2181 Wadsworth Rd, Suite 203
       Norton, Ohio 44203
1-888-268-1154

The Loan Application:
The first step in the Process is taking a Loan Application. It is a simple process that starts you on the way. Our Licensed Loan Officers are happy to assist you through this step. It is basic information about yourself, which we need to make an evaluation of the best Loan Program for you. We refer to the Application as the “Uniform Residential Loan Application” or “1003”. It is very simple to complete and our Loan Officers will step you through it quickly. Some personal and financial information will be asked of you. In most cases you will be asked to provide some documents to support your income, income tax returns, bank statements and homeowners insurance information. The information you may be asked to provide may very by the nature of the Loan we are doing for you.

What happens after the Loan Application?
After you have made your application many things begin to happen. We will obtain a credit on you to start the process. Verification of Employment and Bank Account information will be requested on you. A property search will be performed and an appraisal will be ordered on the property. Your loan will be submitted for approval.

During this step of the Process it may seem like nothing is happening but these steps can take some time. Feel free to contact your Loan Officer to ask questions. We will be in touch with you to discuss interest rates, financial matters and to discuss the Programs you have chosen.

The Approval:
After your loan has been submitted we will receive one of the following answers:
You have been approved as submitted, approved with conditions or another offer was made by the lender. If the loan has been approved with conditions there may be some supporting documents that the lender has requested for us to supply or additional information they have requested. Your Loan Officer will work with you to explain the request to you. Some conditions may be copies of bank statements, proof of income information, divorce papers, canceled checks etc. In the case the lender has made a counter offer we will need to evaluate if it is an option that best fits your needs.

This request for information is a normal step in the Loan Process so expect it and it will go through smoothly. Once we have meet these conditions your loan will move into the final approval step. Once we receive final approval we will discuss closing your loan with you.

What is the closing?
The closing is the signing of your Loan papers. After the final approval has been received your Loan Officer will contact you and go over the final numbers before you sit down to sign. The Loan Officer will explain any final information you need to know about payoffs, cash out and/or payments. Once a closing is scheduled a closing agent will come to your home or place of business for you to sign papers. If it is more convenient for you to come to our office it will happen there. Once you sit down all the Loan Papers will be explained further and if you have more questions they will be answered. You will receive copies of the papers you have signed. The settlement statement will show where all the funds are going. An escrow agent will  “close escrow” which is the disbursement of the funds and then recording of your loan.

What are my rights?
Accelerated Mortgage Solutions, Inc. follows all State and Federal Regulations. We will advise you under RESPA (Real Estate Settlement Procedures Act) and the Ohio Mortgage Brokers Act the information you will need. You will receive all copies of supporting documents that we are required under State and Federal laws. If you need explanation of any of these documents it is your right to ask. You have a 3 day right of rescission on your loan from the day of signing. After the 3 day right to rescind, your loan proceeds will be funded and the mortgage is recorded. The loan is complete.
There is no right to cancel on a purchase or a non-owner occupied property.

After the Loan:
Accelerated Mortgage Solutions, Inc. will follow with it’s clients to make sure you get all your original paperwork back and That you receive all funds that you are to get from your new loan. We will continue to monitor the market conditions for future benefits to you.