The Mortgage Loan Process

     You usually provide some basic loan information via online or via phone to an assistant loan officer at North Mortgage. A licensed loan officer reviews the preliminary information collected and calls you to clarify or obtain more details if necessary.
     Upon discussion with the loan officer, you'll be asked to (1) complete a standardized loan application (he/she might take a 5-minute phone application - depending on the loan program) and (2) provide any supporting documentation deemed necessary (such as bank statements, income pay-stubs, etc.)
     North Mortgage will process your loan file to make sure that all necessary documents are present and then an underwriting team will make the final determination as to loan amount, interest, monthly payments, etc. You will hear from North Mortgage's loan officer as soon as we obtain the best loan option for you.
     Finally, you may be closing your loan within days of the initial contact. Contact us or call (800) 981-4808.

Can I get a loan with bad credit?

Yes. North Mortgage has a few loan programs that accept bad credit. However, usually you must compensate bad credit with another qualifying element, such as: significant equity or a large down payment with higher income. Contact us or call (800) 981-4808.

What are "points"?

Points are a measure of the costs charged for acquiring the loan at the stated interest rate. For example: a charge of two points on a loan for $100,000 is equal to $2,000. Most North Mortgage loans do not charge points; we have 0-points loans.

How long does it take to get the loan?

North Mortgage is very interested in closing your loan as fast as possible. We've closed some loans in two days, but most loans close on an average of two to three weeks.

Is an appraisal required for all loans?

Most loans require an appraisal (a professional estimate of worth of the property). Some Equity Loans do not require an appraisal.

How much do I qualify for and what interest can I get?

Three main factors are going to influence in the type of loan we may offer. One, how's your credit history? Even if you have credit problems, there may be a loan for you! Two, do you have wages or any other form income? Some loan programs do not verify income. Three, what is the value of the home?