• How long does the loan process take?

  This depends on several factors including the type of loan and contract closing date (purchases). Some loans close as quickly as 21 days while others take longer. The average loan closes in approximately 30 days. For a timeline of a typical loan, see www.amerifund.com/timelineSome readers

• How long is my pre-approval valid?

  Pre-approvals are valid for 90 days. Updating your pre-approval is quick and easy. Since we already have most of your documentation, we will simply need to obtain updated pay-stubs and bank statements from you and we may also refresh your credit report.Some readers

• What is Loan Processing?

  Processing a loan means that your loan application and all necessary paperwork is being sent to an Investor for review. Your Loan Processor is the liaison between you and the investor to ensure that all necessary paperwork has been provided, everything is accurate and handles your loan throughout the entire process to ensure a timely closing.Some readers

• Should I be prepared to pay anything at close other than the down payment?

  The simple answer is YES. Closing costs (which are all fees and costs above and beyond your down payment) are a part of any purchase or refinance. The amount will vary depending on the loan amount that you are applying for, the sales price (for a purchase), and the loan program/interest rate that you select. Most closing costs are not loan related costs, but rather they are 3rd party fees such as: Independent Escrow and Title fees, Homeowner’s Insurance Policy, prorated Property Taxes, County RFew readers

• What is Loan Underwriting?

  Underwriting means that an underwriter will look at your loan application, credit report, income and other financial information and determine whether you qualify for the home loan that you have applied for.Few readers

• What is a Loan Application?

  A loan application is completed when you apply for a home loan. Your loan application provides us with important information about your residence, employment history and finances so that we may provide you with the best mortgage available.Few readers

• What is Loan Approval?

  Once the underwriter has reviewed all your information and everything looks good, you will receive an approval letter verifying your eligibility for to a specified loan amount and terms.Few readers

• What is Loan Closing?

  Closing a home loan is the last step in buying a home. Once both parties involved in the transaction agree and sign closing documents, the funds will be distributed, the title transfer deed and loan deed of trust will record with the local county recorder’s office becoming public record and the borrower will officially become responsible for the loan.Few readers

• My loan is pre-approved, now what?

  Now the fun begins! You and your realtor can begin your home search with the confidence of knowing that you are fully qualified for the price range in which you are looking. During the home search, your realtor may come to us for updated pre-approval letters which are specific to the property and price you wish to write an offer on. Your agent will already have been furnished a credit score disclosure and redacted proof of funds to forward along with your offer. Additionally, we go above and beyFew readers

• What documentation do I need to provide to get pre-approved?

  In addition to an online application, our secure site allows for clients to upload the documentation we will need so that we can finalize a loan decision for you. Please note that we never charge for this pre-approval service. The normal list of documentation needed is below, however certain situations or loan types may require more or less. We like to have a 10-minute discovery call up front to help refine the list to just your needs: Clear copy of your driver's license Current months' worFew readers