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Top Professional Services in Morristown, TN

Prefer to talk to a pro?

Call today, and let us connect you with the perfect merchant!

1-844-686-2616

Call today, and let us connect you with the perfect merchant!

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Updates & tips

Read The Latest Newsletter from SunTrust Mortgage, Inc.

We've just published a new edition of our newsletter! You can check it out on our website and get the latest information from SunTrust Mortgage, Inc.. Let us know what you think! Read It Now Here

By SunTrust Mortgage, Inc.

10 Ways to Avoid a Closing Nightmare

1.     PLEASE DO NOT MOVE ANY MONEY AROUND UNTIL YOUR LOAN CLOSES. If a bank verification shows a recent increase in your accounts an explanation of the increase will be required.    2.     Try to DELAY ANY LARGE PURCHASES until after your loan closes. If a verification of credit shows you have recently bought a car, or your charge account balances have increased, it could jeopardize your loan approval.   3.     If your loan approval requires you to pay off any bills, DO NOT PAY THEM OFF YOURSELF, CONTINUE TO MAKE ROUTINE PAYMENTS UNTIL YOUR LOAN CLOSES.  We will then have you bring the monthly statements to the closing and let us pay off the accounts through the closing. If you pay the accounts yourself, we may not be able to verify zero balances for several days or weeks, which could delay the closing of your loan.   4.     Don’t quit your job   5.     Don’t take any Cash Advances on your credit card(s)   6.     Don’t allow any inquiries (credit checks) on your credit   7.     Don’t close any accounts   8.     Do continue making ALL of your payments as agreed, especially your mortgage   9.     Return any documents the escrow company sends you right away   10. Inform your mortgage consultant if your loan will be transferred to another lender prior to the closing of your new loan

By SunTrust Mortgage, Inc.

The Loan Approval Process

The Loan Approval Process is relatively simple but can seem very mysterious if it is never explained to you. The best news ever is that it takes less and less time these days.No matter how fast, however, every mortgage application has to go through these steps: The ApplicationThe key to the loan process going smoothly is the initial interview. At this time, we make every effort to obtain all pertinent documentation so that unnecessary problems and delays can be avoided. Ordering DocumentationSometimes immediately, but in no case more than 24 hours after application, we request a credit report, appraisal on the property, and any verifications required to confirm information that was not documented at loan application. These could include employment, bank account or rental verifications, for example. Awaiting DocumentationAs we receive any information requested, we review it for any potential problems and request additional information, if necessary, to solve them. We keep you aware of what is going on through status reports throughout this period. In the past, it often took 60 days to process a loan. That is quite unusual these days. We often can have loans approved and closed in two weeks. It will depend upon your individual circumstances. Loan SubmissionOnce all of the documentation is in, the loan officer reviews our current programs to make sure that the borrower is getting the best rate and terms. The loan processor then puts the loan package together for the underwriter's review. Loan ApprovalFinal loan approval generally takes anywhere from 24-72 hours. (An original credit approval may have been provided upfront, in a matter of hours. This review will also encompass the property). All parties are notified of the approval and any loan conditions that must be satisfied before the loan can close. The loan approval is the beginning of the closing process. Documents Are Prepared/ReviewedWithin 1 to 3 days after loan approval, the loan documents such as the note and deed of trust or mortgage are completed and sent to the title company or attorney's office. The escrow officer or attorney calls the borrower to come in when the papers are ready for final signature. At this time the borrowers are told how much money they will need to close the loan. FundingOnce all parties have signed the loan documents, the loan is funded. The documents are then returned to the lender who reviews them. If any document was incorrectly completed, the lender will contact the appropriate parties for correction. RecordationWhen the paperwork is complete, the lender or title company will record the documents serving as the lender's security for the mortgage loan at the county recorder's office. PaymentsThe mortgage lender will provide you with a coupon book, monthly billing statement or option to have your payment automatically drafted each month.

By SunTrust Mortgage, Inc.