Residential Mortgage Loan Process
1) Engage in a conversation with a loan officer about your goals, past credit history, down payment ability (if a purchase) and desired monthly payment or purchase price.
2) Complete a loan application—will need full name, birth date, social security number, two year living and working history and income/asset information. This takes about 10 minutes and can be done on the phone, in person or online: Loan Inquiry
3) Obtain a loan pre-qualification from your loan officer and discuss the loan options. At this point, we will request income and asset documentation, for example, 2010 & 2011 W-2’s and tax returns, recent paystub and bank statement.
4) Get a contract (for a purchase) or commitment that you would like to proceed with a refinance.
5) Sign the loan disclosures. We then submit the loan file to processing. Processing consists of many things you won’t see, such as ordering title, updated home owners insurance, ordering your appraisal and current mortgage payoff. We also take steps for fraud prevention like verifying your social security number and comparing tax returns with the transcripts from the IRS.
6) Once all these items are complete, we send the file to the underwriter and they will either request additional items or give us the clear to close the loan.
7) Now we schedule the closing and our processors prepare the loan closing documents. We forward the final settlement statement to you, which breaks down the costs and credits of the loan. We always get the borrowers approval before the loan closing.
8) It’s closing time!