RESIDENTIAL HOME LOANS & REFINANCING
ARE YOU A RESIDENTIAL HOME BUYER OR CURRENT HOME OWNER LOOKING TO REFINANCE?
Through our third party partner, we offer residential home loans for first time home buyers, 2nd homes, investment, refinancing, and all other residential type home loans (no mobile homes).
Products include:
- Down payment assistance programs
- HELOCs
- USDA
- VA
- FHA
- Conventional & reverse mortgages
We offer 30yr all the way down to 8yr terms.
HOW DO I GET A HOME LOAN?
Our third party partner is a licensed mortgage loan originator in TX & CO (soon to be FL as well). Our partner works in a mortgage broker office, which allows her to shop over 30 lenders to get you the best rates, including WHOLESALE rates. This means we can shop for the best rate on the program needed for each borrower on a per loan file basis to get them into the best loan for them.
The best part? Our partner offers:
- NO processor fees
- NO origination fees
- NO underwriting fees
- NO doc prep fees
This means you pay nothing BEFORE you close on your house!
THE PROCESS
#1. Phone Call – Discuss borrower’s story. Discover how soon they want to buy or refinance. Identify who will be on the loan.
#2. Application – Borrower then fills out a loan application (as best they can). They’ll turn in all requested docs for review and approval. Then, I’ll work to get them a pre-approval letter, which is used to put an offer on a new home (or work to refinance your existing one).
- With everything “in-hand,” I can get a borrower a pre-approval letter in as little as 48 hours.
#3. Offer Accepted – Once the offer is accepted and under contract, we’ll go over your “rate sheet,” closing costs, and estimated monthly payments.
#4. Rate Accepted – Once the borrower chooses and accepts their rate, I upload the loan, lock it in, and send out the initial LE (loan estimate and initial disclosures).
#5. Borrower will review and sign the documents, which pushes the paperwork to processing (all of our processors are in-house).
#6. Borrower then pays for an appraisal, if needed (This is the only cost prior to closing the borrower may pay).
- Exception: We take care of appraisal costs for VA loans, so the borrower pays nothing before closing.
#7. Processing submits documents to underwriting
#8. Underwriter approves the loan with conditions; in this case additional docs or explanations are often needed. If all checks out, the underwriter completes a final review. Then, they approve the documentation.
#9. Borrower reviews documentation, contract, and rates. They agree and sign the appropriate documentation.
#10. Once this is signed Title and the Lender start balancing the closing disclosure for final numbers with a payoff for their current mortgage if a refi, or sellers payoff if a purchase
- Once all is balanced, the final CD goes out to the buyer with a summary of it from Lender.
#11. Processing sets up a closing time with the buyer and title and we close on the loan.
- Buyer will miss at least one month of payments (depends on closing date, could be 2 months of no payments)
- Buyer will receive a welcome packet from the lender after closing on all details again as well as where to send payments.
HOW DO I START THE HOME LOAN PROCESS?
Please upload all docs to the application portal or through this secure link.
#1. Fill out the application best you can with as much detail as you can. Does not have to be perfect as I can tweak as we go. Includes co-borrower for this and all docs if applicable
- Please provide 3yrs of employment history & 3yrs of address/living history
- Approval to pull credit
#2. Copy of Driver’s license
#3. Copy of two most recent years of W2 (if self-employed, I need P&L for current YTD and previous year as well as most recent 2yrs of tax returns IN FULL…no missing pages)
#4. Copy of paystubs (past 30 days)
#5. Copy of assets (bank statements, money market acct, stocks, etc); must be full statements
MISSION STATEMENT
Stellar Construction strives to ensure every client is satisfied with the customer service, craftsmanship, and experience they bring to every project. With more than 30 years in the construction industry, Stellar assists all their clients in making their dreams come true while still remaining financially affordable.
