The Loan Process
STEP 1 – Fill out the paperwork
The first step in the loan process is to download and print our forms package. While the property is the most important criteria in the loan approval process we need certain information about you the borrower. The more complete the forms and attachments are the easier and faster we can approve you for an “easy money” loan. The forms package tells us about you and your abilities and experience. (Click here to get forms now)
STEP 2 – Send the paperwork
Once you have completed the forms package and have all supporting documentation you can fax or email them to our office.
STEP 3 – Review the paperwork
Once we review your documentation we will be able to provide to you (upon request) a pre-approval letter which may be beneficial to you when submitting offers.
STEP 4 – We order the appraisal then inspect the house
If you already have a property under contract and have submitted the contract along with your completed forms package we can usually give you an answer within 24 hours. The appraisal must be ordered by My Rehab Lender, it usually takes 3-4 days to get the appraisal back. Appraisals are only ordered once we have received payment. After we receive the appraisal we will schedule a time to walk the property with you.
We do not charge any up front fees for credit reports, underwriting, processing fees, application fees. The only fee you will be required to pay before closing is for the appraisal/inspection (and sometimes a structural engineer’s report if the foundation needs work).
STEP 5 – Provide follow-up on documentation and go to closing
Once the appraisal comes back at an acceptable price to My Rehab Lender, we will need a title commitment and proof of insurance in order to draw documents for closing. This whole process can be done in about a week.
STEP 6 – Getting your repair draws
If your loan includes repair funds then those funds will be held by the lender in an escrow account until you have completed and paid for the repairs. We will agree up front how many draws you will require. The amount of draws will depend on the size of the repair project. Minimum draw amount is usually $5,000. Once you have completed the first $5,000 in repairs you will need to submit a draw request. We will come out and inspect the property and the repairs completed. Assuming the repairs have been done and the proper lien waivers supplied, My Rehab Lender will advance to you the amount of your draw request less a $100 inspection fee.