The Loan Process
1) Get your documents & finances in order.
You should start with reviewing your credit report. Your credit report will be used by your prospective lender as a measure of how you manage your finances. Good credit gets you better rates and a stronger negotiating position for terms. Most people are surprised at their report’s contents because errors in reporting are common. Now is the time to clean them up.
Documentation Required for Approval: 
1. Job letter, copy of two pay slips and last W2 Form (for USA), or Form T1 (for Canada) or Form P60 (for UK) - For borrowers currently earning a salary
2. Copy of last two (2) years income tax returns, audited financial statements and Form 1040 (USA), 2 last years of Note of Assessment (Canada), or Form SA100 (UK). – For Self employed & additional incomes)
3. Two (2) picture ID’s.
4. Asset verification (copy of statements for investments, time deposits, savings and checking accounts, real estate titles, retirement accounts, lease agreements, bonds, common stock, etc).
5. Copy of Purchase & Sale Agreement y Receipt of Down Payment (or source for the down payment). For Properties already build, an updated appraisal made by an authorized company will be requested for the approval
6. Two (2) public utility bills of your current primary residence (water and phone, or electric), if you rent, copy of lease agreements.
7. Two (2) bank reference letters from recognized bank(s), addressed to Scotiabank Panama.
8. Copy of a Reference Credit Report from your country of residence (Equifax or Transunion for USA and Canadian residents).
2) Get pre-approved to determine how much you can borrow.
Once you are qualified you will have a good idea of how much you can afford. A pre-qualification gives you a no obligation quick and easy idea of what you can borrow. It is a helpful and painless first step. Pre-approval verifies your income, credit and debts. This involves more time and expense but is very useful when making an offer on a property. Sellers will obviously consider an offer more seriously that is pre-approved over one that is of unknown backing. Once you have been Pre-Approved and decide to work with our company in order to complete your approval needs a $250 application fee is collected from you the borrower. Our services cost 1% of the loan amount which includes the $250 application fee taken after pre-approval. For purchase Prices over $400,000 the application fee is $500.
3) Work with our loan officers to find the best mortgage for you.
Your loan officer will help you find the mortgage that fits you best. There are a lot of factors to be considered. How long do you plan to keep the loan? Would a fixed or adjustable rate mortgage be best for you? How many points should you pay? What other costs are involved? When should lock in your rate? Based on your needs and situation, your loan officer will show you which mortgage products work best for you. During the whole process, we are there for you to answer your questions with our years of experience.
We will review your loan application and supporting materials with you to make sure that your loan package is correct and as strong as possible. Then we will shop your loan application package to several lenders to find you the best deal possible.
4) Close your loan and settle
As your closing date nears, your loan officer and real estate agent should check its progress on a daily basis, because staying on top of things means you’ll know immediately if there’s a problem that must be dealt with.
For your closing you should bring all of your documentation that you’ve used during the whole mortgage shopping process. At the closing itself, everyone involved in your transaction will be present (buyer, seller, closing agents and attorneys). You will sign the necessary legal documents, pay your closing costs and escrow items and receive your closing documents. This is the only time you will have to physically come into the bank.
Now you receive your key, move in and celebrate! 
Remember, you should never hesitate to ask questions. Ask what ever you need to so that you understand the entire process.
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