Process
The process begins with the client completing a very brief pre-application on our website, or completing a phone interview with your loan originator. We will request a recent pay stub or other document we may need to verify your income.
With this information we will verify your credit scores and analyze your income and employment information to determine that you meet the minimum qualifying guidelines and determine what loan program fits your situation the best.
We will then follow up with you to determine what your goals are regarding maximum mortgage payment and down payment.
Your file will then be submitted through our automated underwriting system for official pre-approval. All of this can be done within an hour.
You are now pre-approved and can begin shopping for homes within your approved budget. During this time we will work with you to let you know how much specific properties will cost on a monthly basis and at closing to help you choose to make an offer or not. We will also provide your Realtor with an approval letter to submit with any offer.
Once an offer is accepted and a contract is signed, we will update your file and send you your loan application and disclosures to sign. You will elect to lock or float your rate at this time. We will also request any supporting documents we may need from you (pay stubs, bank statement, etc.).
Once your application is signed and documents are provided, we will submit your file to the lender we have deemed the best fit for your situation. We usually have an approval back with 24-48 hours.
We will then order the appraisal and title work and begin clearing up any conditions the lender may have. Our goal is to minimize these conditions by being thorough up-front.
While we clear conditions and wait for the appraisal, you will secure insurance for your new home. Once the conditions are clear, insurance is secured and appraisal is completed, your file will be considered “Clear to Close” and the closing process will begin.
Closing instructions will be delivered to the title company and the final closing disclosure (CD) will be prepared. The CD will explain all of the costs and terms of your loan including monthly payment. This disclosure will be delivered to you at a minimum 3 days prior to closing. We will also provide you with your closing documents prior to closing to familiarize yourself before closing day.
The final step is to execute the closing documents at the title company. Our goal is to be there with you schedule permitting to help answer any questions you might have. The keys are turned over at this time. Congratulations! You are now a home owner.
