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Process Overview
The Home Loan Process
1
Pre-Approval (Applicable to Purchases)
Before house hunting, it’s important to get pre-approved for a mortgage. This means submitting your financial info so the lender can review your credit, income, debts, and assets to determine your loan terms.
2
Loan Application (Applicable to Purchases)
Once you’re pre-approved, you can start searching for a home within your budget. After finding a property and agreeing on a price, you’ll formally apply for a mortgage, which will require updated financials and documents.
3
Lock Rate
(Applicable to both Refinances or Purchases)
After completing your application, you’ll lock in a rate with one of our brokers. This rate stays the same, no matter how the market changes during the lock period. The lock typically lasts 15 to 60 days, and we average 23-30 days from application to funding.
4
Loan Processing
Once your application is complete and your rate is locked, we’ll send your loan to our processors for an initial review. They’ll verify the information you provided and may ask for additional documents or clarification. If needed, an appraisal of the property will also be done to assess its market value.
5
Underwriting
After the initial processing has been completed, the loan application will go through. In this critical phase, the underwriter reviews all documentation and decides whether to approve or deny the loan based on criteria like Income, Employmeent, debt-to-income ratio, and property appraisal. This is where the lender takes on the financial risk of the loan.
6
Closing
The last stage before funding is that at closing, you’ll sign the final loan and property documents, pay any remaining closing costs, and officially take ownership of the home or in the case of a refinance, you’re done and will wait for your next mortgage statement to see your lower monthly payment.
