Keep Calm and Close Your Loan Quickly

Does the loan process have you stressed out? Do you feel like you are never going to close?

There are so many things that are out of your hands when you are purchasing a house and closing on a loan. Here are some tips from Peeples Lending to take control, be prepared, and close quickly!

At Peeples Lending our goal is to close in 30 days or less…no exceptions! We understand how stressful it is to purchase a home. There are many, many moving parts created by people and businesses, which are part of your team. Every time you turn around, someone will be asking you for something! We want to get you to that closing table and we want you to be wowed by our service and feel in control and happy throughout the entire process! 

•Follow the Peeples Lending Checklist. There is a sense of urgency at the beginning of the loan process, however if you prepare correctly, it will lead to a sense of calm at the end. Getting these documents together is not only the first step, but it is the building block for the entire loan and will allow for proper processing.  As you gather the information on the list, place it in a folder and highlight the item as completed. Once you have all of the items highlighted, take an additional 5 minutes to go through each item again and check it off.  Making sure you included all pages on tax returns and bank statements will save you a couple necessary trips to the fax machine, and possibly a week of being in process. Click here for the Peeples Lending tried and true checklist.

 

•Order the inspection ASAP! Don’t pop the champagne just yet…..as soon as you have an accepted offer call and order the inspection.  We work with great teams of people that we would be happy to refer you to.  We recommend doing this step so quickly because you want to know if the house has anything wrong with it that may be a deal breaker for you. You don’t want to pay for an appraisal if you do not move forward with the home.

•Honesty is the best policy J Do not withhold any information from your lender. If you communicate something that you think might be a problem, we can be proactively working on a solution for you.

•Stay in touch! Answer your phone and respond to emails/texts. Communication will simplify the process and maximize efficiency.

•Get your homeowners insurance in-line. Once you have the appraisal, give your insurance guy a call to put together a policy.

Purchasing a home is a huge, emotional and financial commitment. It can be very intimidating and stressful. We are all looking for that “AHA” moment of getting to the closing table. We hope that these tips will ease the stress for you and ensure you a speedy, on time closure, with no surprises!

The Peeples Lending team is committed to providing our clients with the highest quality financial services combined with the lowest rates available in your area.  Our ultimate goal is to create lasting relationships with each of our clients so that we may continue providing excellent service for many years to come.  We guarantee that you will be wowed by our efficient service and will close within 30 days!

Meet Melanie!

Melanie Cochran is Peeples Lending's Senior Processor and we are proud to have her on our team!

Meet Melanie!

 

 

 

I've been in the mortgage industry for 25 years.

I didn't really decide to get into the mortgage industry, I kind of just fell into it.  I stayed in it because of the good feeling I get when I help someone to buy their new home.

I love working for Peeples Lending because I feel like it's a family that I'm part of and I get to provide the customer service to my clients that I feel they deserve.

Helping people to purchase their home inspires me.

My most memorable mortgage moment was when I had a client who was so stressed out and distraught over the conditions the underwriter was requesting that she started crying and was talking about giving up.  I calmed her down and told her that we will get through this together.  I told her that I wasn't giving up on getting a final approval for her and I wouldn't let her give up either.  She was so excited when I called her and told her she was finally approved and told her when she was closing and would become a homeowner.


What I love about NOLA is the food, the spices, the entertainment, and the architecture.  To name a few.

For fun I like to go camping, dancing, listening to live bands, and seafood boils with friends and/or family.

My favorite movies are:

I'm obsessed with Mexican food.  I love it!!!!!!

Not really obsessed with any song at this point. 

The quote I try to live by is "Take it one day at a time and enjoy life while you can".

The only nickname I've gone by is Mel.



Melanie D. Cochran
Peeples Lending Services LLC
1100 4th St.a
Gretna, LA 70053
(504)368-2886 (office)
(504)368-1448 (fax)
melanie@gopeeples.com

Friend me on facebook and Linked In to see all of the latest rates and mortgage news!

Mortgage Application Checklist

At Peeples Lending, we want to do everything in our power to make your loan process as easy as possible. Educate, amuse, and enrich. Three simple words get right to the heart of what we do. The following is a checklist to ensure that you are prepared for the application process and nothing is overlooked.

This information is required of all borrowers and co-borrowers. Not all may be applicable.

Loan Information

• Loan application completed
• Type of mortgage applied for
• Loan amount
• Interest rate
• Number of months
• Amortization type
• Purpose of loan
• Refinance section (if applicable)
• Titled in what names
• Source of down payment
• How was the application taken
• Borrower & Originator signatures and dates

Personal Information

• Full name
• Contact numbers
• Current mailing address
• Years in school
• Marital status
• Number of dependents and their ages
• Previous mailing address if current is less than 2 years
• Copy of driver's license or picture identification (front and back) for all borrowers
• Social Security number
• Copy of fully executed divorce decree, if applicable
• Copy of child support decree, if applicable

Employment Information

• Name of Employer
• Employer's contact numbers
• Position/title
• Type of business
• Years on the job
• Years employed in this line of work
• Copy of pay stubs for the last 30 days for all borrowers
• Copy of W2s for previous 2 years

Financial Information

• Copy of previous 2 years tax returns (personal and business, if self-employed)
• Copy of mortgage statements if applicable
• Name, address, and phone number of landlords for previous 2 years,  if applicable
• Copy of leases on rental properties
• Copy of 2 months bank statements for all checking and saving accounts, including any 401K, retirement, CDs, stocks, mutual funds, consecutive, all pages with LOE if there are any significant deposits out of the ordinary
• Monthly income
• Present housing expenses
• Any additional income
• Government monitoring information
• Assets
• Liabilities
• Any additional income using to qualify
• Schedule of Real Estate owned

Information About the Home you are Financing

• Copy of Purchase Agreement signed by all parties, if applicable
• Property address
• No. of units
• Copy of Earnest Money Deposit, if applicable
• All applicable loan documents and disclosures signed and dated by all parties

To Be Determined Pre-Approval Loan

Are you looking to purchase a new home?

Before you spend every Sunday at open houses, on top of countless hours at your computer sifting through hundreds of homes in the area, talk to your loan officer at  Peeples Lending about the "To Be Determined" mortgage pre-approval process.

We will examine all of your finances to determine if you are financially able to buy a home, and if you are, how much you can afford. We will then issue a To Be Determined (TBD)pre-approval letter, which you can present to sellers as proof of your ability to buy. 

TBD Pre-approval Program Highlights:

• Creditworthiness analyzed
• Initial disclosures not required because the property has not been identified by the consumer
• Pre-approval for 90 days
• Follows normal purchase turn times
• All programs eligible except USDA
• Available for conventional purchase loan transactions

Benefits:

• Helps borrowers understand upfront which types of homes you should look at. You won't waist time looking at homes that are out of your price range
• Competitive interest rates
• It tells sellers you're serious about buying. If a seller receives competing offers, the offer backed by a pre-approval letter may be a more attractive option because the seller knows that the buyer is approved for the purchase. In fact, a pre-approval letter is sometimes necessary to make an offer
• Guaranteed underwriting turn times

Educate, amuse, and enrich. Three simple words get right to the heart of what we do at Peeples Lending Services!

 

Apply now at www.gopeeples.com or give us a call at 504.368.2886