WHAT KIND OF INFORMATION DO I NEED TO PROVIDE PacAlly FOR MY LOAN APPLICATION?
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-qualification, you will need to supply us with paysubs 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).
WHAT IS PACALLY’S DECISION PROCESS?
After you complete your application, PacAlly will review your information in order to assess the risk involved with your particular loan and situation. PacAlly also prepares the necessary documentation to process the loan and satisfy government regulations. If your are pre-qualified, 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 ofr W2’s, income tax returns or similar information. Immediately after your pre-approval, you will be mailed or emailed a loan application for review. How it is sent to you is based on your request. Please review it carefully and make any corrections or changes that you feel are necessary. If you do need to make a correction, please draw a single line through the incorrect information, and write the correct information above it, below it, or where ever you can fit it in. Once we receive it back from you,PacAlly will contact you with specific requests for any additional information that you may need to provide. Also, once you have authorized your PacAlly mortgage representative to pull your credit report, PacAlly may also need to discuss your credit history with you.
WHAT IS PACALLY’S ROLLDOWN OPTION?
PacAlly’s rolldown option allows 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 rolldown rate is lower than your existing rate, it makes financial sense to refinance because there is no cost to do it. *A “rolldown” 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 is $150,000 under perfect circumstances, and will be higher in most cases. Closing costs assume that the borrower will escrow monthly property tax and insurance payments.
HOW DO I SIGN MY FINAL LOAN DOCUMENTS?
For a purchase or refinance, you will be using an escrow company or title insurance company. PacAlly will send a notary (document signer) to your home or another place that you designate so you can sign all your loan documents.
WHAT DO I DO IF I HAVE TROUBLE FILLING OUT A SECTION OF THE LOAN PRE-QUALIFICATION LOAN PURPOSE REQUEST FORMS ON THE WEBSITE?
You can talk to a mortgage consultant at any time by calling (855) 940-HOME
WHAT HAPPENS AFTER I FILL OUT ONE OF THE PRE-QUALIFICATION LOAN PURPOSE REQUEST FORMS ON THE WEBSITE?
A PacAlly mortgage consultant will confirm the information on your pre-qualification loan purpose request form and will contact you. Once the information is confirmed, they will ask you some more questions to help pre-qualify you, and from that point if you are comfortable with them, they will complete a loan application with you over the phone. Once an application is complete, he or she will then turn the application over to a loan processor, who will monitor the progress of your application until closign or will notify you in writing that your loan has been declined.
WHAT IF I WANT TO SPEAK WITH A MORTGAGE CONSULTANT?
You can talk to a mortgage consultant at any time by calling (855) 940-HOME.