Galatians 522 Lending is ready to help you through the mortgage loan process!

When getting started on your loan, you want someone who will do what's right for your specific financial situation! You want someone who has experience in the full loan process - loan origination, underwriting, closing and funding. You want someone who can review your income documents and structure your loan correctly!

Galatians 522 Lending has expertise in Underwriting, Closing, Funding, Loan Origination and Tax Preparation. We have worked in the mortgage industry for 15 years and have been successful in simplifying the loan process for our clients.

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black calculator beside black pen on white printer paper
black calculator beside black pen on white printer paper

NMLS #342961

Loan Application

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Estimate the Mortgage Payment

The mortgage payment consists of several parts:

1) The principal amount - the portion of the payment that will pay down the loan amount.

2) The interest amount - the portion of the payment that is calculated based on the balance of the principal based on the interest rate.

3) Taxes - the property taxes that the County has assessed for the property.

4) Insurance - the homeowner's insurance premium for Hazard, Fire, or Flood based on what is needed for the area.

5) Homeowner's Association Dues for Condominiums and Planned Unit Development

6) Other amounts - some homes have additional payments for a land lease or additional taxes based on the city or county.

gray and white concrete house
gray and white concrete house
Purchase
green plant in clear glass vase
green plant in clear glass vase
Cash Out

We offer expert advice and personalized solutions for your home purchase needs.

Refinance your existing mortgage to reduce the interest rate, change the amortization period, change your loan product or remove MI. You may also be able to skip a mortgage payment during the process.

Debt Consolidation: See if accessing your home equity will allow you to payoff other debt sooner and with less interest.

Cash Out: Have access to your home equity for emergencies and large expenditures

Mortgage Purpose

Refinance

Why are the 3 C's important during the loan process?

Credit - This is proof your history of repayment and provides support for your responsibility in paying back obligations.

Collateral - The value of the property being purchased is a large factor in determining how much of a loan amount can be taken.

Capacity - This determines the ability to repay the loan. The debt-to-income ratio is the most common calculation for this along with how much reserves are available.

Submitting to underwriting

Completed application and supporting documents are submitted to underwriting for review and to confirm all qualifications are met.

Completing conditions

During underwriting, additional clarification may be needed. At that time, additional documents may be requested.

Loan Application

Credit report must be pulled and information regarding employment, assets and declarations are completed.

Final Approval

All documents have been provided to underwriting and the loan is ready to move on to the closing process.

Funding

The wire is sent to fund the loan. Purchased and investment properties have no waiting period but primary homes generally have a waiting period when refinancing prior to funding.

Closing

The Closing Disclosure is issued and Final Loan Documents and Disclosures are signed.

The Loan Process

Initial Loan Disclosures

Initial loan disclosures are provided. The rate may be floating or locked. Not all figures are finalized so numbers may be subject to change.

Consumer Access NMLS link: https://www.nmlsconsumeraccess.org