Buying a home is an exciting yet stressful time, especially if you're a first time home buyer. Many buyers don't realize that there's a lot of prep work to do before you even start looking at homes. For example, did you know that real estate agents and sellers consider a pre-approved buyer's offer more attractive than the same offer from a buyer who has not been pre-approved?
This section will give you a good Idea of the mortgage process and the time frame involved. The knowledge will help you feel more comfortable as you go through the steps and it will also help you spot any red flags along the way if they should appear. The type of loan you are applying for will determine the length of time required to approve and close your loan as different loan types require different documentation.
As an example, If you have good credit and lots of equity in your home and you are applying for a 2nd mortgage the lender may not require an appraisal. If you are getting a Line of credit on your equity, that documentation can be completed with some lenders in a matter of weeks. If you qualify for automated processing (DU or LP) it is sometimes possible to close in less than 30 days, sometimes even in as little as 15 days.
Your loan originator should walk you through the process up front so you will know what to expect. Typically, most loans take 3 to 6 weeks to close with us.
Refinancing your mortgage has become easier and our team works not only to get you the best terms for your mortgage but also ensures a smooth and fast closing. Refinance your mortgage to get lower payments, shorter term or to cash out your equity.
Seguro Financial Services has the copyright for Seguro Loans and seguroloans.com including all information on this website. The product and information advertised on this website does not constitute to be a loan approval or a loan guarantee. The loan approval is subject to a thorough review of your profile and documents by the underwriting team.
Having a clear understanding of the loan process is extremely important as these steps would give you a clear picture of what we expect from you and what you could expect from us.
The loan process could differ slightly based on the loan program chosen however the below mentioned steps are pretty much standard across all loan programs:
You will be assigned a processor who will work very closely with you to get your loan closed on time, respond in a timely manner to the documentation or information requested which would help us expedite the loan process for you. All document requests needs to be completed and submitted by you to your processor no later than 48 hours after notification.