Our New Mobile App Is Live
Posted by Christine Moore on
Download NOW! Available for iPhone and Android users
The mortgage loan process just got easier! In a recent press release, we announced a new mobile app to help borrowers, loan officers and realtors track loan progress from their mobile devices. We’re excited to share a few details about this new development and how it makes for a smoother, faster closing for everyone involved. Here are just a few features of this powerful new tool.
If you are just beginning the home buying process, you want to see all your options. How does a conventional payment differ from FHA? Should you put more money down? Can you afford a 15-year loan instead of 30? Our app has a variety of loan calculators so you can enter any scenario you like, then save them for future reference. You can also get an idea of how much you qualify to borrow, based on all of these variables. It's the most productive tapping you'll do on your phone!
Get a Pre-approval Letter
A pre-approval letter means the lender has examined your income documentation, available funds, credit and other factors and has determined a loan type and amount for which you qualify. It’s not a guarantee, but it is a valuable thing when you’re house shopping. It tells the owner of that perfect home you’ve found that you are already through the first step of the application process and you’re ready to make a serious offer. With our app, your pre-approval letter is right at your fingertips.
Share Contact Information
Whether you are purchasing or refinancing, you want to be able to contact your loan officer quickly with any questions. We want that too! With our app, your contact information is securely stored for your loan officer to contact you and you can easily contact them with just a push of a button.
It’s not uncommon for the loan processor or underwriter to need an additional document or disclosure as you move through the loan process. But not everyone has access to a scanner or fax machine at every moment. No problem. Use the app to quickly scan that pay stub or signed disclosure right from your phone and send it immediately through to us. No more delays and stress as you try to figure out how to send needed documents.
View Loan Milestones
Your mortgage loan passes through several steps before its completion. Here are the most important milestones:
- Processing – When your loan is in processing, that means all the information about you and the property is being gathered and organized for the underwriter. This step usually takes the longest because the processor must wait on many outside parties to provide information, such as employers, landlords, appraisers, credit agencies and others.
- Underwriting – The underwriter reviews everything the processor put together and does some further verifications and checks. They also review the appraisal to make sure there are no issues with the property.
- Conditional approval – When the underwriter issues a conditional approval, it means they have made a commitment to loan you money for the property, provided the final conditions are met. Final conditions could be anything from a pay stub to an explanation letter.
- Docs – Doc status means your loan is ready for the documents (your loan note, deed and disclosures) to be drawn up and sent to the title company for you to sign.
- Funding - This is the best step of all. It means the lender has sent the loan money to the title company for disbursement and you can breathe a sigh of relief that the whole process is finished.
We understand that one of the hardest aspects of the loan process for borrowers is the waiting and wondering where their loan is, exactly, in the process. Our app eliminates that uncertainty for everyone involved by displaying your loan's current status as it reaches each milestone.
Receive Push Notifications of Loan Status
When it comes to loan closings, timing is everything. For purchases, you must close on time or you are in breach of the contract and may not be able to get an extension. For refinances, you usually want to close near the end of the month to avoid additional interest charges. Your loan must be in a certain status at certain times in order to close on schedule. How great would it be to receive notifications of your loan status in real-time? Now you can! Just turn on the notification feature when you download the app and you’ll always be updated the minute your loan moves into the next step of the process.
With innovations like our new mobile app, it's no wonder that Equity Prime Mortgage LLC is one of the leading lenders in the U.S. Our sales and support team are already known for their personable and fast service and now, with the convenience of an app, we can make your home buying or refinancing experience even more outstanding.