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LOAN PROCESSING

CLICK HERE & GET PRE-QUALIFIED! MORTGAGE FAQs ONLINE PRE-APPROVAL DISCLOSURE PACKAGE CLOSING LOAN FUNDING LOAN LOAN CLOSING CLOSING DOCUMENTS APPLICATION PROCESS LEGAL DISCLOSURES CONFIDENTIALITY TERMS & CONDITIONS

Every loan is unique, so the loan process is slightly different for every borrower. However, there is a pattern to the loan process. Here we've broken down the process into easy-to-understand steps: Compare Loans - Use our Mortgage Calculator and other tools to determine which type of loan is right for you. Apply Even if you haven't found the right home yet, you can begin the application process online or over the phone. Approval - In most cases, RG Mortgage can provide pre-approval online within hours of receiving your loan application. Meet Approval Conditions - After RG Mortgage approves your loan, we'll send you a list of your responsibilities and any items you'll need to supply. We'll also give you a list explaining what steps we'll be taking in order to close your loan. Lock Your Loan Rate - Once you're approved, you can lock your rate at any time, as long as it's at least five days before your loan is scheduled to close. Underwriting - Once you've locked your loan, RG Mortgage will prepare your loan documents and arrange a signing appointment that is convenient for you, and in some cases even at your home. Closing - We make it easy for you by making all the necessary arrangements for you to sign the loan documents at a title company or attorney's office near you. Funding - RG Mortgage funds your loan so that you can fulfill your dreams of home ownership or get the money you need now from the home you already own. ON-LINE PRE-QUALIFICATION Our simple online application should take you less than 10 minutes to complete. The application includes questions about your financial situation and the property that you wish to PURCHASE or REFINANCE. Once your application has been submitted, we'll review the information and determine if we will be able to process your loan. You'll receive notification almost immediately. Within a few business hours of completing your application, a Mortgage Loan Officer will contact you. If we were able to approve you based on the information you submitted, the Mortgage Loan Consultant will help advise you on how to continue the loan process. If we still have additional questions about the information on your application, we may not be able to give you an instant approval. A Mortgage Loan Consultant will contact you for any additional information. DISCLOSURE PACKAGE After your online application has been approved, we'll send you a disclosure package using an overnight delivery service or electronically, whichever you prefer. The kit contains papers for you to sign and a list of items that are needed in order for us to verify the information you submitted. We're so committed to making the process easy for you, we'll even provide you with a prepaid express envelope for you to return the documents to us. CLOSING LOAN We'll make arrangements for the property's appraisal and title insurance. The appraisal is needed to confirm the property's value. We use only experienced, licensed appraisers in your area. Title insurance is necessary for a home loan because it confirms the legal status of the property. We'll work with the seller of the home to make sure that the necessary title work is ordered. If you're refinancing, we'll order the title work for you. After we receive your application kit, the appraisal for the property, and the necessary title work, we'll be able to schedule your loan closing. We'll contact you to arrange a time and place that are convenient. Your Mortgage Loan Consultant will help you prepare for closing by walking you through all the final information. The closing meeting will take place at a title company, attorney's office or in some cases even your home. FUNDING YOUR LOAN At the closing meeting, the Closing Agent will review the Settlement Statement. The Settlement Statement is an itemized statement that details the transaction. You will need to sign it. If you are purchasing a home, both you and the seller will need to sign. Once the paperwork is signed, you'll hand over the funds that you were asked to bring and the lender will provide the remaining amount required to purchase the property. After the paperwork has been signed and the funds have been transferred, the property is yours! Several elements make up your monthly mortgage payment. You may hear your payment amount referred to as PITI. PITI is the acronym for the four different components of your monthly payments - principal, interest, taxes, and insurance. In other words, every month a portion of your mortgage payment goes towards each of the following: Principal - The principal is the original amount that you borrowed, or the portion of the amount borrowed that has not been repaid. Interest - Interest is the fee that the lender charges a borrower for the use of borrowed money. Taxes - Annual real estate taxes for the property are distributed over the course of the year so that a portion is included in each month's payment. Insurance - A portion of your monthly payment pays for hazard/fire insurance payments. When you apply for a loan, you will need to provide some personal and financial information. This information helps gauge your ability to repay a loan. It will save time if you have this information handy before starting the application process. The Social Security Number for each borrower on the application. The addresses of each residence you've lived at for the past two years, including the address and contact information for the landlords (if applicable) of those addresses Employment and salary history for the past two years. Your current income, and the income of any other employed borrower on your application Names, phone numbers, and addresses for banks/brokerages where you have accounts Bank/brokerage account numbers and balances. As you continue through the loan process, you will need to provide documentation to verify that the information you provided is accurate. In order to save time, you may want to start gathering some of the necessary documents when you first begin the loan process. Depending on your unique situation, you may need to provide certain documents in addition to the ones listed below. If we need additional information, we will contact you. LOAN CLOSING The loan closing is the finalization of the legal transaction. It will take place at a closing meeting. We'll schedule a closing meeting that is convenient for all parties involved. Several tasks must be completed prior to the actual closing meeting. After your loan is approved, your Mortgage Loan Officer will send you a list of your responsibilities. We'll choose a closing date that will give you time to fulfill those responsibilities and gather up any necessary documents and funds. The lender also needs a few days to prepare and deliver the loan documents. Depending on the location of your property and the type of loan you are receiving, you may be asked to provide various documents on closing day. Your Mortgage Loan Consultant will send you a complete list of the documents that you will need to bring to the closing meeting. Some examples of documentation that may be required are a termite inspection certificate, flood insurance, or a Certificate of Occupancy. If you're obtaining a loan to buy a property, you will complete the legal purchase of that property at the closing meeting. Because of this, you will want to conduct a final walk through of the property prior to closing. Check to make sure all repairs and construction has been completed as promised, that there isn't any new damage, and that anything that was supposed to be included in the sale of the home is still intact. Your Mortgage Loan Officer will also send you a Settlement Statement, which is an itemized statement that shows the amount of funds that you will need to bring to the closing. You will have the opportunity to review this list for at least one day prior to the actual closing meeting. The funds will need to be in the form of a cashier's check, because that type of check is guaranteed by the bank that issued it. At the closing meeting, the closing agent will review the Settlement Sheet with you and the seller. You will both need to sign it. After the paperwork has been signed, you will hand over the funds that you were asked to bring. The lender will provide the remaining amount required to purchase the property. After the paperwork has been signed and the funds have been transferred, the property is yours! CLOSING DOCUMENTS There are several documents that you will review at closing. We believe this is a comprehensive list that you can use as a reference for what you should be prepared to read and sign on the day of closing. If there are any additional documents, your Closing Agent and the official at the title company or attorney's office will explain them to you. Mortgage Note - A Mortgage Note is a legal document that describes the borrower's obligation to repay a mortgage loan at a specified interest rate during a specified period of time (or, in some cases, on demand). The document offers a mortgage as evidence of a debt. It describes the terms under which the mortgagee is to repay the debt. Deed of Trust - A mortgage is an agreement in which a borrower pledges real property as collateral for a loan. In other words, the borrower gives the lender a lien (legal claim) on the property until the loan is paid off. The legal claim serves as a security for the debt so that the lender is protected in the event that a borrower can't meet the repayment obligations of the loan. If the borrower can't make the necessary mortgage payments, the mortgaged property will be turned over to the lender. In some states, a document called a "Deed of Trust" is used instead of a mortgage. In a Deed of Trust, the title is transferred to a trustee rather than to the borrower. The mortgage or deed is filed as an official legal record in the town where the property is located. HUD-1 - HUD is an acronym for the U.S. Department of Housing and Urban Development. The HUD-1 Statement is a document that describes the loan transaction, including fees, points, mortgage insurance, and hazard insurance. The itemized listing of all fees will be numbered according to a standardized system used by all lenders. These numbers will also correspond to the numbers on the Good Faith Estimate that you were provided in your application kit. Because the HUD-1 is prepared for the closing of a transaction, it is also sometimes referred to as a "Closing Statement." Truth-in-Lending Document - Federal law requires that lenders fully disclose, in writing, the terms and conditions of a mortgage. At the time of closing, RG Mortgage will present you with a document containing terms and conditions of your mortgage, including the annual percentage rate and other charges. Loan Application - You will have an opportunity to review a final copy of your loan application. Other Disclosures - A disclosure is a document that releases relevant information to the parties involved in the transaction. Depending on the type of loan you receive and the state your transaction takes place in, there may be various disclosures for you to review at closing. These disclosures are required by federal and state agencies. APPLICATION PROCESS We are a full-service mortgage company with a variety of home loan products. We offer competitive rates and faster approvals than most other lenders. Our rates are among the lowest in the nation and loans can be approved in minutes after receipt of all required information. Each customer is assigned a Personal Mortgage Loan Officer whose primary responsibility is to make the process easy and simple. Your Mortgage Loan Consultant is available to answer any questions and assist in determining which product is the best for you and your situation. The dedicated staff of RG Mortgage prides themselves on top-notch customer service. RG Mortgage is committed to fairness, equal opportunity, and to making residential home loans that are fairly priced with reasonable terms and conditions. RG Mortgage, LLC is also committed, along with all reputable lenders, to helping protect consumers from the abuses of predatory lending. LEGAL DISCLOSURES In compliance with state and federal regulations, RG Mortgage is pleased to make the following disclosure and licensing information available for you to review. RG Mortgage does business in accordance with the Federal Fair Housing Law. This law makes it illegal for any mortgage lender or broker to discriminate against any person because of race, color, religion, sex, handicap, marital status or national origin. The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (providing the applicant has the capacity to enter into a binding contract), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics. The federal agency that administers compliance is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580. INFORMATION COLLECTION We collect the following personal information about you, including: Information we receive from you on applications, surveys, online registrations or other forms (such as your name, address, assets, income and debt); Information about your transactions with us, our affiliates, or others (such as account balance, payment history, or information about our communications with you); Information about your creditworthiness, credit history and other information about you that we obtain from consumer reporting agencies or from providers of marketing and demographic information; and Information from other outside sources regarding their employment, credit or other relationship with you or verifying representations made by you, such as your employment history, loan balances or your property insurance coverage. CONFIDENTIALITY AND SECURITY We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. In addition, we maintain physical, electronic and procedural safeguards that comply with state and federal regulations to guard customer information. INFORMATION SHARING We do not disclose nonpublic personal information about our customers or former customers with affiliates or nonaffiliated third parties, except as required or permitted by law. We may disclose some or all of the information we collect, as described above, to companies that perform services on our behalf, such as check and statement printers, data processing companies and vendors who monitor the status of insurance on the property. We may also disclose some or all of the information we collect, to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing arrangements. These companies help us provide you services and they are obligated to keep customer information confidential. We may disclose some or all of the information that we collect as permitted by law, such as to, credit bureaus, to comply with subpoenas and summonses, with state and federal regulatory authorities and law enforcement officials, to protect against fraud or to service your account. TERMS AND CONDITIONS Offer is subject to underwriter approval and verification of income, employment and assets. A qualifying offer must be from another institutional lender and is valid for same day quotes only and will be based upon the submission of one genuine good faith estimate. Loans subject to availability by state. Mortgage rates and fees may vary depending on your property's location. Monthly Payment per $1,000 and Monthly Payment calculations include principal and interest ONLY. PMI (Private Mortgage Insurance), hazard insurance, property taxes, state taxes, mortgage taxes, homeowner's association dues, and any other recurring costs are not included. Annual Percentage Rate (APR) calculations assume no subordinate financing and that the borrower will provide full income documentation. Rates are subject to change without notice. Closing Costs assume that borrower will escrow monthly property tax and insurance payments. Restrictions may apply. Fees and charges apply.