We provide financing without the usual delays – Our loan approvals simply require the following: (1) Loan Application, (2) Credit Report and (3) Appraisal. Speed, service, integrity and experience provide our clients with financing that they can count on even in the most difficult of circumstances. Loan closings typically take between 2 to 3 weeks. This does not mean that last minute deals are not attainable. Our years of negotiating experience have allowed us to help many property owners avoid disaster at the last minute.
We rely heavily on the appraisal for our underwriting decision. All appraisals must be completed by an approved appraiser, in the name of Century City Mortgage and include numerous interior photos including at least one photo of every room in the property. If one of these conditions is not met, we will require an appraisal review to be paid by the borrower.
We do require that the borrower disclose their income from all sources. Even when a borrower is stating their income without the traditional income documentation, the income stated must be reasonable for their line of work. At times, we may require a handwritten income letter at the time of signing to ensure that the borrower is stating their correct income. We do not provide loans for property owners who have no capacity to repay the debt.
All liens of record need to be satisfied in full and will need to be either satisfied in advance or paid through escrow. The preliminary title report, title insurance and the loan closing must be completed by licensed professionals that will need to be approved by Century City Mortgage. We generally screen the title to a prospective client’s properties prior to providing any tentative loan commitments to insure that our clients have realistic expectations of what is possible before we engage in the loan process. We like to deliver what we promise. Title due diligence is an integral part of this of this philosophy.
We generally require an explanation of the reason behind the loan request. We require this to insure that whatever loan program is being applied for is in the best interest of all parties involved. Our lending practices adhere to all applicable state and federal regulatory disclosure lending laws.