LOAN PROCESS

Here is a brief description of the process of obtaining a mortgage loan. Individual experiences could be a little, or occasionally, very different than what is described here. But generally this is what will be happening.

1) Your initiate an application:

You complete and submit the loan inquiry form to let us know you want to apply for a mortgage loan. We will then prepare the application package for your review and signing. We will also collect third-party fees for the credit report and property appraisal. Note that these fees are not for Ace Loan We pay credit report agencies and appraisers with these fees.

2) We request a set of required documents from you:

Along with the application package, we will request a set of documents from you. These are usually your bank statements, paycheck stubs, W-2 forms, and other documents to substantiate your financial status. These documents are essential in obtaining the most competitive mortgage for you. In the application package, there are also a few disclosure forms that you will need to review and approve. These forms inform you of lending regulations, our policies, and your rights as a mortgage borrower. You also authorize Ace Loan and the lender to obtain other necessary information about your credit, employment, and financial information as included in your loan application.

3) We obtain other required documents:

With your authorizaiton, we will order other required documents to include in your applicaiton package. These documents include your credit report from an approved credit report agency, the title report about your property to be placed under the mortgage, the value appraisal report of this property, and many other verifications of employment, bank account balances, rent payments, existing mortgages, ... We'll compile and organize these documents before evaluating them to approve your application.

4) We obtain a loan commitment:

Our experienced staff will then evaluate the available programs at this point of time to determine the best mortgage for your application. This evaluation and approval process usually takes only a couple of days to reach a preliminary approval. Along with the preliminary approval are usually more documents requested by this program sponsor.   We'll need to fulfill these requirements to get the final approval.

5) You lock in to a mortgage interest rate:

The best time to lock in a mortgage interest rate is between the time loan application is preliminarily approved and the final approval.   We'll watch the daily (or sometimes hourly) interest rate fluctuation very closely to mutually determine the best interest rate to lock in to. You can also specify an interest rate you would like to have, and we'll lock it for you when it becomes available.

6) You sign off the loan documents

After the rate is locked, we'll prepare a set of loan documents (not the application documents) and make an appointment with you to go over these documents and let you sign them. Some of the documents need to be notarized, and therefore, a photo ID is needed during that appointment.  Property insurance information including policy number, insurance agent name and phone number, policy expiration date are also required at this time.

7) We finalize and close the transaction

The final processing includes making sure all documents are filled out and signed correctly, all required information are supplied. and many other details. There might also be a "cool down" period mandated by law shall you decide to do otherwise. After this waiting period, the new mortgage money will be funded and the transaction can be closed.