Congratulations on your decision to buy a home!
There are many important decisions and things to consider throughout the mortgage process. Our exceptional customer service ensures that we will be with you until the closing is complete. Our in-house operation services allow us to provide the control and speed for your mortgage needs, which is invaluable when you need a quick turnaround on a loan. When all information is supplied in a timely manner, we close loans for purchases in approximately three weeks.
Following are the next steps in the mortgage process:
Please don't hesitate to reach out to your Mortgage Consultant with any questions you may have.
PRE-QUALIFICATION
A pre-qualification is the initial verbal application to determine your purchase power and credit worthiness.
IMPORTANT:
- Legal income declared to the government is the only income considered by the underwriter.
- From this point do NOT open nor incur any additional debt during the mortgage process.
DISCLOSURES
The Disclosures are the formal application documents sent to you for execution.
You will receive these documents via FedEx or DocuSign along with a cover letter detailing items that you are required to send back with the executed loan docs. Disclosures reflect the final loan amount and mortgage product. These must be signed within 72 hours. Next, an appraisal is ordered.
LOAN ESTIMATE
The loan estimate clearly reaffirms the closing costs and money expected at closing. This is sent within 3 days of receiving your Disclosures and 1 day after your interest rate is locked. You decide when the interest rate is suitable, then you notify us in a written email to lock the rate.
PROCESSING
Our processor will create your complete file upon receipt of your disclosures, credit, income and asset information, then submit your file into the underwriting queue within 24 hours.
UNDERWRITING / APPROVAL
Next, the Underwriter evaluates the file and approves your mortgage. This is your formal approval which will contain various conditions dictated by the type of mortgage you select. The conditions must be satisfied within 72 hours.
*Additional conditions usually consist of, but not limited to: additional bank statements, updated pay stubs or W2’s, IRA statements, source of large deposits, divorce decrees, Tax Returns.
*We request that you satisfy any additional conditions within 48-72 hours.
COMMITMENT DATE
The commitment date is an important date. We must have your approval in the possession of the realtor by the commitment date. Failure to meet this date can result in a breach of contract and forfeiture of your Earnest Money Deposit / Down Payment. That is why it is imperative that you supply the Mortgage Consultant and processor with any additional required documents in a timely fashion.
*Date is determined by the Agreement of Sale
PREFUNDING CHECK
A soft pull on your credit report is completed 5-7 days prior to closing date to ensure no new debt has been opened.
CLOSING DISCLOSURE
The Closing Disclosure is distributed 3 days prior to the closing date. It is similar to the loan estimate, however, it is concrete. This clearly defines the exact amount of the money required for closing. Dollar amounts are subject to change from the “Loan estimate” to the “Closing Disclosure” due to Title fees, tax certifications, etc.
SETTLEMENT DATE
Finally, the Settlement Date is the consummation of the mortgage with the Title Company. This date is determined with your real estate agent at the time you submit your offer.