First Contact

The first step for any m ortgage process is to have the first contact with your loan officer. Your MLO will ask several questions to assess your credit, walk you through the loan process, and discuss w hich loan program fits your needs.

Application

After the first contact you will need to go online and put in a loan application for your MLO to gather as much information as possible to start the full loan process.

Prequalification

Once your loan officer has your online application they can start the prequalification process of pulling your credit, determining your debt-to-income, how much house you can afford, etc. The prequalification step allows you to go house shopping with the confidence of putting in an offer on a home and knowing what you can afford.

Initial Disclosures

Once you are have an executed contract for a home your loan officer will prepare your file for initial disclosures. This part allows you to see an estimate of what your closing costs will be as well as other documents that are required by law to be signed. There will be electronic and wet signed documents.

Documents and Processing

After we receive your initial disclosures, your loan officer will request other documents such as W2s, paystubs, tax returns, bank statements, etc. When you receive this list it is imperative that you collect and send the requested items as fast as possible as the documents are needed for the Processing stage and getting your appraisal and title work ordered.

Appraisal and Title

Once your file is submitted to the Processor, the title work will be ordered through the attorney/title company you choose. At this time the appraisal will be ordered, an appraiser will be assigned to contact the seller or seller’s agent for an appointment to visit the home.

Underwriting

This process is usually done in 24-48 hours and the Underwriter reviews your loan to make sure the appraisal is satisfactory, everything is calculated properly, all all documentation meets the guidelines required for your loan program.

Approval

Once underwriting is complete, your Loan Officer will receive a conditional approval and request additional items (conditions) that are needed. Your Loan Officer will reach out to you and let you know what items still remain.

Final Underwrite

The home stretch. After you have sent in the documents requested from your loan officer your file can be submitted back to underwriting for the clear to close commitment.

Closing

After we have the clear to close, the closing department will work on your initial closing disclosure(CD) alongside the attorney/title company you selected for your settlement. Once the Initial CD is sent out you can close on your new home in three days. Your loan officer will be available for any questions you have while at the closing table. After closing you are done! Congratulations!!!

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