From application to closing in 21 days
At Ark Mortgage, we recognize that speed can be a crucial factor in home financing. We’ve spent years streamlining our processes to make sure every loan closes as quickly as possible.
When you’re competing against other buyers for a property, the promise to close within the month may make all the difference in a seller’s decision. That’s why we’ve created the Express Mortgage program which enables us to approve qualified loans in a lightning-quick 21 days following submission of all required documentation to complete the mortgage application.
To be eligible to apply for an Ark Express Mortgage:
- You must specifically request an Express Mortgage when you apply for the loan.
- All of your income for the past 2 years must be reportable on a W-2 Form. (If you have one or more streams of income not reportable on a W-2 Form, then our Entrepreneur’s Fast Track Mortgage will be a better choice—especially since simplifying the loan process for self-employed borrowers has been an Ark specialty for decades.)
Once you meet the Express Mortgage eligibility requirements we will discuss your specific needs and goals. What monthly payment do you consider affordable? In how many years do you want to have paid-off your mortgage and own your home free and clear? How much of a downpayment will still leave you with sufficient cash to cover home improvements or an emergency fund? The “right” mortgage is different for everyone and at Ark, we custom-design every loan to ensure it’s a perfect fit.
Once the most appropriate loan for your needs has been identified, your Ark Personal Mortgage Advisor will painlessly guide you in gathering all the documents required to get your loan approved. If you’re a qualified borrower, you’ll usually receive a quick approval which will include the conditions that must be satisfied before closing. Conditions typically include clean title, acceptable property appraisal and other items unique to each borrower and situation. Your Personal Mortgage Advisor will explain and help you address each condition, so the application can be forwarded to our in-house underwriting team. Underwriters will review your information and documentation one last time before clearing it to close.
How much mortgage can I afford?
The first step in buying a house is determining a realistic budget. Start with this handy calculator to get an estimate of how much you can qualify for, and how a home loan will fit into your monthly payments. The calculator takes into account your income, the purchase price, and total monthly payment. Try a couple scenarios to see how it might affect your finances.
Will I get charged a float-down fee?
Ark Mortgage never charges a fee to get you the lower rate once you’ve purchased the rate lock.
What if my lock expires before I close?
We can usually get an extension, but there may be some cost involved. If your closing is delayed because of any problem on our end, we’ll of course cover the cost of your extension.
Pair with Other Programs
Mortgage rates are unpredictable and fluctuate daily. Avoid rising interest rates, by locking it in. And you don’t pay extra to “float down” or get the lower current market rates.
A pre-approval makes the house hunting process simpler for you. Show sellers and real estate agents you’re approved for mortgage financing. That way, it doesn’t matter if another bid is higher; yours will be legitimate.
If you’re a first responder or health care worker, thank you. To show our gratitude we give a substantial discount on our fees whether you purchase or refinance a home loan.