Frequently asked mortgage questions, mortgage info.

Question: What is the difference between using State Financial and a bank like Wells Fargo?

Answer: The number one difference between a bank like Wells Fargo and State Financial is you will not be treated like a number. State Financial is also a bank, but we believe in offering the very best service we can. We want to fit you with the financing that will best work for you and your family's needs, not the loan that will make us the most money. We will custom tailor your loan to fit with your goals, and be there to help with any financing you will need down the road. We want to have you as a customer for life. We also believe in being upfront with our clients and basing our service on a single important principle – "put yourself in the client’s shoes." If this is not the best time for you to refinance or purchase a new home, we will tell you upfront. We know that it is YOU, the client, that keeps us in business and it is you we aim to satisfy.

Question: Are you a Broker or a bank?

Answer: We are able to do both types of financing. We can bank on your loan and get it done in-house, or we can broker it to any preferred lender we use. The major misconception is that mortgage brokers can cost you more money. That is far from the truth. Because State Financial has the ability to broker a loan to a preferred lender, this means you will have the benefits of both worlds. As a broker, we can get almost any type of credit situation financed. As a bank, we can give you a lower rate than what is on the market today!

Question: What are some examples of challenging loans you’ve closed?

Answer: We pride ourselves in helping every type of borrower that comes through our doors. Some of the special loans we have closed are: 100% financing for a borrower 1 day out of bankruptcy, and a cash out refinance to pay off debts with a borrower that was unemployed. We got that borrower a rate of 3.95%! We have recently closed a loan for a borrower that had been self-employed for less then 2 years and did not have a business license. We were able to get him a 100% financing for a $775,000 home. Whether you have just gotten out of a bankruptcy, or just purchased a new home and need cash out, we have the program for you.

Question: How does the loan process work?

Answer: Ideally, it is a smooth process and many borrowers do not understand the qualification process. Because there are so many different circumstances and each loan gets its own special attention, it is almost impossible to give the homeowner specific details. But the general process is as follows:
1. A qualified loan expert takes a loan application from the homeowner. In addition, the loan expert collects the needed documentation; usually pay stubs, W2’s, bank statements, and insurance information. They will prepare the loan application and submit it to the lender for approval.
2. Once we have received the approval we order the appraisal, and if there is any other documentation required we contact the borrower.
3. After we have the appraisal and the additional documentation required we resubmit for the final approval.
4. The lender signs off on the loan and they draw the loan documents.
5. The borrower signs the final documents with a qualified title agent who goes over the loans specifics one more time. With purchases the loan should fund the next day, with a refinance you have a 3 day right of recision period. This gives you time to look at all the documents and have any questions answered or any thing changed that was not right. This is the basic process and it normally takes about 3 weeks for the loan to be finished. We are committed to closing your loan as fast as humanly possible, and pride our selves on the service you receive from the first contact to the final close.

Question: How long does it take to get pre-qualified and how can I do so?

Answer: It will take 24 hours at the most to get you pre-qualified either for a new home purchase or a refinance. Contact us today to get pre-qualified and we'll reply within 24 hours.