Welcome to Source Central Inc
At Source Central Inc., our mission is to be a full service mortgage loan provider. To use experience and knowledge, along with exceptional customer service, integrity and inclusivity to provide a seamless, loan experience that's custom designed for each client. To provide competitive loan products and pricing to serve a diverse clientele. We strive to continuously educate ourselves to provide current, excellent, superior industry experiences, to help our clients make educated decisions.
How it Works
Following these simple steps will facilitate a much smoother and timely closing process.
Pre-Qualification & Pre-Approval
The prequalification process is the first step to determine how much loan, the borrower will qualify for or if the lender will take on the risk. The LO (Loan Officer) takes a Loan Application, analyzes ID, credit report, income docs, bank statements, pay stubs, tax returns to make this determination. An automated underwriting system is then used to determine if guidelines are met for a loan program. If refinancing, this will help in deciding whether it is a good decision at the time. The pre-approval is issued. The buyer is now armed to negotiate a contract to purchase a house they can afford or proceed with the refinance of an existing property. A Good Faith Estimate (GFE) and a Truth-In-Lending Disclosure (TIL) are delivered within three days, itemizing the rates and estimated costs for obtaining the loan.
Processing & Underwriting the Loan
The borrower now signs disclosures with an intent to proceed, all documents are submitted to the lender for final underwriting. The underwriter will verify that employment and documents are current and authentic, the debt to income ratios and credit worthiness meet the guidelines and any unacceptable issues addressed with a letter of explanation from the borrower. The sales contract, proof of down payment, the appraisal and survey are also reviewed. If the application meets the lender's criteria, a conditional commitment is issued. Title insurance, home owner’s insurance and any other documents to clear all conditions are submitted for full approval and a Clear to Close is then issued.
The Closing
At the closing, the lender "funds" the loan by sending a wire to an approved closing agent, who disburses funds, in exchange for the title transfer of the property in a purchase or releases funds to the owner in a refinance. Closings occur at a place determined by the closing agent and the borrower and approved by the lender.