Mortgage Loan Process
To simplify the process, we have broken it up into six categories. This allows us to maneuver the process seamlessly, and quicker, to get you to the closing table.
Initial Application
During this phase, we collect most of the documentation that will be needed to issue a pre-approval and submit the loan.
You can expect to provide the following documents:
- Timeline: Dependent on you.
- ID: We will need a copy of your drivers license.
- Social Security Card: We will need a copy of your card.
- Bank statements: We typically ask for 2 months.
- Paystubs: We will need 30 days of the most recent pay stubs.
- W2: Will need the last 2 years W2.
- Self Employed: We will need different verification of income depending on how your company is organized.
Pre-Approval
After we collect all of the required information, we will process your preapproval so that you can start looking for a house.
Here is what you can expect during the pre-approval:
- Timeline: 1-2 hours once we have all of the documents.
- We may ask you to verify some of the documentation.
Loan Submission
After you find your house, we will gather the contract and update your application before submitting the loan to the underwriters. This part of the process also includes the conditional approval issued by the underwriters.
Here is what you can expect during the loan submission:
- Timeline: 1-3 days
- We may ask you to clarify some of the information from the contract.
- In some cases, we may elect to have the contract revised before submission.
- Conditional Approval: This means that the loan is approved as long as we can satisfy the conditions that the underwriter has placed on the loan.
- Any inspections that you want done on the house should be conducted at this time.
Loan Processing
Once underwriters issue a conditional approval, we will process the loan to satisfy conditions. The conditions on the loan are placed to make sure that the loan conforms to federal guidelines that govern your loan type.
Here is what you can expect during the loan processing:
- Timeline: 1-2 weeks
- The appraisal, if required, will be ordered.
- We may ask you to sign a letter of explanation.
- We may ask for income or employment documentation.
- If you are using gift funds, we will need to collect documentation on the gift.
- We may ask you to provide documentation to source your down payment. (Anti-money laundering laws require that we track the down payment to make sure that it is coming from your account)
- We may ask you to provide documentation to satisfy any other underwriter condition.
Final Approval
Loan conditions are submitted back to underwriting and the loan is marked Clear to Close.
Here is what you can expect during the final approval process:
- Timeline: 1-2 days
- Underwriters may ask for additional documentation to satisfy conditions.
- We may ask you to provide amplifying guidance to satisfy the new conditions.
- If you have not received your Closing Disclosure (CD), you will get it at this time.
Closing
It is time to get excited! We will schedule your closing where you will get the keys to your new house.
Here is what you can expect during the closing process:
- Timeline: 3-4 days
- We will be coordinate a signing date with you and title.
- We will be working closely with title and the lender to ensure that all documentation and funds are received prior to your closing appointment.
- Closing appointments can take from 30-90 minutes, depending on the documentation to be signed.
Note: The timeframes are representative of our average lead times for each stage. Depending on the complexity of your loan scenario, these timelines may vary.
