Applying for a Loan (swimming pool and home improvement)

The application is the first step.  The credit application can be completed online, over the phone, or with a pen (download PDF version).  Once the application is received, a loan officer will review the application for completeness.  At this point a credit report is ordered.  With the information from the credit report and the information provided on the application, the loan is underwritten and a conditional approval is issued for the loan options that are available to the applicant.  The loan officer will discuss the loan program options with the applicant.  A loan package which includes necessary disclosures such as the Good Faith Estimate and Truth in Lending Form will be sent to the applicant– these forms itemize the rates and associated costs for obtaining the loan.

Processing

During the processing period we will collect the items listed on the conditional approval – items such as proof of income, homeowners insurance, contract for work to be done, and proof of value.  Different loan programs may require different conditions, depending on whether you are qualified for them. Proof of value may depend on the type of loan program – some programs need no proof of value, others need a desktop review while other programs require a full appraisal.  Some loan programs require full documentation of income while other programs need limited or no proof of income.  Vendor reports such as title search and flood determination are ordered once applicant-provided conditions are cleared.  The loan officer’s job is to collect and review all conditions to submit the loan for final underwriting.

Underwriting

The completed loan package with all conditions is submitted to the underwriter.  The underwriter makes sure all conditions are met – the underwriter needs to make sure that the loan meets all requirements of the investor.  If items are missing or incomplete, the underwriter alerts the loan officer and sets the file aside until the loan package is complete.

Pre-Closing

Once the underwriter clears all of the conditions, the loan is ready to close.  Our loan officer will review the terms to make sure no errors were made or to see if additional items were added to the swimming pool contract.  At this point we can still add money for pool automation or landscaping or fencing.  Once the final terms are reviewed, information is sent to a signing agent to schedule the loan closing.

Closing

At the closing loan documents are reviewed and signed by the customer.  All non-purchase money loans (purchase money loans are used to buy the home) have a Federal three day right of rescission.  The money for the pool will be disbursed (checks written) on the fourth business day following the loan signing.

Referral

After the loan has funded, we look forward to helping your friends, family or co-workers.  At HFS, we do more than just the best swimming pool loans.  We can provide debt consolidation loans, home equity lines of credit, refinances and purchase money loans.