Today's mortgage industry requires a clear process to insure your loan can be approved with as few challenges as possible.
We have crafted a simple but important process for providing clear information to you and for insuring we have all the documentation necessary to secure your mortgage loan as quickly as possible.
Below is a simple step-by-step plan to begin the process, as well as a layout of what you can expect in order to secure your home loan.
THE HOME LOAN PROCESS
Phase 1: Initial Data Needed
- The following links will open a data input form for your respective loan interest. Once the form is completed we will be notified and can begin preparing an initial loan scenario for review with you at our consultation appointment. The more complete and accurate your data input, the more accurate our assessment and the initial loan scenario.
- Provide the branch with the signed Borrower Authorization and Certification pages (print, complete and return by fax). These allow us to pull your credit report, making the loan scenario more accurate and allowing us to review your credit report when we meet.
- Provide the branch with any target values you have in mind including your desired schedule to have the loan completed, loan values, loan types etc. If this is for a purchase, please also let us know of any offers you have already submitted on purchase property.
Phase 2: Preliminary Proposal Provided
- We will provide you with preliminary proposal to include estimated interest rate, monthly payments and cash required to close the transaction.
- Together, we will review the proposal to insure a comprehensive understanding of each element and cost item associated with the loan.
Phase 3: Preliminary Agreement Reached ... Onto The Application
- Upon agreement of the preliminary proposal, we will fine tune the values to incorporate the details & corrections you provide.
- Provide the branch with all remaining items as indicated on the Getting Started Checklist.
- Together, we will complete the Standard Loan Application. You will provide signed application and all mortgage disclosure items including the ACC Acknowledgements form.
Phase 4: Processing thru Approval
- If a purchase, begin extending offers with your agent.
- Loan processing takes place to confirm acceptance via the Fannie/Freddie/FHA/VA software model
- Order the appraisal. (Appraisal Order form)
- Loan submission to ACC underwriting
- Potentially Rate Lock at this time (or continue to "float" based on market forecast)
Phase 5: Underwriting thru Funding
- Underwriting takes place … followed by a conditional loan approval based on resolution of "Prior to Doc" conditions
- Resolve Prior to Doc conditions
- Loan Docs to Escrow
- Sign Loan Docs
- Funding of Loan
- Recording of new loan
- If a purchase, Keys to you… the new homeowner … Congratulations!!
- If a refinance with cashout, escrow provides funds from the loan ... Congratulations!!
GETTING STARTED DOCUMENTS (links to forms)
(Tips on Completing a Standard Loan Application )