The Loan Process

We have the systems in place and the experience necessary to make your loan process as easy and efficient as possible.  Our clients are updated an average of 29 times during the mortgage loan process that way you know exactly what is going on from start to finish and there are no questions as to when your loan will be complete.   We also offer our clients the ability to check their loan status in real time via this website so you can have up to the minute details on your loan at your convenience.  Here are the steps pertaining to the loan process:

Step 1:  Pre-qualification

During the Pre-qualification stage we will take a loan application and pull your credit report in order to determine exactly how much you qualify for and  what kind of interest rate to expect.

Step 2: Pre-qualification letter

Once the pre-qualification is complete we will send a letter to both you and your Realtor detailing the loan program and terms you qualify for so that you can make an offer on a home.

Step 3: Make an offer/ contract

Make an offer on a home and negotiate the details of the purchase price that you are comfortable with. 

Step 4: Complete the loan documents

Once you have contracted on your home we will send you a packet that contains all of the necessary items that need to be signed, dated and returned.   This information will give us details on your income and debts in order to prepare your file for underwriting.

Step 5: Underwriting

Once we have all of the necessary loan documents your file will be prepared and sent to underwriting for review.  Underwriting is where the lender verifies your information for accuracy and confirms that your file meets lending guidelines

Step 6: OrderAppraisal

Once your file has been submitted to underwriting we will order the appraisal.  The appraisal is to ensure that the property exists, meets lending guidelines and meets the value of the loan and/ or purchase price

Step 7:  Conditional Approval

Once the underwriter has reviewed your file and the appraisal they will send out whats called a conditional approval.  This approval states that they will accept the loan as long as certain conditions are met.  The conditions can be very minor or they can be somewhat detailed as every loan is different

Step 8: Clear to Close

Once all of the conditions have been cleared the underwriter will clear the file for closing by issuing a clear to close.  This allows the file to go into the closing department when they will send the closing documents to the title company.

Step 9: Closing

Closing will generally take place at a title company that was pre-selected by the  sellers of the property your are buying.   A loan closing generally takes about an hour as you will be signing all of the final documents required to fund your loan.

Step 10: Funding

Once closing is complete the title company will send the necessary documents to the lender for review.  Assuming all is there the lender will release a funding number allowing the title company to fund your loan.

Congratulations you are now a proud homeowner!