The Mortgage Loan Process |
| The Steps: |
- Pre Qualification - Pre qualification is the first step, we will speak to you on the phone so that we can get you into the best program impossible.
- Good Faith Estimate - After the pre qualification we will quote you an interest rate and send you a good faith estimate with all closing costs associated with your loan.
- Application - If you accept the good faith estimate and want to proceed we then require an application to be filled out either by phone or online.
- Appraisal - Most likely an appraisal will be required to check the value and condition of your home.
- Approval - After the appraisal we will notify you of whether or not you have been approved.
- Closing – We will schedule a closing with a title company or closing agent recommended by us or of your choice.
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Required Documents
It all depends on the program we choose for you. If you have outstanding credit we may be able to put into a no income and no asset verification loan where all we require is an application and a credit report. We may only require checking income or just assets, for example bank statements. We may be required to do a full documentation loan where we will look at your income and bank statements. |
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