Process Overview

Process Overview

Optal is focused on making your mortgage process as painless as possible. We can quickly process your home loan without requiring you to ever make an office visit. We can efficiently complete the loan process in the comfort of your home or office via e-mail and phone communication. Whether you apply online or over the phone, we will match you with a professional loan consultant specialist who will guide you through the entire process and answer any questions you may have. Along the way you can check the status of your home loan application by calling your personal loan consultant. Enjoy the peace of mind that we can offer throughout your home loan process while providing you with the exceptional customer service that you deserve. Below is a brief overview of what to expect.

Application Process

Your friendly personal loan consultant will take care of:

• Finding and helping you decide on a home loan solution to meet your needs
• Collect information for your application and explain all the forms
• Request that you sign the loan application and the forms
• Set up an appointment for an appraisal on your home
• Supply you with loan information and disclosures explaining your rights

After the Completed Application Package is Submitted

When a friendly Optal loan processor receives your application package, the following will be taken care of:

• Verification and validation of the information provided to be true and correct
• A verification of employment will be sent to employers (if applicable)
• A verification of mortgage will be sent to the existing lender or your landlord (via fax, if possible)
• Complete and compile the loan package including the appraisal and title report and any other items needed based on the loan selected
• Submit the completed loan package to the underwriter

Loan Decision "the Three C's" of the Underwriter

When your professional underwriter is reviewing your loan package, approval is typically the following:

• Credit - Your credit history (your credit report)
• Collateral - The value of the property securing the loan (your home)
• Capacity - Your financial ability to assume and repay debt

Closing the Loan

Your friendly personal loan consultant will contact you a few days before you sign your loan documents and review your final fees, loan amount, first payment date and advise you on the documentation you will be signing to ensure there are no surprises when you sign your loan documents at closing.

Your loan will normally close shortly after you have signed the loan documents. If you are refinancing your home or getting a home equity loan, Federal Law requires that you have three business days to review the documents before your loan can close. After three business days, the loan funds will be disbursed.