Mortgage Loan Approval
During the processing and underwriting periods, loan officer Rick McCants of Berkshire Lending in Plano, Texas, checks and compiles your credit, assets, income, and other determinants of your loan approval. Your loan is either approved with conditions, approved without conditions, or declined. Conditions may include further documentation or checks that he will need to verify in order to finalize your loan before funds are dispersed.
Conditions & Terms of Your Loan
Some borrowers become frustrated by conditions that surface at the end of a loan transaction and cannot understand why they are being raised so late. Final conditions are sometimes added for final approval. We do our best to help you through the process. Remember, we are simply trying to meet conditions imposed by other sources.
Since most loans are sold and serviced by other parties, the lender must verify that the loan can be sold upon close. Not to worry, no other terms of your loan can be changed after you have signed your final loan documents. When all conditions are met, your loan documents are drawn up and forwarded to the closing agent, typically a title and/or escrow company.
Do not make any adverse changes to your financial picture during the loan process. Things as simple as applying for a new department store credit card to purchase a new appliance will at least force an explanation to be given and, at worst, may cause your loan not to be funded and the approval to be withdrawn. Many times a final credit report update and additional calls to your employer may be required before a loan is approved. Be patient and your loan will flow smoothly.
Contact Berkshire Lending in Plano, Texas, to speak with loan officer Rick McCants about your loan.