Considerations

During the mortgage loan process, there are many considerations to be made regarding home price, down payment amount, income level, and monthly payment amounts. These issues can be confusing and can lead to miscommunication between the buyer, the agent, and the broker. Calculations specifically are often difficult for customers to grasp, so clear this up, …

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Overall Processing Timeline

Apply using the Santiago Financial, Inc. Credit Application online, by email or by fax, or by phone. Once approved, Santiago Financial will send the agent and buyer an approval package with the list of conditions including the forms Borrower Signature Authorization (BSA), Mortgage Loan Origination Agreement (MLOA), Park Approval, Appraisal Acknowledgement, Purchase Order, Request for …

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Glossary

Appraisal: The amount the home is estimated to be worth by an appraiser’s physical inspection of the home. It is calculated using comparable sales for the last six months in the park or community and takes into account physical aspects of the home. This value affects the loan amount our lenders approve the buyer(s) for. …

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Approval

Once your Santiago Financial Credit Application is received, it will be submitted to our lenders by a loan processing assistant. The lenders send Santiago Financial the loan decision between 24 and 48 hours after it is submitted to them, excluding weekends and holidays. The decision will then be shared with the buyer(s) and agent, if …

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Application Timeline

Before Applying The only document we need before your loan approval is our completed credit application. Make sure all of the necessary information is completed for each buyer. Day 1 Complete our credit application online, or fill out a printed copy of our credit application. If you completed a printed application, please email or fax it back to our …

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