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.

Step 1 Step 2 Step 3 Step 4 Step 5

Pre-Qualification

The best way to get started with a mortgage is to get prequalified. This is the first step which helps identify what your borrower profile looks like, and what types of loans you may be eligible for. At this stage we can start determining what a potential price range might be, what to expect for monthly payment budgets, and estimates for down-payment and closing costs. This information can be collected in person, over the phone, via email, or using our online loan application.

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 have an accepted contract on a new house, you can start the loan approval process. 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 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

An underwriter will take the file next and review 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 given 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. Funds from 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. Between the down-payment, closing costs, etc., you will only need to bring ONE check, which is made payable to the title company, and they are responsible for disbursing funds to the appropriate parties. Then take your picture with your new keys and share it on your social media accounts!