The Loan Process
Pre-Approval (for Purchases)
Prequalification is advised before the loan process actually begins. We gather information about your income, assets and debts, and we make a financial determination about how much home you may be able to afford.
It's a good idea to know what you can afford before you start shopping for one!
The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home. You complete a mortgage application for a particular loan program and, supply all of the required documentation for processing. Various fees and down payment options are discussed at this time.
Processing of your Loan Application
We will submit the complete application package to an automated underwriting system that will provide the requirements for final approval.
We review the credit reports and documentation to verify your employment, debts, and payment histories and we submit this information to the lender for their review.
The underwriter is responsible for determining whether the application package prepared by the processor meets all the lender's criteria. We will advise you immediately if more information or documentation is needed. When the underwriter approves the loan, the lender issues a conditional commitment and works with us to clear all conditions and move smoothly to closing.
The closing will occur after all conditions are cleared and the lender issues a final loan approval. This is the point at which you finish the loan process and actually refinance or buy the house, subject to the new loan. Closings will occur at a mutually agreeable time and place (for purchases) and may occur at your home or at our office (for refinances).