How to apply for a loan?
- Talk to the loan officer. Work together to determine what you want to gain from a mortgage and how to make that a part of your entire financial plan.
- Apply. To expedite your loan application, the company gathers all the necessary information.
- Underwriting. Premier Lending offers a distinct advantage in that your loan will be underwritten from the beginning by one of their highly qualified underwriters. As an outcome, you save time, effort, and money while expediting the loan approval process. Thanks to their knowledge and early cooperation, they can pre-approve your loan within 24 hours.
- Appraisal. A trustworthy and reliable company will appraise your home and prepare a quality report within five days.
- Conditional Approval. You've been given the go-ahead, but there are a few stipulations. If you have any of these issues, you can work with their concierge service to have your loans disbursed within 48 hours.
- Closing. All that is left is to set a date and time to close your mortgage.
- Funding. The company will disburse the money within 48 hours.
Requirements
To be eligible for a loan from a Premier Lender, a client must meet the following criteria:
- At least two full years of operation;
- For every $65,000 of NJEDA exposure, commit to creating or retaining full-time employment within two years;
- A Debt Service Coverage Ratio of 1.1X (for companies) or 1.0X (for individuals);
- 100 percent loan-to-value for real estate and 90 percent for equipment;
- Fixed assets;
- Businesses based out of a person's home are ineligible.
Application details
You'll need to supply Premier Lending with a lot of information about your finances to get a loan. After applying, the lender will conduct credit checks and verify the information. Be ready to supply:
- Copy of each borrower's state-issued identification card;
- Copies of the last two months' worth of bank statements;
- Any additional assets, such as bonds, equities, or money saved in retirement schemes, must be shown (i.e., 401k or 403b program);
- Stubs for the last 30 days' worth of pay;
- Before two years' W-2 withholding forms;
- Verify your earnings and work status with your two most recent tax returns;
- Company name and policy number of your homeowner's insurance policy;
- Contract to buy a new house from the seller;
- A copy of any current properties' most recent mortgage statement owned.
