- Application
Begin the application process either online or over the phone directly with one of qualified loan officers. The loan officer will then pull &review your credit line by line to determine if there are any potential issues that could be affecting your 3 credit scores. Next, he/she will complete a detailed comprehensive analysis of values for your home and properties nearby to establish a maximum loan limit that you qualify for. Then the loan officer will obtain pre-approvals for different mortgage loan options. He/Shewill reach out to you and together, you will select the loan program that will best accommodate your requests, goals & needs.
- Disclosures
After selecting a program the loan officer will prepare your initial disclosures and get them pre-approved by our underwriting department. Once approved, the loan officer will send you your initial disclosures for signature and will call you at your scheduled time to review them and to go over any questions or concerns you may have.
- Processing
Next, your loan officer will advise you of any documentation needed in order to process the loan. (I.e. Income, Assets, Home Owners Insurance Contact Information) Once all necessary documents have been received, your file will move to our processing department. At this time, the processor will order an appraisal to determine the actual value of your property. A preliminary title report along with the payoff statements for all mortgages being paid (if a refinance loan) will be ordered as well. Your file will be reviewed in its entirety and a detailed list of any additional documents that may be required in order to receive an approval from the underwriting department will be provided.
- Submitting to Underwriting& Conditional Approvals
Once all documents have been received, our processing team will submit your loan to the underwriter for a credit decision. If by chance the underwriter needs further clarification on something they will notify the loan officer and processor with a conditional approval detailing the items needed. The loan officer will then advise you of these items.
- Prior to Final Documents Conditions Received& Final Approval
Whenall additional documentation has been received, we will submit them to the underwriter for review. Once accepted the underwriter will issue a final approvaland move your file to our final loan documents department.
- Final Documents
As soon as the final loan documents are prepared and sent to the settlement agent, your loan officer or escrow officer will contact you to schedule a time and date for your closing. At the time of your closing, you will need to provide state issued identification, sign the loan documentation and you will be provided with copies of all documentation signed at the closing.
- Funding
If you are refinancing, the three-day right of rescission period begins the day following your closing date. It is during this time that you can evoke your right to rescind (cancel) your mortgage loan. If you do not rescind, the current mortgage company is provided with the payoff amount, the new title is recorded and you will be provided with any funds that are to be received as a result of the refinance.
If you are purchasing, the mortgage company will typically fund your loan within 24 hours of received the final executed document package. The new title is recorded and your loan officer will advise you to contact your realtor in order to obtain a set of the keys to your new home!
Mortgage Process From Start to Finish
