Step #1: Apply & get Pre-Qualified. Apply now
We will gather all the information needed to see what amount you pre-qualify for and the price that fits your budget. In order to start shopping, a realtor will need to know what price range you can afford. Most realtors will require a pre-qualification. After applying online or in person, we will pull your credit report. This gives us your FICO score and also gives us a list of all of your debts. Your application asks for your monthly salary. We use both of these items to determine what you qualify for and what is the best program to fit your needs.
Step #2: Documentation See Needs List
It’s important that prior to going under contract with your new home that we gather all the various documents needed, such as bank statements, pay stubs, and tax returns. We provide a secure link for you to upload your files. Or you can bring the documents needed into the office. If we have all your documents prior to you signing the contract on your house, we can close on your new home in 21 days or less.
Step #3: Loan Processing
Once your documentation is received, our processor will verify and validate all of the information. We will send you a few documents to “wet” sign, in order to send verification requests to your employers, IRS, and/or current mortgage lenders. This is done electronically to avoid delays. Once we have an executed contract, the appraisal and title policy is ordered as well.
Step #4: Underwriting
The underwriter will review your loan package to make sure it conforms to all the federal guidelines required for the specific loan product you have applied for. They review the appraisal and title report and ultimately make the official decision on the approval of your loan. Once the underwriter has completed the review of your loan, they will send out a conditional approval. Normally these will contain a few conditions requesting additional documents needed to support your file. When these requested items have been satisfied, the underwriter will give a final approval and “clear to close.”
Step #5: Draw Documents
At this time, if the loan was not previously locked, it will be the time when a lock request is initiated and the interest rate for your loan is finalized. The closing department draws up the document package and sends it to the title company. You will receive a final Closing Disclosure three days prior to closing to confirm all costs.
Step #6: Closing & Funding
You will meet at the title company and sign for your purchase. You will need to bring proper identification to the closing. The Escrow officer will then send your executed documents and those of the selling party back to our office to be reviewed by our funding department. Once all the documents are reviewed, a wire transfer of funds is finalized and the loan is funded.