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Our Process
The Easiest Way to a Quick Closing
Precision Mortgage.com does whatever it takes to help you get the financing you need. Not the least of which is making the whole process simple. Following these four easy steps enables a closing in 30-45 days (in most cases). The faster you turn in the documentation we need, the faster we can help you seal your deal.
Step One - Obtain Letter of Interest
The Property must be able to service the debt: obtaining the letter of intent will determine whether the property supports the loan. So it is critical you obtain an letter of intent at the outset of the process. To do so, simply fax us the following:
A current rent roll
An operating history for 2005, 2006, and 2007 year-to-date
Ideally, a completed Application and credit report
We can also issue an letter of intent with a current information sheet on the property as prepared by the listing agent.
Step Two - Prepare an Underwriting Package
While working on Step One, please gather a complete SFR full document package including the following:
Tax returns
Bank Statements
Pay check stubs
Preliminary title report
Escrow, etc.
At this stage, we also require pictures of the subject property.
Step Three - Submit Your Package to Precision Mortgage
Once you obtain the signed letter of intent with the check for the appraisal and rate lock, if needed, forward the signed letter of intent, check, and as much of Step Two materials as possible to Precision Mortgage.
At this time, we will work on ordering the appraisal and supplying you a “Needs List” of outstanding items.
Step Four - underwriting
Once all of the information is received, the file will be sent to underwriting. Files are generally underwritten on a first in, first out basis. To ensure the fastest turnaround, we encourage you to submit all required materials as soon as possible.
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