Submission of applicant's financial information and property information
Preliminary analysis by FTS (at no cost or obligation)
Decision by lender regarding taking a formal application
Formal application taken only after sufficient due diligence avoids nearly all rejections by Lender
Deposits required at application:
1% Rate-Lock or Spread-Lock Fee (Refunded at closing or if declined) This locks the rate for 60 days or spread for 90 days allowing time for closing while protecting the rate quoted.
1% Application Fee (Refunded only if application is denied)*
Formal loan approval typically within 20-45 days
Closing within 60 days of application
Appraisals, Timber Cruises, Title Work etc. completed prior to closing at applicant's expense
* If the application is declined, a service fee of one-tenth of the 1% is retained by FTS for the application fee.