What to Expect From Your Mortgage Process

There is a lot going on behind the scenes during your mortgage process. The refinance process usually takes 3-5 weeks.

If your loan is a refinance, second mortgage or credit line...

• Loan Officer collects your basic information.
• Loan Officer searches bank programs to find the best program and rate for your needs.
• Loan Officer presents loan options to clients.
• Once a loan option is selected, a full loan application and disclosures are signed.
• An appraisal and title report are ordered. It may take a week or more for these reports to come in.
• Your loan will be assigned to a loan processor.
• A stipulation request will be sent to you via mail or phone call to collect the paperwork that we anticipate an underwriter will need to verify your qualifications.
• Once your title, appraisal and stipulations are ready the loan is submitted to the underwriter and a conditional approval or loan commitment will be generated. Additional documentation or changes may be requested.
• Final stipulations are reviewed by an underwriter and the loan will be cleared for a closing.
• A closing date and time is agreed upon and final loan documents are sent to settlement agent's escrow account.
• Final loan documents and disclosures are signed at the closing.
• Refinance loans on primary residences will require a three day rescission period before funding.
• Loans fund four business days after closing. At this time funds are sent to pay off mortgages and any other checks may be sent to customers.

If your loan is a purchase of a new or existing home...

• Prospective home buyer is pre-qualified by mortgage professional to determine their ability to buy.
• Home buyer shops homes in their price range until they find a home and makes an offer.
• Offer is accepted by seller.
• Buyer hires home and pest inspectors to assess condition of existing structure.
• Contract of sale is signed by both buyer and seller and an acceptable closing date is agreed upon. This could be 30-90 days.
• Loan Officer collects your basic information.
• Loan Officer searches bank programs to find the best program and rate for your needs.
• Loan Officer presents loan options to clients.
• Once a loan option is selected a full loan application and disclosures are signed.
• An appraisal and title report are ordered. It may take a week or more for these reports to come in.
• Your loan will be assigned to a loan processor.
• A stipulation request will be sent to you via mail or phone call to collect the paperwork that we anticipate an underwriter will need to verify your qualifications.
• Once your title, appraisal and stipulations are ready the loan is submitted to the underwriter and a conditional approval or loan commitment will be generated. Additional documentation or changes may be requested.
• Final stipulations are reviewed by an underwriter and the loan will be cleared for a closing.
• A closing date and time is agreed upon and final loan documents are ordered.
• Mortgage monies are wired and dated loan documents are sent to settlement agent's escrow account.
• Buyer inspects the property on the day of closing to ensure the condition is acceptable.
• Settlement agent will contact the buyer to give a final dollar amount to bring to closing.
• Buyer obtains certified funds to closing table.
• Final loan documents and disclosures are signed at the closing table and a new deed is made. The loan funds on the day of closing and transfer of ownership is complete.
• New deed and mortgage are filed in the county offices.