Regardless of the Loan Program, all loans follow this process:

1) Application

The mortgage application is the initial step where the borrower submits their personal and financial information to the lender. This includes details such as income, employment history, assets and debts.

2) Consult

Following the application, borrowers often consult with a loan officer or mortgage broker. This consultation helps clarify the borrower's financial goals, discusses available loan options, and ensures they understand the mortgage process and requirements.

3) Documents

The borrower submits documentation to verify their financial details. This includes pay stubs, W-2 forms, tax returns, bank statements, and any other requested documents. These documents are crucial for the lender to assess the borrower's ability to repay the loan.

4) Pre-Approval

Pre-approval involves a preliminary assessment of the borrower's financial situation based on the information and documents provided. It allows an estimate of how much the borrower may be able to borrow and is verified.

5) Accepted Offer

For purchase transactions, this stage occurs when the seller accepts the buyer's offer on the property. This milestone triggers the formal mortgage application process and moves the transaction closer to securing financing.

6) Appraisal and Underwriting

The property appraisal and underwriting are critical steps in the loan approval process. An appraisal assesses the property's market value to ensure it meets or exceeds the loan amount. Underwriting involves a detailed review of the borrower's financial documents, credit history, and the property's appraisal report to determine if the loan application meets the lender's guidelines.

7) Final Approval

After the underwriter reviews and approves the loan application, the lender issues a final approval. This signifies that all conditions and requirements for the loan have been met, and the loan is ready to close.

8) Closing

Closing, also known as settlement, is the final stage where the borrower signs the loan documents and officially takes ownership of the property or completes the refinancing process. At closing, the borrower pays any remaining closing costs, including loan origination fees, prepaid interest, taxes, and insurance. The title is transferred, and the mortgage funds are disbursed to complete the transaction.

9) Post-Closing

Our services do not end when your loan closes. We conduct annual mortgage reviews and look forward to being your lender for life. We’re here to answer your home loan questions and appreciate the opportunity to serve you.