The Mortgage Process

When you find your dream home, you can present the seller with your pre-approved loan document, showing them that not only are you serious about buying their house, but you've already been pre-approved for financing.

It could make the difference between getting the house you want or watching some other bidder step in with a pre-approved loan and snatch that house away. Pre-approval is good for 120 days and depends on the appropriateness of the property you want to purchase. Fees, like credit reports may apply.

We've pared our loan application down to only the most essential information. Here's what we need to know:

• Borrower Information - The basics about you.
• Property Information - The basics about the property you want to finance.
• Income - What you make.
• Assets - The assets you plan to use for the down payment and closing costs.
• Liabilities - What you owe and to whom. We will run a credit report to confirm liabilities and fill in that section of the application for you. (You'll have a chance to review and make any corrections.)
• Declarations - A few more questions to complete your application.

In many cases, we can immediately credit-approve your loan request. This is a true loan commitment, not just a pre-qualification typically offered by other lenders. It approves a specific loan amount and loan program based on your income and debts. It is, however, legally subject to underwriting the home you are financing and verification of the information you've provided us on your application. 

When we process your loan we verify the information you've provided us on your loan application. We will request minimum documentation to verify assets and income. Your new home, or existing home if you are refinancing, will be reviewed by ordering an appraisal, title report, and flood certification on the home. A prepaid processing deposit is required for these services and will be applied toward your closing costs. We also set up escrow for the loan closing and send out applicable disclosures so you have a chance to read through them.

Final loan approval involves underwriting your new home or existing home, if you are refinancing and the information on your loan application. Once we've reviewed this information, we will give you a final approval, and then ready your loan for closing.

With final loan approval, we prepare the loan documents for you to sign and send them to an escrow company for signing. Once we receive the signed documents, we'll transfer the money to the escrow company and they will disburse the loan and record the documents.