1. Which mortgage product is right for you? - Discussion of products, terms and rates.
2. Pre-Qualified (optional) - Verbal information to qualify you for a mortgage. No credit report run.
3. Pre-Approved (optional) - Completion of a mortgage application and collection of required documents (Bank Statements, Pay Stubs, W-2’s). We will pull a credit report which will provide us with your credit score, open loans and credit cards.
4. Mortgage Application - Complete application along with collection of required documents. We will take you step by step through the application.
5. Signing of Early Disclosures - Within 3 day of receiving your signed application we will provided written estimates of your monthly payment and all loan fees. This can be done in person, by e-mail or mail. You will need to sign and return these along with a check for the appraisal and credit report, and any document not already submitted.
6. Underwriting / Processing - we will review the application along with analyzing other information you have provided. We will also verify employment and income with your employer.
7. Ordering the Appraisal - we will order the appraisal of your home from an approved appraiser. We do this to acquire a market value of the property you want to purchase.
8. Loan Approval - When all underwriting is complete and the appraisal supports the value of the property, we will contact you to let you know the loan has been approved.
9. Signing of Closing - We will provide you with a written disclosure itemizing your final closing costs at least 3 days prior to closing. This must be signed and returned to us. You must also provide evidence of home owners insurance.
10. Closing the Mortgage - Will be done with your chosen settlement agent or attorney to finalize the purchase of your property. The down payment and closing cost will be due at this time.