Loan Process

Whether you are buying your first home or your dream home it is important to understand the mortgage process. Our number one goal is to provide you will excellent customer service while closing your loan in a timely and courteous manner.

We look forward to working together with you to make your loan process efficient and smooth.

Lending Timeline

Once we receive your loan application and required documentation (see the list below) our office will order the appraisal and title work and submit your file for underwriting. You will be notified as your file reaches the following milestones and works toward closing:

Processing: Your complete loan application and supporting documentation will be processed for underwriting. You may be contacted by the processor for any missing or incomplete documentation that is required to submit your loan file to underwriting.

Appraisal: once your appraisal is received, you will be emailed a copy. The appraisal is submitted to underwriting and matched with your loan file for approval.

Underwriting: Your file is submitted to underwriting the underwriter will issue an initial approval with conditions. You will receive an email from either your loan officer or the processor requesting the items or “conditions” that are needed to complete your final loan approval. Please return your conditions as soon as possible.

Final Approval: The underwriter will review and clear all of the items they requested on the initial approval. A commitment letter is issued in fulfillment of your finance commitment date.

Lock Rate: You can lock your interest rate approximately 45 days prior to closing.

Clear to Close: You will be contacted by the attorney to confirm scheduling of your closing.

Proposed Settlement Statement: Federal Law requires that you receive the initial Closing Disclosure and final amount needed for closing 3 business days prior to closing.  You MUST be available to electronically receive and acknowledge receipt by eSign on the day the Closing Disclosure is delivered or your closing could be delayed.

Turn Times: Turn times vary based on investor and current loan volume. We usually recommend approximately 30 days from your application date to issue your commitment letter, and 45 days from the your application date to close. It is important to submit your completed application and supporting documents, and return any requested items as soon as possible.

Required Documentation

The very first step in the loan process is to fill out our loan application. This can be done online through our website or in hard copy form from our office.  Once we have received enough information your loan inquiry will become a formal loan application and we will provide you with all required disclosures including an official Loan Estimate either in person or by email.

In addition to the application please begin gathering the following supporting documentation to submit.  We can not begin to process your loan application until we have received the following documents.  You are not required to provide any documentation until you have received an official Loan Estimate but for your convenience, you may submit this information to us at any time during the inquiry or application process.

1. Supporting Documentation (please provide copies, we are not responsible for original documents.)

  • Copy of valid photo ID for all borrowers: copies must be legible
  • Purchase and Sale Contract: including signatures of both buyer and seller and all addendums to the contract
  • Earnest Money Deposit: checks given at time of offer, cleared through your bank account. Please make note: final Earnest Money Deposit monies will need to be verified once they have cleared your account. Please be prepared to provide a copy of the final deposit check and bank statements to verify the funds have cleared your account.
  • Bank Statements: 2 most recent complete statements for all asset accounts (checking, savings, retirement, stocks etc.) Statements must include all pages front and back including pages “intentionally left blank”, reconciliation, or summary pages.  **Large Deposits: the source of any deposit larger than a normal payroll deposit must be verified and documented.
  • Paystubs: 2 most recent documenting 30 days of YTD income for all borrowers.
  • W2′s: 2016 and 2015 for all borrowers.
  • Employment Contracts: For teachers please provide current years contract and next years contract, if available. For any borrower starting new employment, a signed contract and offer letter is required.
  • Tax Returns: All pages and schedules of 2016 and 2015 tax returns. (If a 2016 extension was filed, we need a copy of extension filed and 2014 return.)
  • Social Security/Pension Checks and award letters (if applicable.)
  • Real Estate Owned: Most recent mortgage statement, real estate tax bill and home-owner’s insurance bill and invoice for HOA dues for any real estate owned. Lease agreements for any rental/investment properties.

2. Other Information

  • Gift Funds: If you plan to use any funds for closing that are gifts or borrowed funds, LET US KNOW, additional requirements apply to gift funds.
  • Divorce Decree/Child Support/Alimony Documentation: Amount that you pay or receive.
  • Settlement Statement of any Real Estate  sold.
  • Explanation letter if you have had any late payments, judgments, liens, bankruptcy or foreclosure.
  • A final credit report is run within 48 hours of your loan closing to re-verify debts. Please do not incur more debt during the loan process or check with me first to discuss how it may impact your application.

The more organized you are with your supporting documentation the more smoothly we can complete your loan. If you have any questions about the documents required please contact us at 603-643-1400