finance a property.
Integrity Residential Solutions is also a full service mortgage company. Our experienced, well trained loan consultants are dedicated to meeting the needs of our home owners. Whether you are buying a new home, refinancing an existing home or building a new home, we can help you.
If you are a real estate agent, you can rely on our specialists to take your client through the loan approval process to the close of escrow, leaving you free to concentrate on your next deal. And, like a Realtor, we don't get paid unless loans close, so we have an incentive to help you make it happen.
The main advantage of working with a mortgage company, as compared to a bank loan officer is that the bank employee has only one menu of loan programs and rates, whereas we can access many different lending sources, and, in effect, do your shopping for you. We represent major banks, and we also have many other financing sources, who often have a substantial pricing advantage.
The principals at IRS have decades of lending experience and leverage that experience to ensure a smooth and efficient lending experience. We never charge a fee for a consultation, so we advise you to meet with us, discuss your intentions, and let us advise you on the likelihood of approval and the price of the financing. If it makes sense, we'll help you to get it done.
One of the main objectives of our Loan Consultants is to find out what is important to you, the borrower. Once your needs are identified, your Loan Consultant will make loan recommendations that fit your needs.
Some of the loan programs that we offer are:
· Conventional Loans
· Non-Conforming / Jumbo Loans
· Home Equity Lines of Credit
· Private Money/Hard Money
· Second Mortgages
· Land Loans
· Construction Loans
· Investment Property Loans
· VA Loans
Due to the growing complexity of the mortgage industry and the programs available, we offer a free mortgage consultation. This helps you to understand what your options are, and how we can best assist you.
THE LOAN PROCESS
Preparation – Build a green file with the documentation that all lenders will require. (2 years tax returns (personal and business), W2’s, 2 months paystubs, 2 months bank/money market/brokerage/mutual fund and retirement accounts, proof of any other income, copy of visa or green card (for non-us citizens), copies of existing mortgage statements)
Pull Your Credit – By contacting a credit reporting agency such as Equifax, Transunion or Experian you should know your credit rating before you begin shopping for a mortgage. Ratings usually vary between 350 and 850. Anything above 620 is good. If you exceed 720, you are considered premium and may even get a lower interest rate.
Prioritize Your Costs And Savings - Down payments, closing costs and additional expenses (such as inspections) should be at the top of your list. On the other hand, be sure to pay down on your current revolving and high-interest rate debts, such as credit cards.
Get Pre- Approved – Let your IRS mortgage consultant preapprove you for a loan. (Click the “Apply for a loan link)
Choose A Loan & Lender That Work For You - Though there are many different kinds of loans available the “Fixed rate mortgage” - This long-term option requires monthly payments that will remain the same throughout the duration of the loan, which may vary from fifteen to thirty years. Though it’s the most affordable short-term solution, it may cost more than shorter term mortgages over the life of the loan; The “Adjustable rate mortgage (ARM)” - The loan rate here will be determined by factors such as index, readjustment intervals, and capitalization rate. The initial interest rate can be as much as 2 to 3 percent lower than a comparable fixed rate mortgage, which can make homeownership more affordable. However you should first examine variant factors and downside risks before seriously considering this option; And the “Hybrid loan” - Also known as an intermediate or convertible ARM, it offers a fixed interest rate for a specified initial period before it ‘switches’ to an ARM and adjusts with the market every six months or every year. Consult with your IRS mortgage professional to assess which loan type and program would best correspond with your resources and needs.
Underwriting The Loan – Underwriters, hired by lenders, are analysts who examine all the data from a borrower’s property and transaction, and ultimately determine whether or not mortgages should be issued to the applicant. Loan approval committees will use underwriters’ reports during their deliberations to evaluate the property and the applicants’ creditworthiness. Your IRS mortgage consultant will contact you in the course of this process, so prompt communication is necessary to keep the process running smoothly.
Signing Loan Documents - Here comes the best part. Once your lender has agreed to close or fund your loan, the signing can begin. Before this happens, however, be sure to verify and finalize all the documents, and to supply any additional requirements (such as photo IDs or cashiers’ checks). The final loan documents are usually signed in the presence of a bank attorney or a notary.