I forgot my password. How can I retrieve it?
Just contact an Evergreen Pacific Services Mortgage Company Customer Service Representative at 877-633-5834. The Representative can verify your identity and
recover the password for you.
Who should I contact once my loan is in process?
Once you submit your online loan application it will be assigned to one of our experienced loan officers. You will be contacted immediately and the representative will review the loan process
and answer your questions. You may check the status of your loan at anytime by going to our company website. We will also e-mail you “loan status updates” as your loan progresses to
closing.
Who do I contact for general information and questions on using Evergreen Pacific Services Mortgage Co. services?
If you have any inquiries prior to filing an application, please call 1-877-633-5834. Our hours are Monday through Friday, 8am to 5pm AST.
Occasionally on Saturday.
What should I expect after I submit my loan application?
Once you submit the application, your loan will immediately begin the underwriting process. In most cases Evergreen Pacific Services Mortgage Co. will deliver your credit
decision within 24 hours. Meanwhile your Loan Consultant will contact you within 1 hour to answer any questions. Our system will automatically e-mail updates as your loan progresses through the
mortgage loan process.
How quickly will my loan be approved?
Once you submit your application your loan will immediately begin the underwriting process. In most cases Evergreen Pacific Services Mortgage Company will deliver your credit
decision within 24 hours.
What kind of documentation will I need to provide to the lender for verification?
Evergreen Pacific Services Mortgage Company streamlined loan process minimizes the number of documents required. The actual documents you will need to provide will vary based on your situation and
the lender who provides the loan. Consult with your loan officer for specific information on each loan program.
Can I apply for a purchase loan before I find a property?
Yes! In fact if you are in the process of looking for a property Evergreen Pacific Services Mortgage
Company recommends that you apply for pre-approval. A pre-approval will review your financial situation to determine if you are likely to
qualify based on the estimated loan amount and purchase price information that you provide in your application. A pre-approval gives you greater flexibility and leverage while you conduct your home
search. Please note that we cannot lock your rate until you specify a property address.
On a purchase loan, is there someone who will work with my Realtor?
Yes. Since each loan is assigned to one loan consultant who works with you until you close, he or she will be able to assist you or your Realtor at any time.
Is there any cost to apply?
No! Evergreen Pacific Services Mortgage Company does not require an up-front fee to submit an application and begin the loan process.
Do I have to have an impound account?
Impound accounts are required by lenders in most states, particularly when the amount you are borrowing represents a large percentage of the property's market value. When an impound account is
required by the lender, you can often waive the use of an impound account for the hazard/homeowner's insurance and property taxes for a fee. However, you will always have to prepay your mortgage
insurance payments (if any) into an impound account. In most states, once you submit a loan application we can help you determine if you will need an impound account.
I don't have much money for down payment. Can I still get a loan?
Yes, Evergreen Pacific Services Mortgage Company offers loan products with as little as zero % down (up to 107% of property value is available in certain cases). For more information, contact a Customer
Service Representative at 1-877-633-5834 for specific
product requirements.
What is my loan rate and when is it confirmed?
Interest rates fluctuate daily, so the rates available when you apply may be different than the rates available when you decide to lock your interest rate. By locking, you protect your selected
rate for a stated period regardless of market fluctuation. Once your rate is locked, you will receive a lock confirmation stating the rate and terms that you have protected.
Can I change my application after I've submitted it?
Yes. Changes can be made at any time until you lock your interest rate. However, be aware that any changes may delay the closing date or affect your loan costs.
When can I lock my interest rate?
Your loan consultant will review your application and credit information in order to determine whether you can request a rate lock. Once they determine that you are eligible your loan
consultant will contact you so that you can lock at your convenience. Please note that you must specify a property address in order to lock.
When do I order my appraisal?
Evergreen Pacific Services Mortgage Company will
order your appraisal as soon as you are ready. All that is required is your credit card number and your consent to get the process rolling. Evergreen Pacific Services Mortgage Company recommends that the
appraisal be ordered early in the process in order to avoid delays.
How does Evergreen Pacific Services Mortgage
Co protect my personal information when I apply online?
Because privacy is of such concern to all consumers, Evergreen Pacific Services Mortgage Company takes stringent measures to protect your personal information. Once you submit your application it is encrypted for transmission and then stored with
industry-leading security on the Evergreen Pacific Services Mortgage Company servers. Also, in order to ensure continued compliance with Evergreen
Pacific Services Mortgage Company privacy policy, independent auditors regularly review all
internal processes and systems.
What is hazard insurance?
Hazard insurance protects homeowners against property damage and is required by lenders before you buy or refinance a home. Hazard insurance shields you against property damages caused by a
fire or a severe storm and should cover the cost of rebuilding your home. Generally, you have to confirm at closing that you've secured one year of hazard insurance coverage.
What is pre-paid interest?
This amount represents the interest that accrues between the day your loan closes and the last day of that month, and is added to your closing costs. After this one-time prepayment your
interest will be included in your regular monthly payments.
What is the difference between the interest rate and the APR?
The interest rate is the cost to borrow the lender's money. The APR represents the total cost of the mortgage over the life of the loan, including closing costs and lender points.
What is a home equity line of credit?
A home equity line of credit is a form of revolving credit in which your home is used as collateral. Home equity lines of credit feature a variable interest rate and a draw period.
What is a draw period?
The draw period is the time frame during which you are allowed to use the credit available on your home equity line. When you borrow funds from your line of credit it is referred to as a
draw.
How much can I borrow?
Your credit limit (also known as available equity) is determined by taking a percentage of your home's appraised or fair market value (to be determined when your application is received), and
subtracting the balances of any outstanding mortgages on the property. If you qualify, the minimum home equity line is $20,000.
Must I occupy the residence I'm using as collateral?
You can use a residence that you do not occupy as collateral if the property's total existing mortgages and your requested home equity line add up to no more than 70% of the home's appraised
value.
What is the minimum draw amount on my home equity line of credit?
The minimum initial draw amount on a home equity line of credit is $20,000. The minimum amount for subsequent draws is $500.
How can I access my home equity line of credit?
Within six to eight weeks of your loan closing you will receive a package that contains both payment information and checks that will allow you to access your line of credit.
What are the minimum payment terms?
For home equity lines of credit, your minimum payment during the 10-year draw period will be the greater of the following:
How often will I be billed?
You will receive a monthly billing on your home equity line of credit as long as there is an outstanding balance.
Is there an annual fee?
There is an annual fee of $75 for the home equity line of credit. This fee will be waived for the first year.
Are there any fees for early closure?
None of the products that Evergreen Pacific Services Mortgage Company currently offers have charges for early closure.
Can I get a loan on my home if it is for sale?
No. If your home is currently for sale Evergreen Pacific Services Mortgage Company cannot provide you with a loan on that home. If your home has recently been for sale it must be off the market for 90 days before Evergreen Pacific Services Mortgage Company can provide you with a
home equity loan on that property.
What can I use my funds for?
Once you close your Home Equity Loan / Line of Credit, the funds are yours to use as you wish.
Does the appraiser have to come into my home to perform an appraisal?
In most cases, Home Equity Loans / Lines of Credit do not require a full appraisal. In fact for most loan amounts of $250,000 or less the appraisal process can be completed
electronically.
What is the difference between a home equity loan and a home equity line of credit?
While both are considered second mortgages, with a home equity loan all funds will be paid at closing. A home equity line of credit provides you with a credit line that you can borrow against
at any time within a set time limit and up to a maximum amount.
Does my home equity line of credit have any tax benefits?
In order to determine your tax benefits it is best to consult your tax advisor or attorney for specific tax guidelines. However, in most cases the interest on your home equity line of credit is
deductible as long as your home equity debt is $100,000 or less and the total debt on your home is less than or equal to your home's appraised value. Any mortgage debt above your home's appraised
value may not be tax deductible.
What is my maximum loan / line amount?
Your maximum loan / line amount is determined by a number of factors. In most cases your total mortgages, including your requested loan / line amount, can add up to 80% and in many cases even
100% of your home's value.
What is the rescission period?
The rescission period is a waiting period of three days (excluding Sundays and legal holidays), between signing your loan papers and closing your loan. This period allows you to reconsider, and
perhaps void the transaction, and is required by federal law for all owner-occupied refinances.
What percentage of my home's appraised value can I borrow?
The amount that you can borrow varies based on a variety of factors. However, most borrowers can borrow at least 80% of their home's value (when all mortgages are totaled) and some can borrow
up to 100%.
How quickly can I get approved?
The approval time varies from loan to loan. Many borrowers get an instant approval as soon as they apply online. However, in some cases we will need additional information before we can arrive
at a credit decision.
How quickly can I close my loan?
The time needed to close your loan depends on a variety of factors, including the time needed to obtain required documentation and when you can sign your loan documents. Many loans close within
10 days of application and most loans close within 7 days of receiving a final loan approval
In most cases it will take four to six weeks to close your loan.