Our Quick & Easy Loan Process
Pre-Qualify for a Loan
The Pre-qualification or Pre-Approval process is the beginning stage of a loan application. Once your loan officer has gathered information about your income, assets, and debts, a determination can be made as to how much of a loan you may be able to afford.
The Pre-Qualification only requires that a loan officer verbally receive the required information. The Pre-Approval requires that you provide documentation to your loan officer to verify your income, assets, and debts. This information will then be relayed to the underwriter to review.
It is important to remember that there are no rules carved in stone. Each applicant is handled on a case-by-case basis. If you come up a little short in one area, your stronger points could make up for the weak one.
Find the Ideal House
The Home Stretch: Processing
Once the application has been submitted, the processing of the mortgage begins. The Processor orders the Credit Report if it has not already been ordered and other third party information required to submit to underwriting for a decision. The entire mortgage package is then put together for submission to the underwriter.
Once the processor has put together a complete package with all verifications and documentation, the file is sent to the underwriter for an initial decision. The underwriter is responsible for determining whether the package is deemed an acceptable loan. If additional documentation is required, our underwriter will condition for those items and will work with the processor to obtain the additional information needed.
After the underwriter makes an initial decision to conditionally approve the application, the Closing Disclosure is usually issued. The Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).
We are required by law to give you the Closing Disclosure at least three business days before you close on your mortgage loan. This three-day window allows you time to compare your final terms and costs to those listed on the Loan Estimate. The three days also gives you time to ask us any questions before you go to the closing table.
The Final Step: Closing
Once all conditions are cleared, the file is transferred to the closing and funding department. The closing agent then schedules a time for you to sign the loan closing documents.
At Closing, you should:
- Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.
- Review the final loan documents. Make sure that the interest rate and loan terms are what you agreed upon. Also, verify that the names and address on the loan documents are accurate.
- Sign the loan documents.
After the documents are signed, the closing agent returns the documents to the lender who examines them and, if everything is in order, arranges for the funding of the loan.
Congratulations on your new home!