Independent Mortgage is a family owned and operated company with over 40 years of mortgage lending experience. We pride ourselves on being able to provide our customers with the highest level of customer service available anywhere. Independent Mortgage is partnered with some of the finest mortgage banking companies to offer an extremely wide range of mortgage products at the most competitive rates. We use the latest technology to deliver mortgage products to you in the most efficient and cost effective way possible.

We'll make it easy to apply for a loan. Whether you have already signed a contract to purchase a home or if you would like to have a free pre-approved loan before you submit an offer, we can help. When you submit an on-line application, you will be working with Don Abbott or John Burns, the owners of Independent Mortgage. We will handle your loan file from start to finish. When you call, you will talk directly to us without the hassle of voice response systems or transfers. You will have the benefit of our experience and expertise every step of the way. We will analyze your application and recommend a solution we believe will be in your best interest. When you decide on a loan program, our automated systems will process and close your loan in the most efficient manner.

II. The Processing of Your Application.

If you apply for a conventional mortgage loan, your file will go through automated underwriting using FNMA's Desktop Originator or FreddieMac's Loan Prospector. A credit decision will be obtained before we start processing your loan. Right from the start you will know if you have loan approval and what documentation the lender requires.

Within three business days we will send to you via E-mail, a complete set of mortgage disclosure documents. These documents will include a Good Faith Estimate of settlement charges, a Federal Truth-in-Lending Disclosure, a Mortgage Program Disclosure, and other information and documents pertinent to your transaction. You should carefully review these documents for accuracy, contact us immediately with any corrections or questions, and return these executed documents along with any additional documents requested to us as soon as practically possible.

After your loan has received credit approval, we will order an appraisal on the property to be financed. Within the next week an appraiser should make an appointment with the listing Real Estate Agent to perform a physical inspection of the property.

Within the first week after you apply for a mortgage, the closing agent will send the abstract for the subject property to an abstracting company. They will do a title search and update the abstract. Once updated, the abstract will go to an assigned attorney who will review it and issue a preliminary title opinion. It is the responsibility of the closing agent to review and clear any items that would prevent clear title from passing to the buyers.

When you submit your application, you will have the option to either lock in at the current interest rate and points for periods ranging from 30 days to 6 months, or you may elect to float the interest rate with the market and lock in at a later date. If you elect to lock in, the interest rate and points on your loan will be fixed for the period of the lock-in regardless of changes to interest rates in the market either up or down. If you elect to float, the interest rate on your loan will be determined by the rates available when you do choose to lock in and could be either higher or lower than the rates available on the day you apply. We do not advocate either strategy as better than the other. We do recommend that you talk to us about your long-term plans and goals for the future. Your plans could have a significant impact on the loan program and interest rate most appropriate for your situation.

You may be required to provide the following information for a fully documented loan.  Processing your loan through automated underwriting may reduce the documentation requirements to as little as a paystub and a bank statement, simplifying the process and ensuring a quick mortgage decision and fast closing.

ALL LOAN APPLICATIONS

• Copy of your Purchase Agreement, signed by all buyers and sellers.
• Pay stub(s) covering the last 30 days, for all applicants.
• W-2 Forms for the past year, for each applicant.
• Bank statements for the past month, for all checking and savings accounts (all pages). Continue to save your bank statements until you close your loan.
• Original 401K and IRA statements (if applicable).
• Most recent original investment account statements, if applicable.
• Copy od Drivers License for all applicants.

  IF YOU ARE SELF-EMPLOYED OR HAVE COMMISSION INCOME

• Copies of your last two years personal and business tax returns signed with blue ink.
• Year-to-date Profit and Loss Statement and Balance Sheet.

  IF YOU HAVE BEEN DIVORCED

• Complete signed copy of all divorce decrees, including any stipulations or modifications.
• Proof of receipt of child support payments for the last 12 months (only if you intend to use this income to qualify.)

  IF YOU HAVE DECLARED BANKRUPTCY IN THE LAST 7 YEARS

• Copy of Petition/Decree, Schedule of Creditors and copy of Discharge.
• A letter or explanation on why you filed for bankruptcy.

  MISCELLANEOUS ITEMS

• If during the past two years you have a gap in your employment of 30 days or more, include a letter explaining the reason for the gap in employment.
• If you have sold your present home, you will need to provide either a HUD1 or for a pending sale, your Realtor's "Estimate of Proceeds".

When you apply for your mortgage we will ask you to pay an application fee of $350.00. When you close on your mortgage, this fee will be credited toward the costs of the transaction.

III. The Credit Decision

If your loan has been processed through automated underwriting, the credit decision has already been obtained.  Upon receipt of your appraisal, the required credit documentation and appraisal will be submitted to our investor's Underwriting Department. They will review the appraisal to ensure the value of the property securing the mortgage is supported.  The Underwriter will review and analyze the processed loan package to determine that the file contains documentation required by automated underwriting and supports investor guidelines.  If all the criteria are met, your loan application will be approved and your file will be ready for closing.

IV. Coordinating Settlement and Closing

After your loan has been approved, there may be conditions to be satisfied prior to closing. You should be sure that you submit to us the documentation necessary to satisfy these conditions as soon as possible. At least one week before closing, you will need to obtain homeowners insurance and provide us with an insurance binder and paid receipt for the first years insurance premium. Many times the closing documents and settlement cannot be ordered until all conditions have cleared Underwriting.

Approximately three days before settlement, we will give the investor the final funding information and prepare closing documents. Before settlement occurs our closing agent will receive the final loan funding information and details of the real estate transaction. The closing agent will prepare the HUD-1 Settlement Statement and inform you of the exact amount of money you will need to bring to closing to consummate your transaction. In most cases you will be required to come to settlement with a certified or cashier's check. The closing agent is responsible for disbursing these funds to the appropriate parties (the seller in the case of a purchase, or the existing lien holder in the case of a refinance) as soon as settlement is completed.

While at settlement, you will read and sign several documents relative to the purchase or refinance of your property. Several of these documents will be familiar to you, as they were provided to you in the initial package you received. The closing agent will be able to answer any questions you may have regarding these documents and, as always, we are available to help as well.

Most settlements run very smoothly and can take as little as 30 minutes to complete.

Congratulations! You have now completed the process. We sincerely hope we will be able to provide the kind of help, guidance, information, and support needed to consummate the best possible financial arrangement for yourself and your family. Thank you for choosing Independent Mortgage to assist you with your financing. We'll be here when you need us.