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» What kind of information do I need to provide to Lenders Direct?
» How does Lenders Direct make a decision on my loan?
» How can I avoid paying closing costs?
» Can I get pre-approved?
» How do I sign my final loan documents?
» I don't feel comfortable entering my private information on the web site, can I still apply?
» What if I have problems completing the application on line?
» What happens after I apply?
» I'm not a great typist, is there anyway I can just call?
What kind of information do I need to provide to Lenders Direct?
You will need to provide credit, income, asset, and liability information, including your income, residence, and personal identification. Save time and expedite your application by collecting it before you begin the process.
Here's the information you'll need to have handy:
PERSONAL
- Employment and salary history for the past two years
- Addresses of your residences for the past two years, as well as landlords (if applicable)
- Your social security number and that of your co-borrower(s)
FINANCIAL
- Your current income -- this includes your base salary, any commissions or bonuses, dividends, etc. (income from alimony, child support or separate maintenance payment need not be revealed if you don't want it to be considered as a basis for repaying the obligation)
- Numbers and locations of your bank accounts
- Bank/investment account numbers, balances, and names of the institutions holding them
As we continue with your loan process after your online pre-approval,
you will need to supply us with pay stubs from your employer covering
the last 30 days prior to completing your loan application.
If you are self-employed or compensated by commissions, you will need to supply your federal tax returns for the most recent year you filed and the year preceding that one (two years total).
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How does Lenders Direct make a decision on my loan?
After you complete your application, Lenders Direct will review your information in order to assess the risk involved with your particular loan and situation. Lenders Direct also prepares the necessary documentation to process the loan and satisfy government regulations.
If you are pre-approved, you will be presented with a short list of documents you will need to provide to allow us to process your loan. These items will primarily include verification of your income and perhaps a request for W-2s, income tax returns, or similar information.
Immediately after your online pre-approval, you will be mailed a loan application for review. It will contain all of the information that you've entered during your online session. Please review it carefully and make any corrections or changes that you feel are necessary. Lenders Direct will contact you with specific requests for any additional information that you may need to provide. Lenders Direct may also need to discuss your credit history with you.
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How can I avoid paying closing costs?
Lenders Direct has options which allow you to refinance with few upfront fees.* While the rate is slightly higher, you will pay no fees to get your new loan. In effect, as long as our "no fees" rate is lower than your existing rate, it makes financial sense to refinance because there is no cost to do it.
*A "No Fee" loan is one in which the lender pays all non-recurring closing costs for the borrower. The borrower is still responsible for paying all prepaid interest, property taxes, and hazard insurance, as well as all other recurring items. Minimum loan amount for the "No Fee" loan is $150,000. and we assume that the borrower will escrow monthly property tax and insurance payments.
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Can I get pre-approved?
Lenders Direct's streamlined, centralized, and high-tech business method completes most of the work for you so you can get an on-line approval quickly. The bottom line is that you simply won't have to wait long and you won't be waiting in suspense. You'll already be conditionally approved.
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How do I sign my final loan documents?
For a purchase, you will be using an attorney, escrow company, or title insurance company, depending on the state in which you live. In some states, for a refinance or second mortgage, Lenders Direct will send a document signer to your home or another place that you designate so you can sign all your loan documents.
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I don't feel comfortable entering my private information on the web site, can I still apply?
You can talk to a loan agent at any time by calling 1-877-935-6262.
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What if I have problems completing the application on line?
You can talk to a loan agent at any time by calling 1-877-935-6262.
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What happens after I apply?
A Lenders Direct loan agent will confirm the information on your application and will contact you. He or she will then turn the application over to a loan processor, who will monitor the progress of your application until closing or will notify you in writing that your loan has been declined.
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I'm not a great typist, is there anyway I can just call?
You can talk to a loan agent at any time by calling 1-877-935-6262.
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