Explore the Loan Process

Loan Process Breakdown

This brief diagram will give you a look into the mortgage process and what to expect through every step of your homebuying journey.

The Loan Application Process

We will want to verify certain information about you and the property. Borrower information will include verification of income and employment, assets, and your credit history. You, the applicant, as part of your application process, will usually provide some of this information. Other information, such as your credit history, will be obtained directly from the credit bureaus. Lastly, we typically order an appraisal for the property and in most cases a legal description.

Visit our Application Checklist to understand everything you will need to provide during the mortgage application process. 

The Loan Approval Process

During the 'processing' and/or 'underwriting' period, your credit, assets, income, and other determinants are checked and compiled. Your loan is either approved with conditions, approved without conditions, or declined. Conditions are further documentation or requirements we will need to finalize prior to the closing of your loan. Final conditions are sometimes added for final approval. We do our best to help you through the process ' remember, we are simply trying to meet conditions imposed by our Investors.

Since most loans are sold and serviced by other parties, the lender must verify that the loan can be sold upon close. Not to worry, no other terms of your loan can be changed after you have signed your final loan documents. When all conditions are met, your loan documents are drawn up and forwarded to the closing attorney to prepare for your closing.

IMPORTANT NOTE:

Do not make any adverse changes to your financial 'picture' during the loan process. Things as simple as applying for a new department store credit card to purchase a new appliance will at least force an explanation to be given and at worst may cause your loan not to fund and the approval to be withdrawn. Many times a final credit report update and additional calls to your employer may be required before funding the loan. Be patient and your loan will flow smoothly.