wHAT TO EXPECT
Frequently Asked Questions
wHEN i APPLY FOR A LOAN WITH FARM AND tIMBERLAND SERVICES, WHAT SHOULD I EXPECT?
Here’s a quick rundown of the process.
– Initial phone conversation
– Submission of applicant’s financial information and property information
– Preliminary analysis by FTS (at no cost or obligation)
– Decision by lender regarding taking a formal application
– Formal application taken only after sufficient due diligence is done to maximize approval odds
What deposits will i need to pay?
Deposits required at application:
Rate lock and origination fees vary based on loan product and lender
what else might i want to know?
Preliminary loan commitment in as little as one week
Formal loan approval is typically within 30-45 days.
Closing is usually within 60-70 days of application.
Appraisals, Timber Cruises, Title Work etc. are to be completed prior to closing at applicant’s expense.
will i pay anything if my application is rejected?
In the very unlikely event that a formal application is declined by the lender, a modest service fee is retained by FTS. The remainder of the rate lock and/or origination fee is refunded.