1 – Application (before shopping)
The first step of the loan process is to help you get pre-qualified. The application consists of providing some simple information along with documentation. Documentation will vary from person to person. During the application process, we will discuss payment estimates and maximum qualification amounts.
2 – Disclosures (once under contract)
Once you’re under contract, we’ll work to gather more updated documentation (paystubs, bank statements, etc) if needed and send out disclosures. These disclosures are simply forms requiring signatures that allow us to start the processing of the mortgage.
3 – Processing
Once you have finished signing disclosures, we’ll prepare all the documentation (paystubs, bank statements, letters of explanation, etc) for underwriting & perform a lot of the „behind the scenes’ verifications (employment, taxes, etc). We’ll also order the appraisal during this stage.
4 – Underwriting
As soon as the appraisal is back, we have all the documentation we need from you, and all of the 3rd party verifications are back, we will submit the loan to underwriting. Underwriting typically takes 1-2 days. An underwriter will review the loan to make sure everything is complete and meets guidelines.
5 – Signing Preparation (Loan Docs)
Once the underwriter gives full approval, we’ll work on preparing the closing paperwork and then work with the title company to finalize closing figures.
6 – Signing / Funding / Closing
The title company will work with you to set a time to sign (in their office or with a mobile notary) and also give you instructions regarding how to pay your down payment. Once our company receives a copy of the complete package of the signed documents from the title company, we’ll send a wire out to the title company for the loan. Once funded, the title company will record the deed at the County and you will officially be the new owner!!!
And there you have it! Six easy steps to become a homeowner. We’ll be here to help guide you the whole way. If you have questions or want to get started, contact us or apply online at your own convenience!