Guiding You through to the finish line
Process
1. INITIAL CONSULTATION
The consultation conversation is private and confidential. Because it is crucial to understand your goals and expectations, candor is highly encouraged. It is also important to discuss any potential obstacles that might be unique to your specific situation.
2. PRE-APPROVAL
Once your initial loan application is taken, your Loan Originator will review your income, credit and assets to assess qualification. Documents will also be collected, often including, but are not limited to: paystubs, W2’s, tax returns, and bank statements.
3. PURCHASE OFFER ACCEPTED
Between the pre-approval process and this stage, you will be working with your real estate agent to find a home. Once you find a home and sign a purchase contract, the loan process will commence.
4. UPDATE DOCUMENTATION
Routinely, several weeks or months have passed between steps three and four, and it is necessary to update the loan file with the most current documentation available in preparation for underwriting.
5. DISCLOSURES
It will be necessary for you to sign numerous documents that give us permission to proceed with lending you money. Most clients elect to sign electronically to expedite the process; however, signing with a pen is an option.
6. PROCESSOR REVIEW
Once all initial documents are provided to your loan originator, our processing team will review and request any additional documents needed to ensure your loan application is in the best possible light before formal review.
7. UNDERWRITING REVIEW
A mortgage underwriter is the professional authorized to assess your eligibility for a mortgage. They will approve/reject your mortgage application based on your credit history, employment history, assets, debts, and other factors in reference to the specific loan program. Once all documentation is received and reviewed (from you and various third parties), your loan will be submitted to underwriting. This process typically takes a few business days.
8. INITIAL LOAN APPROVAL
The underwriter will review your application and all documents provided and issue an initial loan approval. There will always be additional documents requested at that time, such as updated bank statements and other items not available at the beginning of the process like the appraisal.
9. LOAN RESUBMISSION
After all underwriting conditions are met, our processor will resubmit the documents provided to be reviewed by underwriting again.
10. FINAL LOAN APPROVAL – CLEAR TO CLOSE
The underwriter will review your application and documents again to ensure that all loan conditions are met, and a Clear to Close will be issued.
11. FINAL DOCUMENTS AT ESCROW
Loan documents are prepared and sent to the escrow company. Once escrow finalizes their preparation, they will reach out to schedule a signing appointment with a notary and provide all information regarding the final dollar amount needed for closing, if any.
12. LOAN FUNDING
After all signed documents are returned, your loan will be funded and closed within 24 hours to 4 business days. depending on whether you are purchasing or refinancing.
GREAT SUPPORT AND FOLLOW THROUGH
Going through the process of getting a mortgage or refinancing can be overwhelming with all the paperwork etc you are asked to provide. Scott and his team were amazing and excellent in guiding me through the process and getting my loan funded. I have now worked with him several times and recommended him to friends. He is stellar and always comes through. I would not work with anyone else!
Borrower from Los Angeles, CA
