The Mortgage Loan Process

We are here to help our clients navigate these steps.

1. Pre-qualification

Borrowers should always be pre-qualified before they start their search for a new home. A pre-qualification letter can be submitted along with the purchase contract to enhance the offer to the seller. Pre-qualification can normally be completed quickly over the phone.

2. Loan Application

Borrowers can complete an online application or meet with Jason at his office. This step includes determining the best loan program, signing loan documents, and gathering required documentation.

3. Interest Rate Lock

The borrower may lock their rate at any time after the purchase contract has been accepted and application has been made.

4. Loan Approval Process

There are three major steps in the approval process. ​

  • Appraisal - The appraisal establishes fair market value. Home inspections are not required, but are highly recommended and should be completed within 3 days of the going under contract. The borrower can then give the lender permission to order the appraisal. The appraisal is completed by a third party and must be ordered by the lender.
  • Title - A preliminary title report is ordered by the lender and shows the ownership of a specific parcel of land, along with liens and encumbrances.

  • Underwriting - The loan application and supporting documentation are delivered to an underwriter for review. The borrower should gather requested documentation and deliver it to the lender as quickly as possible.

5. Closing

A Closing Disclosure will be provided to the borrower three business days prior to signing the closing documents. Most closings take place at the title company and the funds for closing must be sent by wire transfer to the title company. The loan will then fund and record and you will receive the keys to your new home.