Our Process

Our Loan Process Team

We have made it our mission to turn the normally complex and nerve wracking experience of mortgage financing into a smooth and easy procedure. Our years of finance experience and expertise have helped us to break down this often confusing act into a simple 5-step process.

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Pre-Approval

The most important step in the home buying process.  Find out if you are approved, what programs you may be approved for, what potential payments, down-payments, and closing costs there may be, and what general price range you should be looking in. This information can be collected in person, over the phone, via email, or using our online loan application.

If you’re not currently eligible, then we can put together a plan for how to get you approved in the future.

Once we’ve had a chance to discuss, it’s best to start getting your financial documents turned in ASAP to make sure we’ve got a complete file for you that’s ready to go. Common items needed for a file would be:

  • Most recent 2-years of tax returns & W2’s
  • Paystubs for the most recent 30 days
  • Bank statements for the most recent 2 months
  • Driver’s license
  • Divorce decree/judgment/support orders (if applicable)
Processing

Once you found a property and have an accepted contract, you will start the loan approval process. This is also a good time to have a home inspection done if you wish to do that, along with any other inspections you may want for the property.  These inspections are your choice, and are not a requirement for your loan.

A loan application will be disclosed to you to be docu-signed with all the updated terms of the new loan. Once signed, your file goes to a processor who will start sorting and organizing your financial documents, and doing the necessary and very. important employment/income/asset/ID verifications and validations. During this phase, we will typically order the appraisal.  You don’t have to worry about setting it up, we handle it!

Now is when we contact the title company to send them a request to start a new file for your closing so they can begin doing their research on the property and prior ownership history. If you already have an insurance provider, we can request the insurance binder as well. Unsure about who to use for insurance? Feel free to ask and we can help you get quotes from qualified local agents!

Underwriting

By this point you have probably had a lot of communication with the processor too, who plays an essential role in getting your file approved and to closing on time.  All the information the processor has been verifying and validating gets submitted to the underwriter, who reviews the documents we have provided. They are reviewing to make sure the income/assets/credit file we have provided are within the loan guidelines for the loan program we have chosen. Once review is completed, they will issue a conditional approval.

Conditional Approval

Underwriting has issued their approval and given us a target of what items remain before we can close. Now is when you work closely with the processor to tie up any loose ends so we can get back to the front of the line for final loan approval! Common conditions of loan approval might be:

  • Final home insurance binder
  • Final title work
  • Final appraisal, if it hadn’t been received yet
  • Updated paystubs & bank statements to make sure we have most current items in the file prior to closing
Final Approval & Closing!

Once your final conditions are wrapped up, the underwriter issues final approval and your file moves to closing department.

The title company schedules your closing with you, the sellers, agents, etc., and then the closer prepares all your closing documents that need to be signed. Prior to closing, you will most likely do a pre-closing walk-through of the property, to make sure the property is in the same condition as it was when you agreed to purchase it.  Or, to make sure repairs you’ve requested have been completed before accepting the property.

Funds you need for closing can typically be delivered in the form of a wire transfer, or certified funds (cashier’s check). Personal checks and ACH transfers are NOT allowed. You do not need separate payments for closing costs, or down-payment, or insurance.  We calculate exactly what you need for all things combined, and you will only need to bring ONE check, which is made payable to the title company.  They are responsible for disbursing funds to the appropriate parties.

Closing typically takes place at the title company, unless you are signing with a mobile notary, or doing a mail-away closing.  After all your closing documents are signed, they are reviewed by the lender to ensure accuracy, and then the lender authorizes funding of your loan, and the title company disburses checks to whichever parties are due money.  Your closing is now completed, all that’s left to do is take your picture with your new keys and share it on your social media accounts!