Elegant Loans - Wholesale Mortgage Brokerage

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(813) 303-LOAN

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You are here: Home / Steps

Steps

Get Pre-Approved Find a Home Loan Estimate (LE) Submit File to Underwriter Insurance Appraisal Lock Rate Clear Conditions Closing Disclosure (CD) Closing
Only 3 Steps!
1 - Complete Application
2 - Check Credit
3 - Submit Documents
LOAN APPLICATION
*Click Here to Apply Online Now*
Or, Call (813) 303-LOAN
CREDIT
It is FREE to obtain your credit scores only.  
A full credit report is necessary once you are under contract to purchase a home.  

Call (813) 303-LOAN to obtain your credit scores, or
Click Here to Obtain Your Full Credit Report

DOCUMENTS NEEDED
1.   Income Tax Statements (Most Recent 2 Years of W2 or 1099)
2.  Pay Stubs (Most Recent 30 Days)
3.  Bank Statements (Most Recent 2 Months)
4.  Identification Card (Driver’s License or Passport)

* Upload securely at https://elegantloans.com/upload 
   Fax to (877) 424-8822 
   Or, bring to office at 5811 Memorial Hwy #201, Tampa, FL 33615

Need assistance to Print, Scan, and Upload your documents?
Visit Scott & Roxanne at The UPS Store, 8635 W Hillsborough Ave.
Se habla español.     Save receipts - reimbursed at closing.

Once you have a Pre-Approval Letter, then you can search for a home.

Some factors to consider:
- Taxes
- Insurance
- Schools
- Crime
It is important to realize that taxes and insurance are variable and can go up or down, which can increase or decrease your payment.

Your monthly payment consists of:
Principal + Interest + Mortgage Insurance + Taxes + Insurance 

* If your down payment is 20% or more (i.e., Loan-to-Value is 80% or more), then you do not need to pay monthly taxes and insurance towards an escrow account.  
TAXES
The lender will consider only the most recent tax bill.  

However, your taxes will be recalculated in the new tax year.
To estimate your future taxes:
Hillsborough:  *Click Here*
Pinellas:  *Click Here*
INSURANCE
Contact us if you want to shop your insurance.  We have a list of insurance providers.

To lookup flood zone:
Hillsborough:  *Click Here*
Pinellas:  *Click Here*
SCHOOLS
School Zone Lookup:
Hillsborough:  *Click Here*
Pinellas:  *Click Here*

National Center for Education Statistics:
*Click Here*
School Grades (Florida Dept of Education):
*Click Here*
CRIME
Lookup Crime in Neighborhood:
Hillsborough:  *Click Here*
Pinellas:  *Click Here*

Sexual Predator Neighborhood Search:
*Click Here*
The LE (Loan Estimate) is provided at the beginning to help the borrower understand the expenses of the loan.  Save the Loan Estimate to compare to the Closing Disclosure (CD) that you will receive before closing. 

The Loan Estimate explains:

  • Estimated Closing Costs and the amount of cash you’ll need to have on hand at the time of settlement.
  • Your projected monthly mortgage payment (including taxes, insurance, and mortgage insurance)
  • Information on services you can, and cannot, shop for — such as termite inspections, survey fees, and the appraisal.
You need to sign the Loan Estimate in order to authorize us to begin working on your loan!
The underwriter is like the "judge" of your loan.  The underwriter will review everything and is the one to provide final approval of your loan.  

We will make your file as complete and clean as possible submitting everything to the underwriter for review.  
The underwriter will respond with a list of "conditions" that must be completed in order to finalize your loan.

You will need to decide on which insurance company to use.  Contact us if you want to shop your insurance.  We have a list of insurance providers.

Once you inform us of the insurance company that you selected, then we will contact them and obtain the "insurance binder".  

The appraisal should be ordered immediately after the inspection is satisfactory.
A hold is placed on your credit card (usually for about $500).

Once the appraisal has been done, the full amount will be charged.

At closing there will be a credit shown on your closing statement (i.e., "paid outside of closing") 
A "rate lock" means that your interest rate won’t change between now and closing.  It protects you from an increase in interest rates.

Mortgage interest rates change daily, sometimes multiple times in a day.  If your rate is not locked, it can change at any time (this is called "floating").

There can be negatives to locking a rate.  A rate lock would lock you out of a lower interest rate if rates fall.  It may be expensive to extend the rate lock if closing is delayed for unforeseen circumstances.
Great news!  The underwriter has provided "conditional approval", which means that your loan will receive final approval once the underwriter's list of conditions are satisfied.  These "conditions" usually take the form of additional documents/actions that must be completed.  For example, a signed LOE (Letter of Explanation) to provide clarification.  Furthermore, back-end conditions include acceptable title work, insurance binder, and verification of employment.

Federal law requires for you to sign the Closing Disclosure (CD) at least three business days prior to closing.  

The Closing Disclosure provides the same information as the Loan Estimate, but is finalized.  Compare the CD to the Loan Estimate received in the beginning.      

The final status for your loan is CTC (Clear-to-Close), this means that your loan is 100% Approved! 

The lender will now proceed to send the "package" of documents to the title company for you to sign.  If the closing has not already been scheduled, we will reach out to you to know the most convenient time to schedule your closing.  
HOMESTEAD EXEMPTION
If you will live in the home as your primary residence, then it is very important to register for Homestead Exemption after closing in order to lower your tax bill!

To register for Homestead Exemption:
Hillsborough:  *Click Here*
Pinellas:  *Click Here*
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© 2023 Elegant Loans, Corp.
5811 Memorial Hwy #201
Tampa, FL 33615
+1 727 734 5051
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