Learn More About
Who We Are
Arco Financial is an all-inclusive mortgage brokerage firm catering to individuals who need lending solutions for all aspects of their Real Estate needs. With over 20 years of experience in Finance and Real Estate, we understand the complexity of the mortgage industry rules and regulations. We assist our clients in understanding the process in a simple-to-follow format.
Headquartered in the greater Orlando area we provide value-added Mortgage Brokerage services across the state of Florida. We can assist in all aspects of your home purchase from beginning to end.
Inquire with our team about our commitment to excellence and diligence that sets us apart from other companies.
Discover The Arco Advantage
Answers To Frequently Asked Questions
What documents do I need to get started with my application?
Needed:
- Photo ID (Driver’s License / Passport / Military ID / Green Card / Etc.)
- Past 2 years W-2 (or 1099) statements
- One month most recent paystubs
- Past 2 Years Personal Tax Returns all schedules (Past 2 years Business Tax Returns if Self Employed)
- Most recent 2 Months Bank Statement, Include Bank Statement of Gift funds (1 month statement of all pertinent assets (i.e., retirement accounts, stock accounts, liquid & non-liquid assets))
If Applicable:
- YTD Profit and Loss Statement
- Proof of additional income (If 1099 – Year End Paystub for last 2 years)
- Divorcee Decree (show child support /alimony /separation of property)
- Bankruptcy Discharge paperwork
- Short Sale / Foreclosure Final Closing Documents
- Current Awards Letter for Pension or Social Security Income
- DD214 For Military Service
- Credit Report (may need to be run)
- Signed Sales Agreement when needed
*Additional documentation which is not listed may be requested at any point in the due diligence process.
What is the difference between prequalified & preapproved?
Prequalified
- First step, it gives you an idea of how large a loan you’ll likely qualify for.
- Involves supplying a bank or lender with their overall financial picture, including debt, income, and assets.
- The lender reviews everything and gives an estimate of how much the borrower can expect to receive.
- Pre-qualification can be done over the phone or online, and there’s usually no cost involved.
- Keep in mind that loan pre-qualification does not include an analysis of credit reports or an in-depth look at the borrower’s ability to purchase a home.
Preapproved
- Second step, a conditional commitment to actually grant you the mortgage.
- The borrower must complete an official mortgage application to get pre-approved, as well as supply the lender with all the necessary documentation to perform an extensive credit and financial background check.
- The lender will then offer pre-approval up to a specified amount and offer an idea of interest to be charged.
- Lenders will provide a conditional commitment in writing for an exact loan amount, allowing borrowers to look for homes at or below that price level. This puts borrowers at an advantage when dealing with a seller because they’re one step closer to getting an actual mortgage.
Will my interest rate change?
The answer is it depends on the type of mortgage the buyer obtains. Most buyers want a mortgage with fixed rate terms. The interest rate will not change over the life of the loan. However due to various factors driving the motivation of the buyer whether it be monthly payments, interest rates or something else, there are adjustable-rate mortgages that will change the interest rate at specific times throughout the life of the loan. These changes are calculated and known to the buyer before closing to mitigate surprises during the loan process. These can be advantageous in some instances for buyers.
How do I add the calculator to my website?
We strongly recommend having your IT or dev team implement the iframe html code provided. This code is intended to be placed on a landing page hosted and maintained by your company
Where can the calculator widget be used?
The html code should only be used on your website. You can link to your calculator landing page to share via email or in your signature.
What rate is being used and how often does it change?
The calculator widget uses the CMT maximum principal limit, which is the same as the FAR Illustrator. The rate will be shared weekly on our partner newsletter and can be found in Xcelerate on the marketing material page.
Can I change the rate or margin?
This figure is built in and is not directly editable. We recommend using the FAR Illustrator or your reverse LOS to run calculations using different margins or options.
If you have questions please contact [email protected].
Thank you for being a partner,
FAR Wholesale Marketing Team