Our Process

June 3, 2016

Learn what you can expect from our loan process from application to closing.

 

Our loan process begins with learning about your financing goals and objectives.  

Are you trying to buy your first home with the least money down?  Do you have your eye on a second home by the beach?  Would you just like to consolidate your debts or borrow money for an addition with a cash out refinance?  Once we know what you want to do, we can suggest several options available to you.

Next we’ll evaluate your financial situation.

This will start with a credit check, which will give a comprehensive overview of your monthly obligations and any areas of concern that may need to be addressed.  We’ll also need your income documentation – tax returns, W2’s, 1099’s, pay stubs, and bank statements.  (See a complete list of necessary documentation here.)

Once we have a complete picture, we’ll discuss the best loan options and rates available to you. 

You decide which program makes the most sense and let us know.  We’ll prepare a loan application and required broker disclosures for you to sign.  We offer electronic signing to make the process fast and simple.

With a signed application and disclosures back, we submit your loan package for underwriting review.  At this point we also order the appraisal for your home (or future home).

First you will receive another set of disclosures, this time from the lender.  After those are reviewed, the underwriting process typically takes between 4-5 days, although some lenders are faster than others.  The most typical response from underwriting is a conditional approval.  A conditional approval means your loan is approved if all of the required conditions are met.  If the appraisal is not completed yet, a satisfactory appraisal will be one of the conditions.  Other conditions may include more documentation from you, or an explanation for something within the loan package.

Once we have all of the conditions met, they are submitted to the lender for review.

This step takes another few days.  If everything is acceptable, the lender will start the process of drawing up loan documents.

The Loan Signing

The escrow company will receive your loan documents from the lender and arrange for a notary to come to you for the loan signing.