Application

Start by applying online, over the phone, or in-person. We will use the information you provide to get you into the most appropriate loan program. Please be sure everything is accurate.  We do our own loan processing (we do not outsource our loan processing like most large banks do) which means the process of approval will be quicker and smoother.

Pre-Processing

Once we receive your signed loan application and supporting documents, the process starts.

We will review everything you have submitted to see if anything is missing or if additional information, explanations, or documentation are required. If there is anything else that is required, we will reach out to you.

Processing

This is where we will create an electronic file for submission to the lender for underwriting. 

After which, the following will be ordered:

• Property Appraisal – The lender will order an appraisal from a licensed Appraisal Management Company (AMC).  After the appraisal report is received, the lender will review all of the report data, and to ensure that the loan amount does not exceed the property's value. After the appraisal report has been cleared, a copy will be provided to you. (Please Note: the appraisal fee will need to be paid up-front).

• Preliminary Title Report – The property title will be researched by a title company to ensure that the property is legally cleared for transfer of ownership. 

• Property Tax Search – The lender will order a property tax search record (current tax information disclosure) to verify the total property tax amount, what tax amount has been paid, and what outstanding tax amount will need to be paid prior to closing.

• Verifications – Employment, Income and other verifications will be ordered.

If anything requires additional information or clarification from you, such as any explanations regarding inconsistencies or additional supporting documentation, we will reach out to you.

If we do ask you to provide additional paperwork, the sooner you are able to get it to us, the sooner we can proceed to the next step.

During this time - these things will also take place:

• Home Inspection – You or your real estate agent will arrange for a home inspection. (Please note: the inspection fee will need to be paid directly to the inspector at the time the inspection is completed)

• Additional Tests/Inspections – You may choose to have other tests or inspection done, such as: pest inspection, geological, soil, water, air, lead, etc.) (Please note: the inspection fees will either need to be paid directly to the inspector at the time the inspection is completed, or up-front, depending on the inspection).

Underwriting

The underwriter is the person who will ultimately decide whether to approve or deny your loan. Their job is to ensure that everything on your loan application has been verified and that your loan meets the lender’s eligibility requirements. The underwriter receives and reviews all information provided to ensure loan guidelines have been met. 

Conditional Approval

Once your loan has cleared underwriting, there will be “conditions” which will need to be provided to the underwriter for review and sign-off. These conditions may include internal items from us (mortgage broker), lender, title company or escrow to clear, or conditions required from you.

Final Approval

Once all of your loan conditions have been received and signed off by the underwriter, your loan is considered “Cleared to close” – meaning that your final loan documents can be ordered and prepared, and the loan document signing date can be scheduled.

Closing

The “closing” is the last step in buying and financing a home. The "closing,” also called “settlement,” is when you and all the other parties in a mortgage loan transaction sign the necessary documents. After signing these documents, you become responsible for the mortgage loan.

The closing agent will contact you to arrange a closing date and time.

If there are any closing funds required – you will be notified ahead of time as to the amount to bring in (bank certified check) or to send via wire directly to the escrow/settlement company (depending on what prior arrangements were made with the escrow/title company).

(If by wire: the escrow/settlement company will provide you with wiring instructions)

Your closing will usually be held at a title or escrow company.

However, depending on your schedule, a notary public can also be assigned to do the closing at your home or other convenient place and time.

• Be sure to have your driver’s license with you.

• Be sure to bring your bank certified check for your closing funds (unless you have wired or will be wiring the funds directly to escrow/title company).