Loan in Process
- Who do we call regarding the loan status?
Once our underwriters have reviewed your loan, a Loan Processor will be assigned to you loan. Your Loan Processor will notify you of your credit approval and work with you in preparation for closing. You can contact them regarding any updates and the status of your loan application.
- Who do we send our documentation to?
Your documentation (income and asset statements) should be forwarded to your Loan Processor.
- Who do we call regarding locking-in our interest rate?
Please contact your Home Loan Advisor to handle the lock-in process.
- Who do we contact for a closing date on our home?
Please contact your builder or realtor for your anticipated closing date on the purchase of your home. If your loan is for a refinance, please contact your Loan Processor to schedule a closing date with the closing agent.
- Who can I refer my friends and relatives to for a mortgage?
Please have anyone interested in a mortgage call your Home Loan Advisor to discuss their financing needs.
Loan Questions
- What constitutes a loan approval?
Most lenders base their decision on three factors: credit, capacity and collateral. Credit refers to the quality of your current credit rating. Capacity is your ability to repay the loan based on job stability, current income and other factors. Collateral refers to the value of the property and the amount of your down payment.
- Should I pre-qualify or get pre-approval before I begin searching for a home?
Real Estate agents and home sellers will generally consider you a more serious buyer if you receive a pre-approval from a reliable mortgage company like UAMC. Not only does it allow you to narrow your price range, it also assures the seller that you qualify when you do find the home of your dreams.
- What are discount points?
A discount point is an optional fee that you can elect to pay to reduce your interest rate. One "point" equals 1% of the loan amount. For example, one point on a $100,000 loan would equal $1000.
- Why would I consider refinancing?
- To lower your mortgage rate
- Convert from an adjustable rate to a fixed rate
- Reduce your mortgage term
Contact a UAMC Home Loan Advisor to determine if refinancing is the right option for you.
- How does the mortgage process work?
To learn more about the mortgage process, click here.
Closed Loans
- Where do I send my first payment?
Your first payment should be sent to our Loan Servicing Department at:
Universal American Mortgage Company
Attn: Servicing Department
15550 Lightwave Drive, Suite 200
Clearwater, FL 33760
The phone number is toll free at 1-800-741-8262.
- Where do I find my loan coupons?
Coupons for your first 3 payments can be found in your closed loan package. If you require additional coupons or assistance please contact our Loan Servicing Department at 1-800-741-8262.
- When is my first mortgage payment due?
Your first payment is typically due 30 to 45 days after your closing date.
- Who do I contact to make a payment by telephone?
Please contact the Loan Servicing Department toll free at 1-800-741-8262. They are available Monday – Friday between 9am and 5pm EST.
- Who do I contact about obtaining my mortgage interest statement for income tax purposes?
Please contact the Loan Servicing Department toll free at 1-800-741-8262. They are available Monday – Friday between 9am and 5pm EST.
- How can I obtain a copy of my appraisal?
Please contact your Loan Processor or Home Loan Advisor for assistance.
Credit
To learn more about how credit impacts your loan process, click here.
