Mortgage | Bali Hai Mortgage | Loan info

The Loan Application

Filling out a loan application is the first step in obtaining a mortgage. This usually takes place over the phone with the loan officer. Sometimes you can even apply over the Internet. We have loan officers island wide, so we can have someone meet with you personally.   Our office is in downtown at 345 Queen Street # 900 Honolulu  HI 96813.  You'll be asked for information about employment, earnings, savings, and so forth. You'll be asked to provide documentation, such as W-2's, recent pay stubs, and perhaps even copies of your income tax return. The loan officer will also check your credit report.

It's important to make sure your application is complete and accurate. Missing or incorrect information can delay the loan or can even cause you to be turned down for a loan. A good loan officer will take time with you and not rush through the process.

Loan Processing

Once your loan application has been completed, the loan officer passes the application to the processor. The processor's job is to organize the paperwork and make sure all the documentation is complete. It's her job to make sure that the loan officer hasn't missed anything. It's common for the processor to give the borrower a phone call to verify facts or request additional documentation. BaliHai mortgage has several pleasant processors to assist you during this process.   The processor will analyze the numbers. She'll evaluate your income and how much cash you are bringing to the deal. She may also update your credit report if there's anything that needs to be updated in your favor.   You can always call and inquire about the status of your loan along with timelines to funding (808)566-8101

Underwriting Department

When our processor has gotten all the paperwork in order, she turns the file over to the underwriter. The underwriter's job is, essentially, to check the work of the processor. The underwriter will compare the facts in the applicant's file to the guidelines of the loan type being offered, and make sure that all the conditions are met favorably. As long as you can meet all the guidelines of the loan, your loan will be approved.  As soon as your approved, a BaliHai mortgage loan officer will notify you.    Sometimes there's still some missing information at this point that could delay your loan approval.  For instance, if an appraisal of the property is required, the appraisal may not have been completed yet. In cases like these, the underwriter will approve the loan, conditional upon meeting certain criteria. Then he will send the loan back to the processor, who will make sure the conditions get met – such as making sure the appraisal comes in at a high enough value.   If this is the case our processor or loan officer will contact you promptly.

Closing and Funding 

Once the loan is approved by the underwriting department, it goes to closing. Closing is the process where the lender's office communicates with the title company to get all the paperwork in order for settlement.

Signing the final loan documents

The paperwork is done. The conditions of the loan have been met. The funds are available. Before you get to the settlement table, however, BaliHai mortgage will have given you a Good Faith Estimate of Settlement Costs. You should review this document and make sure you understand it before proceeding to settlement.    You will find that the  rates and fees at BaliHai mortgage should be considerably lower than the local banks and mortgage brokers.  On purchases, the buyer and the buyer's real estate agent will be there, as will the seller and his agent.  On refinances, usually the loan officer and settlement agent will attend the signing.  If every person has done his job along the way, the settlement will be smooth, with no last-minute problems.   Buyers and sellers will each be given a settlement sheet.  They will be asked to review the numbers to make sure they are correct. Since the numbers are often confusing, the loan officer or settlement agents are available to answer any questions that may arise.