How to Apply for a Loan:

To apply online simply click the link below and fill in the form using your computer.  After completing as much information as possible, simply save the form to your hard drive and return it to applications@soundloans.com.  You may also fax it toll free to 866.552.8296.

5-Minute Application (Click this link and the application will open in a new window.)

Finally, be sure to let us know who referred you at the top of the form so we can thank them for the continued support.

What to Expect:

Application

  • Within 24 hrs (1 regular business day) one of our loan officers will contact you to discuss your application and mortgage options.

Documentation

  • After reviewing your application your loan officer will call to ask additional questions concerning documentation, to describe your loan options, and to get to know you a little better.
  • After determining the type of loan and your desire to proceed, your loan officer will schedule a time to meet with you to sign the initial paperwork and pick up documentation for the underwriting process.  There are many disclosures to review, but your loan officer will be more than capable of explaining them to you.
  • Next, when your information has been gathered, one of our processors will place an order for Title and Escrow set-up.  They will also verify employment, pay, assets, and mortgage (or rental) history through 3rd parties.

Underwriting

  • Your complete file will then be sent to an independent underwriter for review.  This is a standard procedure for all mortgages at all mortgage companies for fraud protection purposes.
  • It is not uncommon to receive some ‘CONDITIONS’ upon underwriter review, and your loan officer or processor will contact you to explain what the underwriting result was.  Most conditions can be gathered in a short time and resubmitted for underwriter review.
  • Unique to our company, the appraisal is the last item ordered.  In this way we protect our clients from the expensive mistake of ordering an appraisal for a file that may receive an underwriting ‘DECLINE’.  (Many companies use the appraisal as a hook to keep borrowers from seeking better loan terms… we do not use these strong arm tactics.)

Signing

  • After an ‘ACCEPT’ is handed down from underwriting, we work with our closer and the escrow company to prepare the final documents for closing.  It usually takes a couple days to get all the parties to approve of the final documents and then we schedule your signing appointment.
  • Unless a conflict is unavoidable, you can expect to see your loan officer at signing.  Your loan officer will proof-read along with you and point out important items as you progress through your signing.
  • After completion you will receive a copy of the documentation for your records.

Funding & Closing

  • Purchases: funding will typically occur the day after your signing, unless it is a weekend or there was an error made at signing.
  • Refinances: a 3-day right of rescission is mandatory for all primary residence loans.  This means that 3 business days (including Saturday, but excluding federal holidays) must pass before the loan can fund.  Example: client signs on Monday, 3 days of rescission, loan funds on Friday.

NOW YOUR DONE!

What’s the RISK?

  • Sound Home Loans, LLC, does not currently charge for credit reports on unfunded loans.  There is no risk of loss for our clients here.  We do however reimburse our credit report on loans that fund as per our disclosure on the Good Faith Estimate.
  • Appraisals provide a couple risks:
  1. Ordering an appraisal prior to borrower approval could produce a qualified property, but unqualified borrower.  The appraisal is paid for by the borrower at the time of ordering and thus the cost would be wasted.  For this reason, we do not order an appraisal before borrower approval unless instructed by the borrower to do so, and after ample warning, at that.
  2. Low valuation: when a property value comes in lower than anticipated it will likely cause a restructuring of the loan terms -or- force the underwriter to ‘DECLINE’ the loan.  Sound Home Loans, LLC is not a licensed appraiser and does not provide estimates of value for our customers.  The risk associated with an appraisal and property value is the risk of the client and should be considered prior to authorizing the appraisal order.
  • Rate Locking: Interest rates move on a constant basis due to fluctuations in the secondary market.  Because locking comes at a cost to the bank we do not currently lock rates until a full submission can be made to the underwriter.  A way to hedge this risk is to submit a complete application so that when the desired rate appears you will be in a place to take advantage of it.

Need additional help or have a question?

Please call us toll free at 866.288.1309 if you have any questions regarding your application, the form, or any details during the mortgage process.

 

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