THE LOAN PROCESS
What you
can expect
THE LOAN PROCESS
What you
can expect
THE LOAN PROCESS
What you
can expect
We're Here Because We Do it Better
Because we are a mortgage broker, we have more flexibility to find you the right mortgage program based on your unique situation and to match you with a lender that can get your loan processed and closed fast... all while saving you money.
Here are the 5 steps you can expect our guidance with in making the process convenient and hassle-free
Pre-Approval
The pre-approval occurs before the loan process actually begins. The loan specialist gathers and verifies the information about your income, debts, and credit to make a financial determination about how much house you may be able to afford. It's a good idea to know how expensive a home you can afford before you start shopping for one! If you are refinancing the loan on your existing home, then the pre-qualification process should help you decide whether refinancing is a good idea for you.
Application
The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home. You complete a mortgage application for a particular loan program and, supply all of the required documentation for processing. Various fees and down payment options are discussed at this time. The loan specialist will deliver a Loan Estimate (LE) within three days that itemize the rates and estimated costs for obtaining the loan.
Processing of your Estimated Loan
The loan specialist will typically submit the application package to an automated underwriting system that will provide the bank with the necessary documentation needed for an underwriter’s loan approval. The loan processor reviews the credit reports and verifies your employment, debts, and payment histories. If any of these are unacceptable the processor requests a written explanation from you. The processor also reviews the appraisal and survey and checks for property issues that may affect final loan approval.
Underwriting
The bank's underwriter is responsible for determining whether the application package prepared by the loan specialist and processor meets all the lender's criteria. If more information is needed you will be contacted to supply more documentation.
If the underwriter approves the loan, the lender issues a conditional commitment to lend also called a Conditional Approval. The processor orders title insurance, works with you to clear all conditions to its commitment to lend, and may assist in coordinating the closing date and time.
Closing
The closing will occur after all conditions are cleared and the lender issues a full loan approval. At closing, the bank "funds" your loan and funds are sent to your closing agent. You may be required to bring your final cash to close preferable in a form of a wire transfer or cashier’s check to finalize your closing. Your closing agent will prep any remaining balance due at closing.
Congratulations! This is the point at which you finish the loan process for your home purchase or refinance.
We're Here Because We Do it Better
Because we are a mortgage broker, we have more flexibility to find you the right mortgage program based on your unique situation and to match you with a lender that can get your loan processed and closed fast... all while saving you money.
Here are the 5 steps you can expect our guidance with in making the process convenient and hassle-free
Pre-Approval
The pre-approval occurs before the loan process actually begins. The loan specialist gathers and verifies the information about your income, debts, and credit to make a financial determination about how much house you may be able to afford. It's a good idea to know how expensive a home you can afford before you start shopping for one! If you are refinancing the loan on your existing home, then the pre-qualification process should help you decide whether refinancing is a good idea for you.
Application
The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home. You complete a mortgage application for a particular loan program and, supply all of the required documentation for processing. Various fees and down payment options are discussed at this time. The loan specialist will deliver a Loan Estimate (LE) within three days that itemize the rates and estimated costs for obtaining the loan.
Processing of your Estimated Loan
The loan specialist will typically submit the application package to an automated underwriting system that will provide the bank with the necessary documentation needed for an underwriter’s loan approval. The loan processor reviews the credit reports and verifies your employment, debts, and payment histories. If any of these are unacceptable the processor requests a written explanation from you. The processor also reviews the appraisal and survey and checks for property issues that may affect final loan approval.
Underwriting
The bank's underwriter is responsible for determining whether the application package prepared by the loan specialist and processor meets all the lender's criteria. If more information is needed you will be contacted to supply more documentation.
If the underwriter approves the loan, the lender issues a conditional commitment to lend also called a Conditional Approval. The processor orders title insurance, works with you to clear all conditions to its commitment to lend, and may assist in coordinating the closing date and time.
Closing
The closing will occur after all conditions are cleared and the lender issues a full loan approval. At closing, the bank "funds" your loan and funds are sent to your closing agent. You may be required to bring your final cash to close preferable in a form of a wire transfer or cashier’s check to finalize your closing. Your closing agent will prep any remaining balance due at closing.
Congratulations! This is the point at which you finish the loan process for your home purchase or refinance.
We're Here Because We Do it Better
Because we are a mortgage broker, we have more flexibility to find you the right mortgage program based on your unique situation and to match you with a lender that can get your loan processed and closed fast... all while saving you money.
Here are the 5 steps you can expect our guidance with in making the process convenient and hassle-free
Pre-Approval
The pre-approval occurs before the loan process actually begins. The loan specialist gathers and verifies the information about your income, debts, and credit to make a financial determination about how much house you may be able to afford. It's a good idea to know how expensive a home you can afford before you start shopping for one! If you are refinancing the loan on your existing home, then the pre-qualification process should help you decide whether refinancing is a good idea for you.
Application
The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home. You complete a mortgage application for a particular loan program and, supply all of the required documentation for processing. Various fees and down payment options are discussed at this time. The loan specialist will deliver a Loan Estimate (LE) within three days that itemize the rates and estimated costs for obtaining the loan.
Processing of your Estimated Loan
The loan specialist will typically submit the application package to an automated underwriting system that will provide the bank with the necessary documentation needed for an underwriter’s loan approval. The loan processor reviews the credit reports and verifies your employment, debts, and payment histories. If any of these are unacceptable the processor requests a written explanation from you. The processor also reviews the appraisal and survey and checks for property issues that may affect final loan approval.
Underwriting
The bank's underwriter is responsible for determining whether the application package prepared by the loan specialist and processor meets all the lender's criteria. If more information is needed you will be contacted to supply more documentation.
If the underwriter approves the loan, the lender issues a conditional commitment to lend also called a Conditional Approval. The processor orders title insurance, works with you to clear all conditions to its commitment to lend, and may assist in coordinating the closing date and time.
Closing
The closing will occur after all conditions are cleared and the lender issues a full loan approval. At closing, the bank "funds" your loan and funds are sent to your closing agent. You may be required to bring your final cash to close preferable in a form of a wire transfer or cashier’s check to finalize your closing. Your closing agent will prep any remaining balance due at closing.
Congratulations! This is the point at which you finish the loan process for your home purchase or refinance.
