The Mortgage Loan Process |
|
|
|
|
|
Step 1 |
Application |
Your approval begins with a completed loan application. Fill the application out as completely as possible. You may contact us by phone at 877.622.9419, or by email if you have any questions or concerns. Also, you may check the loan app checklist in order to prepare for the secured online application. |
|
|
|
|
|
Step 2 |
Loan Analysis |
A Mortgage Consultant will review your application and you will be contacted to confirm the information sent. Your Mortgage Consultant will present the best loan alternatives to you, and you can decide which option is best for your situation. In most cases, your loan will receive a pre-approval with 24 hours or less. |
|
|
|
|
|
Step 3 |
Loan Documents |
After you have decided which loan is best, we will mail the loan application disclosures to you to review and sign at your convenience. We will also collect the required loan documentation for your property, income, assets, etc., and provide a return overnight package for you to return the information. A list of common documents is here. |
|
|
|
|
|
Step 4 |
Processing |
The primary function of the loan processor is to build your loan file by documenting your income, assets, employment history, and debts. They will also arrange to have your property appraised and a preliminary title commitment issued. It typically takes a week or more to have the appraisal completed, and have the title company issue the title commitment. |
|
|
|
|
|
Step 5 |
Underwriting |
Once the processor has completed step 5 your file will be sent to the underwriter for approval. This typically takes 48 hours. |
|
|
|
|
|
Step 6 |
Clear Conditions |
If the loan is conditionally approved, the underwriter will request some additional documentation from the processor in order to give a final approval. |
|
|
|
|
|
Step 7 |
Closing |
Loan documents are now prepared including the mortgage, note, deed of trust, and supporting disclosures. You will be contacted for signing instructions. |
|
|
|
|
|
Step 8 |
Funding |
We will arrange to have the funds deposited with the closing agent on your behalf. Congratulations! Your loan closed! |
