Choose your loan
program
You can choose your loan program and select your
interest rate online or contact a Universal Funding
senior loan specialist to help you choose the program
that best suits your needs.
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Apply
You are not required to visit any office and waste
hours of your time. You can apply by phone, which
usually takes less than five minutes, or you can apply
online, by mail, by FAX, or (if you wish) in person.
Regardless of how you apply, Universal Funding can
instantly Lock-In your interest rate (if a Lock-In is
offered for your particular loan program). If your loan
is closed and funded within the Lock-In period,
Universal Funding will guarantee your chosen rate (and
points if applicable).
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Completion
of the Loan Package
Within 24 hours of your application, you will be
sent a loan package (most of it already completed) for
your review and signatures. This package will include a
Good Faith Estimate of settlement charges, a
Financing/Lock-In Agreement, and a list the required
documents that Universal Funding will need to process
your new loan. You will be requested to return this
package (along with your required documents) in a timely
manner.
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Documents Required for Application
Learn about the required documents in the
Requirements section.
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Processing and
Appraisal
Once we have received your package, we will do a
preliminary evaluation of your credit and income. At
that time, a residential appraiser will be requested to
inspect your property. Also at that time, a processing
agent will be assigned to your case and will act as your
primary contact for any information concerning your
file.
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Underwriting
Loan approvals are based upon several factors
including credit, income, cash "reserves," loan amount,
and the property's appraised value. The underwriting
process usually takes 48-72 hours, however, approvals
are often issued with certain conditions that must be
met (a more up-to-date pay stub for example) prior the
scheduling of a settlement for your loan.
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Settlement
After your file has been completely underwritten and
all conditions have been met, closing documents are
prepared and sent overnight to the Title Company.
Settlements can be scheduled days, evenings, or
weekends, and can often take place in your home or
office.
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