Resources

Seven Main Roles of Your Loan Officer

    • Educates you about the mortgage lending process

    • Learns about your financial goals and needs of your new mortgage

    • Creates personalized solutions based on your goals and needs

    • Communicates with other professional affiliates involved in the purchasing or refinance process

    • Consistently watches the market to lock in your rate when you deem necessary

    • Solves any problems that may arise

    • Ensures all documentation is gathered for the lender to issue a loan approval

The Mortgage Lending Process

The mortgage lending process can be scary and our goal is to make it less stressful. We strive to deliver an honest, knowledge based mortgage lending experience.

Pre-qualification

We gather information in person or via phone in regards to employment, income, assets, credit, and other personal specifics, typically through a brief 10 to 15 minute phone conversation

Pre-approval

A list of financial documents needed is sent to you. These typically include tax returns, bank statements, paystubs, and drivers licenses.
Once we receive your documentation we begin to give you scenarios through our mortgage coach software program.
You then decide on a loan scenario that suits your goals and needs

Searching for & Making Offers on Properties 

(This is the fun part from what we hear…)

You begin searching for and making offers on properties with your Agent.

We make sure your Agent has a pre-approval letter from us ready to submit with offers you make.

Your offer gets accepted on your new home!!!

Escrow is Opened (You are now “In Escrow”)

We receive the purchase contract signed by everyone from your Agent.
Together we look at the scenario we had chosen previously and see where interest rates are and lock a rate for you.

Processing

Our team and the lender will draft initial disclosures for you to sign based on the purchase price and projected loan amount with your down payment.  We gather any updated documents that we need from you (It may have been months since we first spoke and your documents may be outdated).  You will gather a homeowners’ insurance quote for the property (We have a list of insurance agents that will knock your socks off, don’t be afraid to ask for a referral).  We will order an appraisal on the property to make sure you are not overpaying for the property.

Underwriting / Conditional Approval

Your file (All the pertinent documents) will be sent to the lender to be underwritten.  An underwriter, who is an actual physical human being like you and me will go through the documents with a fine tooth comb to make sure we didn’t forget anything.  The underwriter will issue a conditional loan approval. Conditions may mean an updated pay stub, a new bank statement or the appraisal if that has not come back yet.

Final Approval / Clear to Close

Once we send back all of the conditions that the underwriter has requested and they are signed off we are then issued what is called the "Clear to Close."  We are then able to order your final loan documents.  At some point between sending back the underwriters conditions and getting the clear to close, the lender will send out what is known as the Closing Disclosure or CD. This Closing Disclosure has all of the pertinent information about the transaction but may still be changed if there are errors. Once you acknowledge receipt of the CD we must then wait three days to sign your final loan documents.

Final Loan Document Signing

This is the exciting part of the loan process!  You will sign your final loan documents.  Make sure you have a current form of identification for the notary.

Funding/Recording

Once the final loan documents are sent back to the lender for review they will be assigned to a funder.  Typically from signing the final documents to funding the new mortgage loan takes about 2-3 days.  Once the loan is funded your Deed of Trust will be recorded with the County Recorders office and you are officially the new owner...congratulations!