How the process works
How loans are processed:
- You make application online anytime 24 hours a day....
- You will then gather all your documents, making sure all documents that were requested are uploaded through the web portal.
- After you have submitted your application your Home Loan Adviser will contact you to review the file with you and select the best loan program to meet your goals.....
- With Pre-Approval letter in hand, you find the perfect house and get your offer accepted.
- File is submitted to processing and the appraisal is ordered.
- File is then submitted to Underwriting for Approval.
- We gain our conditional approval from underwriting and your Home Loan Adviser will contact you for additional information and/or documentation to fulfill final conditions.
- Your file will then be re-submitted to underwriting for our clear to close
- Your loan will be scheduled to close at your local title company.
- Purchase complete.
What to expect from the process...
Credit Report and Credit Score:
- There is a lot of it. Given the changes in federal regulations that were implemented after housing bubble burst, we as mortgage lenders have to document EVERYTHING in order to stay compliant with these federal laws. Thus when additional documentation is requested it is not because we want to make you work harder, it is required by law to have everything.
- If a document says “1 of 6” we will need all 6 pages of that document, even if it is blank.
- We always need consecutive documents, meaning if we need 2 months of bank statements, each day in those 2 months must be represented in the statements.
- If you are getting a gift from a relative to help with your down payment we will require a gift letter (which we will provide) and a bank statement from the donor to verify they have the funds available to give.
- When sending over documentation, please send them all at once if possible, it is far easier to manage documents with only 1 or 2 attachments instead of 30 different PDFs.
Verification & Validation:
- There are no secrets when applying for a mortgage. The application process is rather intimate, in terms of the information we will need to verify before we can close your loan. From your credit report, to bank statements, to tax returns, everything needs to be verified and double checked.
- Please disclose any monthly payments being made upfront. (Example: Alimony, Child Support, wage garnishments, etc.)
- Any large deposits (over $500) on your bank statements outside of your payroll will need to sourced. The reason for this is that there has to be a paper trail for everything we have in your file and to ensure new loans are not being used for the down payment.
- If you have had a significant event in your past (Bankruptcy, Foreclosure, Divorce, etc.) we will require documentation to verify the outcome of such an event.
Credit Report and Credit Score:
- Your credit report and score are major parts of your mortgage application. At the beginning of the application process we will review your credit report to verify that it meets lending standards and our goal is to keep your credit eligible throughout the process. The easiest way to ensure this happens is for you to become a “ghost” in terms of your credit and finances. This means that during the mortgage process do not let anyone pull your credit and do not obtain any new debt.
- Do not let anyone pull your credit during the mortgage process
- Do not make any major purchases or drastically increase credit card balances.
- If you have taken out any new loans or credit cards within 90 days of your mortgage application please let me know.