Loans

The Loan Process

New Jersey and Pennsylvania Loans*

The loan process may seem daunting at first glance, but using Hyperion Bank's Residential Mortgage Lending Department can make obtaining your real estate financing a smooth and enjoyable process. Here is a step-by-step guide to what is involved in getting a mortgage in New Jersey and Pennsylvania for a purchase. The steps for refinancing an existing mortgage are similar, but without the purchase agreements involved.

1. Pre-Qualification

The first step is to learn how much you can afford, and how much the bank will lend to you based on your financial status. Typically, the mortgage pre-qualification process is done right over the phone (in just a few minutes). We will discuss your credit history, employment status, income, assets, debts, and your general preference in property type and loan program.

Before placing a bid on any property, it's always best to get a mortgage pre-qualification first. We can provide a letter to you or your realtor, evidencing that we have pre-qualified you and reviewed your financial information. This will make the seller feel more at ease that you will be able to obtain financing and that there won't be any surprises down the road.

2. Application & Documents

To get the ball rolling on obtaining approval from an underwriter, the next step is to fill out the loan application. You can do this in several ways:

• Download and fill out the forms on your computer, before printing and signing the documents. (Recommended)
• Download and print out the application documents and fill them out by hand
• Set up an appointment to come into our office and fill them out together
• Set up a phone appointment and we will help fill them out for you and send them to you for your signature.

Once the mortgage application is completed, we will let you know which documents will be needed to complete the file package for submission to our mortgage underwriters. Generally, the list of documentation includes:

• Two most recent paystubs (or past two years federal tax returns if you are self employed)
• Two most recent W-2's
• Two most recent statements for your savings, checking, investment and retirement accounts (all of the pages-for each one)
• Fully signed purchase contract (if applicable)
• Signed Disclosure statements

We will then put together your file package and do extensive research on your behalf to find the most suitable loan program and lowest interest rate available for your scenario. We will also coordinate the appraisal inspection at this point as well.

3. Approval & Conditions

Usually, we will contact you with a mortgage approval notice within 7-10 business days (sometimes much sooner). Our office will send a copy of your commitment letter to all appropriate parties - the client (you), your attorney and the realtor (if the client authorizes it). We may ask for a few minor bits of information or documents ("conditions") in order to complete the approval. Once all items are reviewed and satisfied we can then schedule the closing date.

4. Closing and Funding

Scheduling the mortgage closing in New Jersey or Pennsylvania is simply a matter of coordinating all parties to meet and sign the closing documents together. Our team is able to meet you at any time of day, Monday through Saturday at any location you choose.

On mortgage refinance transactions, there is always a three day rescission period from the date of the closing until we will send the funds to pay off your old mortgage. This is also sometimes called the "funding period".

Average time from application to closing: 21 Days

Still have questions? No worries, we're here to assist you. Stop by our Residential Mortgage Lending Department today, or phone us at 215-789-4480. Toll Free: 855-731-3904.

*All loans subject to credit approval.