The Loan Process
Arcstone Financial's loan experts will identify, structure and package the best loan program at the most competitive rates to accomplish your specific needs.
1
Apply for a Mortgage
3
Approval
Pre-Approval
2
Close your loan
4
4 -Step Guide Mortgage Application
STEP 1: Application
Arcstone Financial's team will review your income, credit and financial statements and provide a detailed analysis, including:
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Complete cash flow analysis based on your current income, debts and loan amount requested.
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Out-of-the-box solutions for borrowers who do not meet traditional guidelines or have highly complex personal and business profiles.
STEP 2: Pre-Approval
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We conduct a thorough review of the borrower’s documentation and match custom solutions based on each individual’s personal needs and financial profile.
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Our pre-approval truly means the qualifications for a mortgage have been thoroughly evaluated and the loan is solidly pre-approved.
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A pre-approval from Arcstone Financial assures real estate agents of a borrower’s seriousness and qualifications to buy a home.
STEP 3: Approval
Arcstone Financial's team will review your income, credit and financial statements and provide a detailed analysis, including:
-
Complete cash flow analysis based on your current income, debts and loan amount requested.
-
Out-of-the-box solutions for borrowers who do not meet traditional guidelines or have highly complex personal and business profiles.
STEP 4: Close Your Loan
Once the loan is approved, you have selected a rate to lock and your appraisal has been received in a satisfactory manner, Arcstone Financial will issue your closing disclosure also known as CD.
Important! Please acknowledge this the same day you received it, in order to ensure your loan closes on time.
TOP 10 DO'S & DONT'S
when looking to secure a mortgage
1. DON’T APPLY FOR NEW CREDIT
Every time you have your credit pulled by a potential creditor or lender, you can lose points from your credit score immediately.
2. DON’T PAY OFF COLLECTIONS OR “CHARGE OFFS”
If you pay off old accounts, do it through escrow, making sure that the debt is yours. Request a “letter of deletion” from the creditor.
3. DON’T CLOSE CREDIT CARD ACCOUNTS
If you close a credit card account, it may appear that your debt ratio has gone up. Closing a card will affect other factors in the score, including credit history.
4. DON’T MAX OUT/OVER CHARGE CREDIT CARD ACCOUNTS
Keep credit card balances below 30 percent of their limit during the loan process. If you pay down balances, do it across the board.
5. DON’T CONSOLIDATE YOUR DEBT
When you consolidate all your debt onto one or two credit cards, it appears you are “maxed out” on that card and you’ll be penalized.
6. DON’T DO ANYTHING THAT CAUSES A RED FLAG FOR THE SCORING SYSTEM
This includes adding new accounts, co-signing on a loan or changing your name or address with the bureaus.
7. DO JOIN A CREDIT WATCH PROGRAM
Then, you may check your own credit reports regularly - you won’t get penalized for a “hard” inquiry. - Plus, if something unexpected does show up, you can address is promptly.
8. DO STAY CURRENT ON EXISTING ACCOUNTS
Like mortgage & car payments, one 30-day late notice can cost you.
9. DO CONTINUE TO USE YOUR CREDIT AS NORMAL
Red flags are raised easily with the scoring system. If it appears that you are changing your pattern, it will raise a red flag and your score could go down.
10. DO CALL LEO DIPIERRE (818) 755-2808
I may be able to supply you with the resources you need to stop any derogatory reporting to the bureaus.