Congratulations on starting the process of getting a new home loan.
My banking system has been designed to be very streamline and efficient to make the process as smooth as possible for you. Here are the steps below and what to expect during the process:
- Your documentation will be submitted to a transaction coordinator, (TC) for review. Within 5-7 business days the TC will reach out to you via phone and email to request any extra documentation or signatures. The TC will provide you with an update GFE and loan application for your review. **This is one of the most important steps: Please get all the requested information back ASAP. The TC will be your main point of contact during the loan process.
- Within 48 hours of the loan going into processing an appraisal will be ordered. The appraiser will gain access to your home’s interior and exterior to access the value of your home and neighbors’ homes. The credit card that is on file will be charged. (Purchase loans: the Realtor will gain access to the home. Refinances: The home owner needs to allow the Appraiser into the home.) You will receive a copy of the appraisal once it is back.
- Title and Escrow will be opened by us to proceed with the process. Nothing needs to be done on your part. You may receive paperwork from escrow to fill out and send back ASAP.
- Once the TC has received all the requested documentation from you the paperwork will go to an underwriter for review. 24-48 hour turn times.
- The underwriter may have the TC request more documentation after the loan approval is completed.
- At this point you will get a call from Nick to lock in your interest rate. Once the interest rate is locked we can draw the final loan documents.
- Escrow will contact you to either sign with a notary at escrow, or send a mobile notary to your work or home.
- Escrow will give you instruction on how and when to transfer the down payment to the escrow company. REMEMBER save any wire forms and bank statements showing funds have transfered. We WILL request this at the end of the loan.
- Once you have signed the loan documents all the paperwork goes back to a funder to review. The funder may request updated documentation. Once everything is approved we will fund the loan, title will record with the county and you will have successfully completed the loan process.
- After the loan is complete you will receive your first mortgage statement after the 15th of the next month. Please never hesitate to contact us via email or phone with any questions before during or after the process.
Once you have the preapproval DO NOT:
Run your credit, make large purchases, run up credit card debt, or transfer funds between bank accounts. These can all potentially change your loan preapproval!
