Tim Lewis Communities has partnered with a valued lender to provide you with the best loan product to meet your needs. We offer multiple ways to start the application process-online over the phone or in person-so you can work with us however it’s most convenient for you. Once your mortgage application is complete our state-of-the-art loan processing system will work to give you an approval decision as quickly as possible.
Before starting your application you should be prepared to answer questions on the following six areas:
- Personal Data – Full names addresses and Social Security numbers of all borrowers
- Income – The amount and source(s) of income for all borrowers
- Assets – Information on all assets such as checking and savings accounts stocks and bonds retirement plans and other real estate owned
- Debts and Obligations – Information on all outstanding debts and any other financial obligations.
- Credit References – Information concerning loans or debts that have been paid plus any other references to good credit use
- Property Information – Specifics on the property you wish to buy if you’ve chosen one
Depending on how you choose to apply there are different ways you can expect to complete the process.
* Starting the application process online lets you tell us about your borrowing needs and basic financial situation using an online form. One of our home mortgage consultants will review your information and get in touch with you to answer any questions you may have and if you are ready take your loan application.
* Applying over the phone or in person allows you to give your information directly to a mortgage consultant. The consultant will walk you through each part of the application and complete it for you based on your answers.
After you complete your application you will most likely be required to send supporting documents (such as account statements and paycheck stubs) to your mortgage consultant. In some cases your consultant may also send a copy of the completed application for you to sign and return with the outstanding documentation.
Processing and the loan decision
After you’ve completed the application a mortgage specialist will begin verifying all the information you provided. Meanwhile your credit report and other financial information will be reviewed in order to make an underwriting decision regarding the degree of risk involved in lending you money.
Most loan decisions are performed by an automated underwriting system designed to provide faster results often with reduced documentation. In fact conditional loan decisions can often be made right over the phone! If the automated system can’t approve a loan it’s turned over to an underwriter who will look for alternative loan terms to accommodate your needs and circumstances.
You should receive your loan decision within 30 days of submitting all the required documentation. However it’s important to communicate regularly with your mortgage consultant throughout the period leading up to your closing date. This will allow you to be prepared in the event additional information is needed to finalize the loan.
Still have questions?