• What can I expect during the loan process?
• What are closing costs?
• How quick can I get a loan?
• How can I get help with my loan?
• What is locking an interest rate?
• When should I lock my rate?
• What do lenders look for in an applicant?

What can I expect during the loan process?

We have included a summary of our loan process online. In addition, we will constantly track your loan and make sure the process is smooth. You can track your loan progress online at any time or call us if you have any questions or concerns. Our goal is to make the loan process hassle-free and ensure you are informed of every aspect of your loan status.

What are closing costs?   Top

Closing costs are costs associated with the processing and closing of the loan. In addition to APG and the lender, there are other parties whose services are used in the loan process. This includes the title company, credit agency, appraisers, and other pertinent parties.

How quick can I get a loan?   Top

The amount of time to obtain a loan approval depends on many variables. The typical loan takes 2-3 weeks to process and close. The time to obtain a loan can be longer or shorter depending on the quality of the borrower and the specific lender. The quickest and easiest loans are those with qualified borrowers and complete documentation. We recommend that potential borrowers make sure they include all the documentation required and pre-qualify themselves for the fastest results.

How can I get help with my loan?   Top

Once you apply for a loan with APG, you can track the status of your loan online at any time. In addition, our loan consultants are available to help you with any questions or concerns you may have regarding your loan.

What is locking an interest rate?   Top

Locking an interest rate or locking your loan involves reserving a fixed rate and terms for your loan for a specific time period. Borrowers can lock their loans online and we will lock the loans with the lender at the soonest available time. Typical loan locks are 30 days which means, the rate and terms will be locked or fixed for a period of 30 days from the time you lock. The goal is to close you loan before the lock expires to ensure you have the rate and terms you desire.

When should I lock my rate?   Top

Rates can fluctuate with the markets and there is no guarantee that rates will move one way or the other. We have found that many people like to lock their loan as soon as possible to guarantee their rate and terms. However, you have the option to lock your rate at a later date if you feel that rates will move in your favor.

What do lenders look for in an applicant?   Top

Lenders look for applicants who show the ability to afford the loan payments and have shown a history of financial responsibility. Income and liabilities are an important factor as they represent how much you can afford every month. Your credit rating represents a history of your financial habits and is graded according to on-time and late payment history, amount of debt, length of history, and number of liabilities. In addition, it is important to be consistent in the information you provide on your application and in your supporting documents. All the information and documents are matched with your credit report and property characteristics to provide the lender with an overall profile for a final decision.