases, generally those companies print out proposed loan documents for you to quickly sign. In some cases, those loan documents are not valid and are designed to "take you off the street" and feel that the company is performing fast.

When that company fully underwrites your loan (conducts verifications), in many cases, new loan documents are needed to be executed and the interest rate quoted changes. You find out that the loan documents you signed are bogus and were simply provided to you to appease you and to comply with this "guarantee". You find out quickly that the 10 day close statement is disingenuous.

Why Don't We Guarantee Closing Your Loan In Ten (10) Days

Below is a general time line to closing your loan subject to change depending on your credit history and verification of mortgage, employment history and verification of assets.

General Time Line

Run credit report, upload and take your loan application over the phone or mail (1 day). Upload for credit approval.
Loan application, state and federal disclosures and authorizations are sent you to via fax and/or mail. (1 day)
Provide time for you to review and approve the terms of the loan. (2 to 3 days). We are not in the business to pressure you to accept the terms of our loans.
Once you agree to the terms of the loan, we open title/escrow and order the appraisal and other verifications. The appraiser is an outside contractor which sets the appointment around your schedule. (2 days). The verification of employment, mortgage history and assets may take a few days (2-5 days) depending on the cooperation of third parties (Banks & Employers).
Review all documents provided by you and third parties, including income docs (sometimes not necessary); fire insurance coverage-change lender information; review the appraisal (2 days).
Order loan documents from doc department, provide valid loan documents to notary, arrange signing with you, wait for the one or three day rescission period to expire (5 days).
Fund your loan, record it and wire your money (2 days).

So you see that the ethical thing to do is not to guarantee a ten day period or any period to close your loan. The above time line is minimal. Many behind the scenes tasks are completed that is not discussed above.

Again, when we have the appraisal it can be less than 10 days to close, but not from the day you call us.

Mistaken Reliance Upon A "Guarantee"; Dangerous Waters

What if you rely upon that time line?

What if you rely upon that time line &decide not to make your regular loan payments?

What if you don't close in ten days?

The simple answer is: You get derogatory credit references placed on your credit report. Your mortgage could go into default and creditors could revoke their lines of credit and credit cards.

Beware of any guarantee to close at any specific time or date.

Summary

We always advise to make your payments on time during the loan process. Merely submitting your loan application and beginning the loan process does not stop your obligation(s) to make your mortgage payment or any other payment.

Since you are important to our company, we felt it important to address this issue so you don't rely on any sort of guarantee.

We wish everyone a blessed day!

Please call us at 877-310-FUND to discuss your financial situation.

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