The Home Loan Process - The Home Mortgage Process
Thanks for trusting us with the purchase or refinance of your home.
1. We get you pre-approved by completing an application, pulling credit and sending us recent two years w2s, 1099s, and tax returns (personal and business). We also need to collect the recent 30 days paystubs and recent two months asset statements (checking, savings, 401k etc) along with a copy of your driver’s license.
2. You will email, fax or upload to your client portal the documents requested for your loan approval
3. We will go over loan programs and options for your pre-approval.
4. Purchase agreement received
5. We will send you an email for E-Consent for your file
6. You and I will discuss interest rates and a good time to lock in your rate
7. Our client manager will send you an intro email introducing our team working on your loan approval
8. We will send you application and disclosures that you E-sign
9. After E-sign of the application documents and disclosures your file will move to our client manager and loan processor to prep for submitting to underwriting.
10. You will be sent an email from our RESPA department. You should open the email and follow the instructions.
11. Client manager and Loan processor may ask you to provide additional documents
12. Loan processor will order appraisal, title, IRS transcripts, verification of employment etc. (Appraisal and Title work take roughly one week to have completed)
13. Loan processor will send your file to the underwriter
14. Wait 2-3 days for underwriter to review your file
15. Underwriter will email the loan processor with any additional documents they want you to provide for the final approval
16. Loan processor will review what the underwriter is requesting and reach out to you with any items needed for the final approval.
17. You will email the processor the additional documents the underwriter requested
18. Loan processor will review additional documents you sent, to evaluate if they will be acceptable to the underwriter
19. Underwriter will (we wait 1-2 days again) re-review your file, and if the additional documents you provided are acceptable, and no additional documents are requested, will issue a "clear to close".
20. Our closing department will send your file to the title company and get the wire for your mortgage ready to be sent for closing.
21. Title company will prepare your loan documents and let us the final amount needed for cash to close.
22. You go to the title company to sign closing papers – Closing will take roughly an hour.