The Process

Congratulations on your decision to buy a home!

There are many important decisions to make throughout the mortgage process, and having the right support can make all the difference. That’s why we’re committed to providing exceptional customer service from start to finish, right through to a successful closing.

With in-house operations powering our process, we’re able to maintain both control and speed — an invaluable advantage when time is of the essence. When all necessary information is submitted in a timely manner, we’re able to close purchase loans in approximately three weeks.

Fast, reliable, and always on your side. Consider us your mortgage team behind the scenes, ready to help you close with confidence.

Following are the next steps in the mortgage process:

Pre-Approval

A pre-approval is the initial verbal application to determine your purchase power and credit worthiness.

IMPORTANT:

Legal income declared to the government is the only income considered by the underwriter.
From this point do NOT open nor incur any additional debt during the mortgage process.

Disclosures

The Disclosures are the formal application documents sent to you for execution.

You will receive these documents via FedEx or DocuSign along with a cover letter detailing items that you are required to send back with the executed loan docs. Disclosures reflect the final loan amount and mortgage product. These must be signed within 72 hours. Next, an appraisal is ordered.

Loan Estimate

The loan estimate clearly reaffirms the closing costs and money expected at closing. This is sent within 3 days of receiving your Disclosures and 1 day after your interest rate is locked. You decide when the interest rate is suitable, then you notify us in a written email to lock the rate.

Processing

Our processor will create your complete file upon receipt of your disclosures, credit, income and asset information, then submit your file into the underwriting queue within 24 hours.

Underwriting / Conditional Approval

Next, the Underwriter evaluates the file and approves your mortgage. This is your formal approval which will contain various conditions dictated by the type of mortgage you select. The conditions must be satisfied within 72 hours.
*Additional conditions usually consist of, but not limited to: additional bank statements, updated pay stubs or W2’s, IRA statements, source of large deposits, divorce decrees, Tax Returns.
*We request that you satisfy any additional conditions within 48-72 hours.

Prefunding Check

A soft pull on your credit report is completed 5-7 days prior to closing date to ensure no new debt has been opened. A final verification of employment (VOE) is also obtained at this time to make sure your employment status has not changed.

Initial Closing Disclosure

The Initial Closing Disclosure (ICD) is distributed 3 days prior to the closing date. It is similar to the loan estimate, however, it is concrete. This is a much more precise estimate of the money required for closing. Dollar amounts are subject to change from the “Loan estimate” to the “Closing Disclosure” due to Title fees, tax certifications, etc.

Settlement Date

Finally, the Settlement Date is the consummation of the mortgage with the Title Company. This date is determined with your real estate agent at the time you submit your offer.