The Loan Process

 

• NO Processing Fee
• NO Up-Front Lender Fees
• NO Unnecessary Loan Fees

 

 

Prequalification

Prequalification occurs before the loan process actually begins. We first gather information about your income and debts, and makes a financial determination about your qualifications.

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 prequalification 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 the required documentation for processing. Various fees and down payment options are discussed at this time. Within three days of receiving your application, we will deliver a Good Faith Estimate (GFE) and a Truth-In-Lending Disclosure (TIL) that itemize the rates and estimated costs for obtaining the loan.

Processing

We will typically submit your completed application package to an automated underwriting system that will provide us with a comprehensive list of necessary documentation needed for loan approval. In some cases, the lender may also manually underwrite your application package.

The lender will review your credit report and documentation to verify your employment, debts, and payment histories. In many cases we will ask you to provide a written explanation for any previous late payments showing on the credit report. We also review the appraisal report when completed and checks for property issues that may affect final loan approval. The processor's job is to put together an entire application package for the lender's underwriter in order to ensure a smooth loan process.

Underwriting

The lender's underwriter is responsible for determining whether the application package prepared by the processor meets all the lender's criteria. If the underwriter approves the loan, the lender issues a loan approval and conditional commitment to lend.  Conditions to the loan approval include issues with credit, income, or the property that may arise during the processing and underwriting process.

Closing

Your closing will occur after all loan conditions are satisfied and the lender issues a full loan approval. We can arrange to have you sign your final loan documents at the office of the closing agent, or even at the convenience of your own home! Once the lender receives back your complete signed loan documents, the lender "funds" the loan by wire to the closing agent, who disburses all funds in exchange for the title transfer to the property. This is the point at which the loan process is completed.