What to Expect

Buying or refinancing a home can be a stressful process.  Because of ever changing rules and regulations in the industry, lenders seem to always want  “one more thing”.  This is common practice and should not be viewed as a negative gesture.  The lenders must follow strict guidelines and sometimes one item will initiate the requirement of another.  We understand the process and will eliminate much of the confusion and stress that normally accompanies obtaining financing.  Because our mortgage team has over 25 yrs combined experience, you can be assured you will receive the quality service you deserve.

  1. Make the phone call – because everyone’s situation is different, a phone call can get some of your basic questions answered and give you the information on what programs are available, and how much you qualify for.  We will run your credit, ask you questions about income, assets, property etc. (a basic 2 yr history). This will take about 20 minutes on average.  
  2. Pre-qualified – when looking to purchase a home, most sellers or agents will want a pre-qualify letter.  This letter states that based off the information you have provided, you are qualified for a mortgage with a specific loan amount. This can be produced immediately following your phone call in some cases, but usually within 24 hrs.
  3. Make an appointment to sign the application and bring supporting documentation. – This will take about an hour, your loan officer will go over all your documentation and will gather enough information for the loan to be submitted to underwriting. We will thoroughly explain the entire process, each document, and all requirements. You will be given copies of all paperwork and disclosures will be provided.  You are now looking at about 30 days before the process is over
  4. File submission – Once we have received all required documents,(appraisal, prelim, payoffs etc). We will receive an official approval from one of our lenders, along with any additional documentation they may request.  The time frame on receiving an approval varies between lenders, programs, purpose and with the flow of the market.  On average this takes 3-7 business days.
  5. Document signing – This will be done at the title company, you will sign all the final paperwork and receive copies.  You should expect your loan to be funding and recording within  3-6 business days from this point.
  6. Funding and recording – this is when the lender wires the money for your mortgage and the Deed of Trust is recorded.  You now are the owner of your new home.

Refinances and Home Equity lines of credit will vary slightly.
Locking in your rate usually happens when the loan is being submitted.