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- Application, Authorization Form and two forms of Identification
will be submitted with supporting documentation, which may include
tax returns, W2’s, pay stubs and bank statements.
- “Locked” interest rates are limited in time, usually
30 to 45 days and cannot be changed unless the lock expiration
date is missed, in which case, rates are subject to increase.
- CWC or your Realtor will order the Title report and appraisal.
- Appraiser will contact you or your Realtor to arrange a date
and time to appraise the property. Appraisals for refinances
are paid COD at the time of the appraisal visit. Appraisals
for purchases are billed at closing – however, if you
choose to cancel the transaction with CWC Financial, you will
be responsible for any appraisal costs incurred.
- You will be notified when your loan is underwritten and approved.
- The lender may ask us for additional “conditions”
for completing your loan. This is very common and we will call
you to obtain any further documents that may be required.
- You will receive a packet of information and disclosures from
the lender. Lender information sent to you does not require
any action on your part. It is for your files only. The
Good Faith Estimate are “estimates” and subject
to change as necessary.
- Final loan documents are sent to the Title Company for signing.
You will be contacted to arrange for a time to sign documents
at the Title Company. Funds may or may not be required at the
time of signing.
- Documents are returned to the lender for review.
- Your loan funds are wired to the Title company and dispersed
as indicated.
- The new loan is recorded with Public Records.
- Our office will send your appraisal and a copy of the HUD-1
for your tax records.
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