Frequently Asked Questions
Not sure what the loan process is all about?
Here’s a little information that we hope will be helpful to understanding and working through the loan process.
Who is Silverton Mortgage Specialists, Inc.?
Silverton Mortgage Specialists, Inc. is a mortgage broker/lender. We assist our clients in finding the best mortgage program available from a variety of different lenders that fits their individual financial needs.
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How much will it cost to submit a loan application to Silverton Mortgage Specialists, Inc.?
There is no cost associated with submitting a loan application to Silverton Mortgage Specialists or having it evaluated by our loan specialists.
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How much of a down payment will I need?
The amount of your down payment can affect which types of loans and the terms for which you qualify. And, the more you put down, the less you have to borrow and the smaller your monthly mortgage payment will be. Also, the more equity you’ll have in your home.
Most loans require at least 3-5% down payment. However, it is often possible to have this down payment paid on your behalf by the seller. You should talk to a lender to determine if you have the ability to purchase a home even if you don’t have significant savings.
In some cases, you may use a gift of cash from a relative, but most lending scenarios require at least some down payment from the buying party (3-5%). You may also have a co-signer (also called a non-occupant co-borrower) which is someone who is willing to be obligated for the mortgage debt, but has no interest in the title of the property.
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What documents will I need to provide before closing my loan?
Although each client's loan application is unique, the following documentation is most commonly required:
Purchase contract
Homeowner's insurance information
W-2's or tax returns for the last two years
Current pay stubs
Asset account statements
Current mortgage documentation
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What fees are included in closing costs?
The following fees are most commonly included in the costs associated with closing a loan:
Broker/Lender fees (points, appraisal fees, credit report, underwriting, processing, flood certification, tax service)
Pre-paids (interim interest, real estate taxes, home owner's insurance)
Settlement Costs (title search, title insurance, settlement/attorney fees, city/county/state taxes, recording and courier fees)
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What is the Good Faith Estimate?
Once you are pre-approved, you will receive a Good Faith Estimate (GFE). The GFE is just that...an estimate of the itemized expected costs/charges associated with closing your loan. It will break out items such as attorney’s fees, application fees, recording fees, city/county tax/stamps, insurance needed, etc. The GFE will indicate who, the buyer or seller, is responsible for the cost. The GFE will also indicate (with a √) items that will affect your APR (Annual Percentage Rate).
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Do I have to submit my application information online? Is your online application secure?
No, you do not have to complete your application online. If you do not feel comfortable submitting your application information on-line, just pick up the phone and call us at 404-815-0291. We would be happy to assist you personally in the loan application process.
Yes, our online application is secure. Secure Sockets Layer (SSL) 
ensures that information traveling between the browser and server are "encrypted" and "keyed". Encryption is the process of encoding the information into an untranslatable code so that if somehow the data is intercepted it would not be "readable"! Security and confidentiality are a main priority to Silverton Mortgage Specialists, Inc.
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What happens when I submit my application?
Once you complete the loan application, our processing department gets busy! We check and verify all information: credit, income, assets and employment. Five items are required to complete the loan package:
- Loan Application
- Credit report
- Verification of Employment which is made either by phone (verbal verification of employment) or a form called a VOE (Verification of Employment)
- Verification of Deposit which is a form sent to your banking institutions called a VOD (Verification of Deposit)
- Appraisal which shows the value and marketability of the property you wish to purchase
Silverton is working in the background, ordering documents and verifying funds needed to close. It is important that once the five items are returned, we check and analyze each carefully. For example, the appraisal must show that the home you wish to purchase appraises at or above the asking price based on a comparison of other houses in the neighborhood and market data.
We will also notify the attorney that you have selected to set the date of closing and request the title search (examination of public records, laws and court decisions to disclose the past and current facts regarding ownership of the property) to be sure that there is “clear title” to the property.
If you have provided all the needed information and we have done our job analyzing and verifying all the information, this final loan submission package will provide all the information needed to go to the underwriter.
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