The Morgage & Refinancing Loan Process
Step 1: Our Initial Conversation
In our initial phone conversation we get a good idea of your scenario by discussing your goals and the factors that make up your unique situation. Just like your fingerprints your scenario is individual and different from anyone else’s. Many changes to today’s underwriting guidelines make the combination of things like your credit score, down payment, income, time on the job, savings, etc. the determining factors of your financing options and the rate you qualify for.
Depending on your time frame and other things, we may review your credit on this call for inaccuracies that may affect your ability to get the best financing. This is one of the most critical aspects of your loan and should be done as early in the process as possible to allow time to correct any inaccuracies.
Step 2: Our Meeting
We now have enough information to prepare papers that we can review in detail. We can now schedule an in-person appointment to review your options and the loan process in detail. Experience shows apprehension and stress are the result of a lack of knowledge. Therefore we recommend this very important meeting take place as early in the process as possible.
At our meeting we will review the loan paperwork and the home buying process in detail. You will learn what is supposed to happen, when it’s supposed to happen, and how much it will cost to make it happen, as well as things to look for that ensure your interests are protected.
This meeting also allows you to get answers to questions you may have about the process as well as information for handling the many issues involved in more complex transactions like short sales and foreclosures. We will discuss the Purchase and Sales Contract and things to look out for in the contract.
Step 3: Processing Your Loan
Once you find a home and sign a purchase and sale contract the appraisal and title work are ordered. When these are completed, they are sent to underwriting along with all of your information.
After approving your loan, the underwriter may request additional information for clarification of the information presented. Once the underwriter is happy with all of the information provided, he or she will issue a ‘clear to close’ and the loan closing can be scheduled, usually no earlier than 3 days from the time the clear to close is issued.
Step 4: Closing
Once the loan is scheduled the closing department can produce the papers that will be signed. These are sent to the attorney so he/she can prepare the settlement statement which lists all the final figures, including items that need to be prorated for that closing date. The settlement statment is then sent to the closing department for approval. Once approved, you will get a call from us to review the final figures so there will be no surprises at the closing, and, so you can get a bank check in the correct amount.
At the closing you will sign all the final papers and get the keys to your new home!
Remember that we are here even after the closing to answer any questions you may have! We work hard to deliver not only a great rate, but also our knowledge of the local market as well as an established team of local expert real estate agents and attorneys that will ensure your home purchase is completed professionally and as smooth as possible.
We want you to be very happy with our service so you will feel comfortable in referring your family and friends to us.