If the value of the property is high enough, it usually makes sense to take cash out of the property and pay them off. If not, get a fixed rate second to pay off credit cards and reduce payments. This will free up credit cards for emergencies. If all the above analysis indicates we can proceed, then we start the real work. Process Put documents together and send file to the underwriter.
Underwriter approves - with conditions.
Meet conditions and draw loan documents. Fund loan and record with county. This loan has a higher interest rate or margin than other loans. The loan fees, including lender, broker, escrow, and title fees are paid from rebates paid to Paterson from the lender. All this is disclosed on the Good Faith Estimate of Settlement Charges.