Mortgage Process Roadmap

Wondering what to expect from start to finish when it comes to obtaining financing for your mortgage? Find out below.

The mortgage process doesn’t have to be overwhelming or confusing.

Step 1: Contact us for pre-qualification

  • Provide pre-qualification information.
  • We'll give you a list of financial documents needed.
  • We'll determine what you may qualify for and go over your options with you!

Step 2: Write a contract & make official loan application!

  • Sign official loan application with us and provide any outstanding financial documents requested.
  • This is typically when you lock in an interest rate.
  • We'll order your appraisal and title work. Please note that an appraisal fee is collected when appraisal is ordered.
  • Schedule your home inspection as quickly as possible.
  • Obtain quotes for homeowner’s insurance and decide which agent you would like to work with.
  • The loan process STARTS here.

Step 3: Behind the scenes loan underwriting & processing

  • A Loan Underwriter reviews your loan file and issues a commitment to lend, provided required conditions are met.
  • A Loan Processor obtains required conditions - including but not limited to employment verifications, IRS transcripts, updated bank statements and documentation required for gifts or liquidation of assets.
  • Credit is monitored for new debt.
  • Waiting on title work, appraisal and insurance.
  • We may need additional information or documentation during this stage.

Step 4: Final loan approval

  • The Loan Underwriter has received & reviewed all items required for approval, including appraisal and final inspection (if applicable), title and insurance.
  • Note that changes (credit changes, employment changes, etc.) can still affect closing negatively at this stage!

Step 5: Closing disclosure

  • Lists actual settlement costs.
  • A preliminary copy is issued a minimum of 3 days prior to closing.
  • You receive one figure for closing, which includes your down payment and settlement costs. This is payable to the settlement office by wire or cashier’s check, due at closing.

Step 6: Closing - CONGRATULATIONS!

  • Sign final closing disclosure and final loan paperwork.

Step 7: Loan servicing transferred

  • 1 - 2 months after closing.
  • "Goodbye letter" from us and introduction to new servicer.
  • Welcome letter from new servicer with detailed contract information.

NOTE: This guide is not all-inclusive. Information is accurate as of today's date and is subject to change without notice.

*Not all borrowers will qualify

*Not all borrowers will qualify

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