The Loan Process
Although the process of obtaining a mortgage for a home purchase or a refinance has several steps, my job and commitment to you as your Mortgage Advisor is to keep the process flowing as smoothly and seamless as possible.
Step One - The Application
This is where I gather information from you and help you to determine which loan program may be right for you. If you're refinancing, we'll discuss your specific goals and objectives with the refinance, as well as discuss different scenarios with various loan programs. I want to assure that all of your goals are being accomplished with this refinance - let's face it, this is a major transaction, so I want to assure that it's done right!
If your purchasing a new home or purchasing your first home, we'll discuss the payment you feel comfortable with, as well as your down-payment intentions. Once again, buying a home is a major decision and making sure all the details are in place will help to assure a smooth transaction.
Step Two - Approval/Pre-Approval
With the changes in the marketplace over the past year or so, a pre-approval status generally doesn't provide a strong enough commitment from either the applicant or the lender. I want to be sure that when I qualify you for a loan, that I have as much information as possible at application time, so that I can provide you with an approval, which in turn will provide us with an exact interest rate and payment - not just a guess. There will be, however some additional underwriting requirements as we move forward through the process prior to getting a final approval and the clear to close the loan.
Step Three - The Loan Documents
Once you make the decision to move forward with the loan program, I will meet with you to review the preliminary loan documents - making sure to explain all details and answer any questions that you may have. Generally, the loan documents that we review at this stage will contain the same information and costs as what you will see at the closing - no hidden fees or surprises! At this time, I will also provide information on the documentation that I will need for you to process your loan.
Step Four - Appraisal
An appraisal of the property is required for any refinance or home purchase. Home values can change frequently based on improvements done to a property, market changes, as well as other factors. I will take care of ordering the appraisal of the property from a reputable, certified appraiser. The appraiser will contact you directly to schedule a mutually convenient time that he or she may come to your home to complete the appraisal.
Step Five - Submission to Final Underwriting
Once I have all the necessary documentation from you, as well as a copy of the appraisal, your file will be submitted for final underwriting and final approval. Our underwriting team works hard and as quickly as possible to review your loan application, required documentation and the appraisal to insure you are getting the loan program that is right for you.
Step Six - Closing Your Loan
Once I receive a final approval and a "clear to close" from the underwriter, we will schedule the loan closing at your home at a mutually convenient time through a title company and a notary closing agent. You will then sign the final loan documents and I, along with the closing agent will be there to answer any questions that you may have. After all documents are signed, they are reviewed by the title company. If you are refinancing, your loan "funds" in three business days and you will then receive a check for any funds that were allocated to you for debt consolidation, home improvements or any other need.
Although the loan process may seem long and cumbersome, it usually takes only 3-4 weeks for the entire process and my goal is to assure your experience is excellent!
Thank you for your business and I can now add you to my long list of satisfied clients!
