Providential’s approach to serving our clients is based on the rigorous application of a time-tested methodology, advanced and integrated computer systems, extensive validation, and endless staff training to ensure you receive a hassle-free experience when you choose Providential to meet your mortgage needs.

Most mortgage brokers simply combine your Credit Score (FICO), Loan to Value (LTV)Ratio , Debt to Income Ratio (DTI), and Total Loan Amount to place you in one of a handful of credit risk categories and then offer you one or maybe two alternatives to choose from based on their perceived credit risk. Providential uses these characteristics as well; but, we don’t have only a few categories. We work with dozens of lenders and literally hundreds of loan programs to find the one that best suits your needs. We will find the lender who really wants your type of business because they specialize in helping borrowers in similar situations, and therefore, will offer the best rate and terms.

Any lender who states they can complete your loan in less than Five Main Steps is pulling your leg. While the typical refinance, home equity, or purchase loan takes between 15 and 30 days to complete, we can complete the loan process, from origination to funding, in as little as a few days. However, accelerating the pace depends somewhat on the type of loan program you desire, and requires a considerable amount of cooperation and coordination with you. So, if you would like to close on an accelerated pace, please inform your dedicated Loan Officer so they can meet your expectations.

Five Main Steps to Obtaining a Mortgage

We want you to be in the driver’s seat as the loan process unfolds. The Five Main Steps to acquiring a mortgage are:

1. Gather Information about You and Your Property (in order to determine the best-fit mortgage product for your situation and goals). This step can take as little as ten minutes, but may take longer depending on the complexity of your situation. Putting together a handful of mortgage options to present to you, the borrower, often takes a full day (24 hours) so that your dedicated Loan Officer can sufficiently scour our vast network of lenders to find the lowest cost alternative.
   
2. Obtain Your Completed Mortgage Application and Signed Disclosure Statements (in order to comply with all governmental regulations). This step occurs once you have chosen the loan program that you are most comfortable with. This step can take as little as a few hours by email, fax, or in person, but can often take a few days if we use overnight couriers or the US Postal Service to exchange these important documents.
   
3. Verify All Information and Underwrite the Loan (the Federal and State Governments, as well as most lenders mandate that most of the information on your Mortgage Application is verified by third parties). This stage also often includes obtaining an Appraisal of your property, reviewing the Title to your property, and refining the terms and conditions of the proposed loan. This stage typically takes a week or more, but can be accelerated in some circumstances.
   
4. Prepare for Closing (arranging for a Title Company to handle escrow, attorneys [if necessary] to protect your interests in a sale or purchase, and the lender to draft the mortgage and deed documents). This can be done in as little as a day, but often requires two or three days if many parties are involved.
   
5. Conduct the Real Estate Transaction (where the money is exchanged and title is updated). This process usually takes less than an hour.

Your Loan Officer is trained to advise you of what will happen at each stage of the Loan Process. If your expectations are not met for any reason, we encourage you to contact one of our Founders at mailto:founder@providential.comto discuss the situation with him and obtain his involvement in satisfying your needs.