What happens after I apply?
Once you apply, one of Empire’s mortgage consultants will email you a complete documentation list of what will be needed for us to determine if the transaction requested is pre-approved. Once you send all items to us, your pre-approval request will be completed in just a couple hours at most. At a pre-approval status, you are able to rate lock, should you wish to.
The next step would be the electronic signing of your initial disclosures, and once you have, we will submit your loan to underwriting for formal loan approval, and order your appraisal, if you have one required on your file.
After your formal approval comes in a few business days later, we will send you any needed conditions to finish up the transaction.
Related FAQs
- Can Empire of America finance the purchase of a property through a short sale?
- Do you have any programs that don’t require income documentation?
- Can I apply before I find a property and get pre-approved?
- Should I consider a loan with private mortgage insurance (PMI)?
- What is the minimum down payment required on a purchase mortgage?
- What is the maximum percentage of my home’s value that I can borrow on a refinance loan?
- What is the maximum debt-to-income ratio allowed?
- Is paying off an existing second mortgage or home equity line considered cash out?
- Can I keep my existing second mortgage or home equity line and refinance my first mortgage?
- If my loan application isn’t pre-approved, does that mean you can’t provide me with financing?
- What is your minimum credit score requirement?
- Am I able to refinance a property that was recently listed for sale?
- What is the difference between a conforming loan, a super conforming loan and a jumbo loan?
- What is an ARM?
- What is a subordination agreement?
- What is a three day right to cancel?
- What is title insurance and why do I need it?
- What is prepaid interest?
- What is the difference between an Interest Rate and an APR?
- Can I prepay the loan without a penalty?
- What supporting documentation is required?
- How quickly can you close my loan?
- What is your rate lock policy?
- Are any fees collected when I lock?
- What if rates drop after I’ve locked?
- What happens if the loan process takes longer than my lock period?
- Can I choose a different program or rate after I’ve locked?
- Can I relock my rate if I cancel and reapply?
- If rates fall after I’ve locked, will you lower my rate?
- Should I lock or float my rate?
- What is an escrow/impound account?
- What are included in your closing costs? What are pre-paids & are they different from closing costs?
- Why do you charge a Lender Fee?
- Should I pay discount points?
- What is a rebate/credit?
- When will I hear from someone after my inquiry/application?
- How can you offer such low rates?
- Is there a fee or any obligation if I apply?