Before You Apply
What are the advantages of using GL Financial?
We are experts at new construction. We have the best information regarding the status of construction, so we can get you to closing on-time. GL Homes customers receive a credit toward closing costs when using GL Financial and very competitive interest rates.
Does the builder provide an incentive for using GL Financial?
GL Homes provides a closing cost incentive for using GL Financial in most cases. Certain other builders do also.
Does GL Financial have good rates?
Our rates are very competitive in the market. Over 95% of our borrowers would recommend us to a friend or family member.
When should I begin the process?
We are here for you anytime during the build process of your home, but most borrowers choose to apply right away. Many builders require purchasers to apply within 5 days of the purchase contract date.
What loan programs do you offer?
We offer the full range of programs including jumbo loan amounts, FHA, VA, interest-only and specialty portfolio loans.
When can I lock my interest rate?
Our standard lock period is up to 53 days; however, longer lock periods are available.
Loan Application Package
What is a loan application package?
The loan application/disclosure package contains your formal loan application, disclosure documents, and the Pre-Approval letter which outlines any stipulations of the pre-approval. You will receive it via FedEx. Sign the documents where indicated and return with the FedEx label provided.
I don’t understand the total listed on the asset section of my pre-approval. Why does it say I need more assets than I actually need to bring to closing?
Your pre-approval will list all assets required to be verified, including “reserves.” Reserves are “extra” funds the lender must verify, to ensure you have some funds available after the closing.
Why do I have to pay for the appraisal when it won’t be ordered for a long time?
By paying your appraisal fee early, you’ll be assured that your appraisal will be ordered on-time as we get closer to closing. Should an appraisal never be ordered, the fee will be refunded.
Are there any pre-payment penalties if I decide to pay off my loan early or make extra payments?
Standard loans from Fannie Mae/Freddie Mac/FHA/VA do not have a prepayment penalty. A few “niche” programs do have the penalty, so ask your Mortgage Loan Consultant for details.
Loans in Process
Why do I have to give you more paper work when I was already was approved a year ago ?
Lending rules require an expiration date for credit reports, paystubs, bank statements, etc. so we must require updated documents. These documents generally expire after 90 days.
Can I change my loan amount to cover the cost of my options?
Yes, please contact your mortgage loan consultant.
Can I change the term of my loan?
Yes, please contact your mortgage loan consultant.
When will I get a copy of my appraisal?
You will receive a copy of your appraisal approximately 1 week before closing.
If I don't accept the builder's flooring choices and close on my home without it, how is my loan affected?
Some loan programs require flooring to be installed prior to closing, while others will allow you to install it after closing. Please contact your Mortgage Loan Consultant for details.
What if I switch jobs?
Switching jobs may be acceptable, depending on the type of job and location. Contact your Mortgage Loan Consultant to review your specific situation.
If I decide to use another pool company to build a pool, with GL Financial be able to finance it?
No, GL Financial cannot finance a pool that is not completed by the builder prior to closing.
Can I take title in the name of a trust?
Yes, but not all trust types are acceptable. A copy of the trust is required for review initially and an attorney’s opinion letter will be required later.
Why is an appraisal needed, when you’re affiliated with the builder and it’s a new home being built?
Federal regulations require an appraisal to be completed for all homes being financed. No exception is provided for new construction homes.
Pre-Approvals
What is a pre-approval?
A pre-approval is a full analysis and approval of your credit, income, employment and assets. You will receive a preliminary loan commitment document upon pre-approval, that you can provide to your Realtor or builder. Loan Application Package Loans in Process Loan Conditions Closing Time!
Why do I need a pre-approval?
A pre-approval provides peace-of-mind that you qualify for the mortgage you are seeking. Many Realtors and builders require a pre-approval prior to signing a purchase contract.
What information is needed for a pre-approval?
A loan application is completed listing information about your income, employment, assets, etc. You will also provide your tax returns, W2s, paystubs, pension and social security income information. A full list of the documents required is listed in our Resources section at the bottom of this page.
Why do you need so many documents up-front?
GL Financial performs a full review of your financial profile to provide an accurate pre-approval, to avoid any last minute surprises.
How long does it take to receive a pre-approval?
Pre-approvals are generally completed within 3-5 days of receipt of all documents. They can be completed quicker if needed.
Is there a cost for a pre-approval?
There is no cost for a pre-approval.
I received a Loan Estimate e-mail before my pre-approval was completed. Why is that?
Federal law requires that we provide you with a Loan Estimate within 3 days of receipt of your application, even if your pre-approval has not been completed.
Loan Conditions
Why do I have to supply all this documentation?
Lenders are required to follow the rules set forth by the government agencies Fannie Mae/Freddie Mac/FHA/VA.
Builder deposit checks & bank statements--why doesn’t GL Financial have a copy of all of my deposit checks? Can't you get those from the builder?
Federal lending rules require a copy of the canceled check to show that the builder deposited the check and it cleared your account, and the supporting bank statements.
Who do I speak with if I have questions about the loan conditions and documents being requested?
Your loan processor is the best person to contact about any loan conditions requested.
Some of my builder deposits are a year old and the bank has to order the bank statements and cancelled checks. Are you sure you need them?
Yes, as the lending rules require bank statements/checks to be reviewed regardless of the age of the deposits.
Why do I have to provide the source of funds for large deposits in my account?
The lending rules prohibit the borrowing of funds for builder deposits or funds for closing, unless they are disclosed and approved. Large deposits on a bank statement may indicate undisclosed borrowed funds.
Why do I need to provide tax returns if the lender is getting IRS tax transcripts?
The IRS transcripts do not contain all of the information contained in the tax return. The transcripts are obtained to confirm that the tax returns provided are the actual returns submitted to the IRS.
Why can't I wait until just before closing to liquidate my IRA/401(k) funds?
Documentation from the liquidation of funds must be approved before the loan can be moved to the closing department. Once the loan is moved to the closing department, it is a minimum of 10 days prior to closing.
If I don’t sell my existing home prior to closing, but the pre-approval is based on it being sold, will I lose my deposits with the builder or can I get my money back?
Once you receive a pre-approval from any lender, your contractual mortgage contingency expires and your deposits are non-refundable. GL Financial will work with you to attempt to find alternate solutions if your home can’t be sold.
Closing Time!
When will I get a closing date?
Your closing date will be determined by your builder. It is difficult for a builder to provide an exact date too far in advance, as some items are beyond their control, e.g. city inspections, utility company issues, etc.
When will I get my final figures?
Your final figures will be e-mailed to you on a form called the Closing Disclosure. You will receive the figures at least 3 days prior to closing.
Do I have to attend the closing?
No, the closing documents can be mailed to you, just make sure your lender and title company are aware in advance, so they can prepare the documents in time to have them overnighted to you and back, prior to your closing date.
I prepaid for my appraisal, why am I being charged an extra $150?
The appraiser is required to return to the home just before closing to verify it is 100% complete including appliances. That is the reason for the separate charge.
Florida Homestead Exemption
The Florida Homestead Exemption reduces the real estate taxes on your property, provided you are a legal Florida resident. Homestead status is determined on Jan 1st of each year. You must file for your homestead exemption with the applicable Florida county in which you live.
Will GL Financial hold my mortgage?
No, GL Financial does not hold mortgages. We sell our mortgages shortly after closing, generally to major banks.
Who is Nova Title?
Nova Title is GL Homes’ affiliated title company and has been performing GL Homes closings for over 25 years.
Before You Apply
What are the advantages of using GL Financial?
We are experts on purchase transactions, having closed thousands of loans for Florida customers. Our local mortgage loan consultants average over 15 years of experience and will be your advocate throughout the process.
Does GL Financial have good rates?
Our rates are very competitive in the market. Over 95% of our borrowers would recommend us to a friend or family member.
What loan programs do you offer?
We offer the full range of programs including jumbo loan amounts, FHA, VA, interest-only and specialty portfolio loans.
Pre-Approvals
What is a pre-approval?
A pre-approval is a full analysis and approval of your credit, income, employment and assets. You will receive a preliminary loan commitment document upon pre-approval, that you can provide to your Realtor or builder.
Why do I need a pre-approval?
A pre-approval provides peace-of-mind that you qualify for the mortgage you are seeking. Many Realtors and builders require a pre-approval prior to signing a purchase contract.
What information is needed for a pre-approval?
A loan application is completed listing information about your income, employment, assets, etc. You will also provide your tax returns, W2s, paystubs, pension and social security income information. A full list of the documents required are listed in our Resources section at the bottom of this page.
What information is needed for a pre-approval?
A loan application is completed listing information about your income, employment, assets, etc. You will also provide your tax returns, W2s, paystubs, pension and social security income information. A full list of the documents required are listed in our Resources section at the bottom of this page.
Why do you need so many documents up-front?
GL Financial performs a full review of your financial profile to provide an accurate pre-approval, to avoid any last minute surprises.
How long does it take to receive a pre-approval?
Pre-approvals are generally completed within 3-5 days of receipt of all documents. They can be completed quicker if needed.
Is there a cost for a pre-approval?
There is no cost for a pre-approval.
I received a Loan Estimate e-mail before my pre-approval was completed, what is that?
Federal law requires that we provide you with a Loan Estimate within 3 days of receipt of your application, even if your pre-approval has not been completed.
Loan Application Package
What is a loan application/disclosure package?
The loan application/disclosure package contains your formal loan application, disclosure documents, and the Pre-Approval letter which outlines any stipulations of the pre-approval. You will receive it via FedEx. Sign the documents where indicated and return with the FedEx label provided.
I don’t understand the total listed on the asset section of my pre-approval. Why does it say I need more assets than I actually need to bring to closing?
Your pre-approval will list all assets required to be verified, including “reserves.” Reserves are “extra” funds the lender must verify, to ensure you have some funds available after the closing.
Are there any pre-payment penalties if I decide to pay off my loan early or make extra payments?
Standard loans from Fannie Mae/Freddie Mac/FHA/VA do not have a prepayment penalty. A few “niche” programs do have the penalty, so ask your Mortgage Loan Consultant for details.
Loans in Process
When will I get a copy of my appraisal?
You will receive a copy of your appraisal approximately 1 week before closing.
Can I take title in the name of a trust?
Yes, but not all trust types are acceptable. A copy of the trust is required for review initially and an attorney’s opinion letter will be required later.
Loan Conditions
Who do I speak with if I have questions about the loan conditions and documents being requested?
Your loan processor is the best person to contact about any loan conditions requested.
Why do I have to supply all this documentation?
Lenders are required to follow the rules set forth by the government agencies Fannie Mae/Freddie Mac/FHA/VA.
Why do I need to provide tax returns if the lender is getting IRS tax transcripts?
The IRS transcripts do not contain all of the information contained in the tax return. The transcripts are obtained to confirm that the tax returns provided are the actual returns submitted to the IRS.
Why can't I wait until just before closing to liquidate my IRA/401(k) funds?
Documentation from the liquidation of funds must be approved before the loan can be moved to the closing department. Once the loan is moved to the closing department, it is a minimum of 10 days prior to closing.
If I don’t sell my existing home prior to closing, but the pre-approval is based on it being sold, will I lose my deposits with the builder or can I get my money back?
Once you receive a pre-approval from any lender, your contractual mortgage contingency expires and your deposits are non-refundable. GL Financial will work with you to attempt to find alternate solutions if your home can’t be sold.
Closing Time
When will I get my final figures?
Your final figures will be e-mailed to you on a form called the Closing Disclosure. You will receive the figures at least 3 days prior to closing.
Do I have to attend the closing?
No, the closing documents can be mailed to you, just make sure your lender and title company are aware in advance, so they can prepare the documents in time to have them over-nighted to you and back, prior to your closing date.
Florida Homestead Exemption
The Florida Homestead Exemption reduces the real estate taxes on your property, provided you are a legal Florida resident. Homestead status is determined on Jan 1st of each year. You must file for your homestead exemption with the applicable Florida county in which you live.
Will GL Financial hold my mortgage?
No, GL Financial does not hold mortgages. We sell our mortgages shortly after closing, generally to major banks.
Before You Apply
Should I Refinance?
Whether you are looking to reduce your monthly payment, decrease the term of your loan to pay it off more quickly, or receive cash-out, your Mortgage Loan Consultant will help you decide if refinancing is right for you.
What are the advantages of using GL Financial?
In addition to a great rate, GL Financial will provide personalized attention throughout the process. We have closed thousands of loans for Florida homeowners.
Does GL Financial have good rates?
Our rates are very competitive in the market. Over 95% of our borrowers would recommend us to a friend or family member.
What loan programs do you offer?
Our rates are very competitive in the market. Over 95% of our borrowers would recommend us to a friend or family member.
Pre-Approvals
What is a pre-approval?
A pre-approval is a full analysis and approval of your credit, income, employment and assets. You will receive a preliminary loan commitment document upon -preapproval, which completes the first step in the loan process.
Why do I need a pre-approval?
The pre-approval is your confirmation that your information has been preliminarily reviewed and appears to meet the lending requirements.
What information is needed for a pre-approval?
A loan application is completed listing information about your income, employment, assets, etc. You will also provide your tax returns, W2s, paystubs, pension and social security income information. A full list of the documents required are listed in our Resources section at the bottom of this page.
Why do you need so many documents up-front?
GL Financial performs a full review of your financial profile to provide an accurate pre-approval, to avoid any last minute surprises.
How long does it take to receive a pre-approval?
Pre-approvals are generally completed within 3-5 days of receipt of all documents. They can be completed quicker if needed.
Is there a cost for a pre-approval?
There is no cost for a pre-approval.
I received a Loan Estimate e-mail before my pre-approval was completed, what is that?
Federal law requires that we provide you with a Loan Estimate within 3 days of receipt of your application, even if your pre-approval has not been completed.
Loan Application Package
What is a loan application/disclosure package?
The loan application/disclosure package contains your formal loan application, disclosure documents, and the Pre-Approval letter which outlines any stipulations of the pre-approval. You will receive it via FedEx. Sign the documents where indicated and return with the FedEx label provided.
Are there any pre-payment penalties if I decide to pay off my loan early or make extra payments?
Standard loans from Fannie Mae/Freddie Mac/FHA/VA do not have a prepayment penalty. A few “niche” programs do have the penalty, so ask your Mortgage Loan Consultant for details.
Loans in Process
When will I get a copy of my appraisal?
You will receive a copy of your appraisal approximately 1 week before closing.
Can I take title in the name of a trust?
Yes, but not all trust types are acceptable. A copy of the trust is required for review initially and an attorney’s opinion letter will be required later.
Loan Conditions
Who do I speak with if I have questions about the loan conditions and documents being requested?
Your loan processor is the best person to contact about any loan conditions requested.
Why do I have to supply all this documentation?
Lenders are required to follow the rules set forth by the government agencies Fannie Mae/Freddie Mac/FHA/VA.
Why do I need to provide tax returns if the lender is getting IRS tax transcripts?
The IRS transcripts do not contain all of the information contained in the tax return. The transcripts are obtained to confirm that the tax returns provided are the actual returns submitted to the IRS.
Closing time!
When will I get my final figures?
Your final figures will be e-mailed to you on a form called the Closing Disclosure. You will receive the figures at least 3 days prior to closing.
Do I have to attend the closing?
No, the closing documents can be mailed to you, just make sure your lender and title company are aware in advance, so they can prepare the documents in time to have them overnighted to you and back, prior to your closing date.
Will GL Financial hold my mortgage?
No, GL Financial does not hold mortgages. We sell our mortgages shortly after closing, generally to major banks.