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| The Online Mortgage Application Process |
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Application
The online mortgage application takes about 20 minutes to complete and will ask you questions about the home and your finances. Once you complete and submit your application, we’ll review your request for approval. There is no cost at all for completing our application. If your application is approved online, we’ll ask you for a deposit to cover the cost of the appraisal, credit and flood certification on your home so that we can begin to process your request immediately.
After your application is completed, a Loan Officer will contact you within 24 hours (excluding weekends and holidays) to introduce him/herself and answer any questions you may have. Your Loan Officer is a mortgage expert and can provide help and guidance during the processing of your loan request. If your request was not approved online, the Loan Officer will ask you for any additional information that is required in order to make a decision about your loan.
Your Loan Officer will then send you an application kit that contains papers for you to sign and a list of items that we will need to verify the information you provided during the online application. Your Loan Officer is available to answer questions and guide you through the process of purchasing or refinancing your home. |
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Appraisal
We will order the appraisal from a licensed appraiser who is familiar with home values in your area. Different types of appraisals are used based on your finances, the type of property, and the loan amount requested. |
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Underwriting/Commitment
We will review your financial profile and compare it to the guidelines for your chosen product. We will review the documentation received from you to verify the information you provided during the online application. Upon approval of the documentation, you will receive a written commitment of the mortgage terms and conditions. |
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Processing
The Loan Officer assigned to your account will monitor the application process through to closing. Processing includes the verification of your financial information, collection of documents to satisfy conditions of the loan commitment, and a review of the appraisal of the property. Please feel free to contact your Loan Officer and he/she will be happy to answer any questions you may have. |
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Closing
The closing is a meeting of all the related parties to finalize the mortgage transaction. The closing normally takes place at the office of the closing attorney who will act as our agent. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you. A few days before closing your Loan Officer will contact you to walk through the final information. One business day prior to the closing, the closing attorney will, upon your request, provide you with a copy of your settlement statement. During the closing, paperwork associated with the transaction will be signed and witnessed, and final arrangements will be made for the disbursement of the loan proceeds. If your loan is a refinance on your primary residence, Federal and State Laws require that you have three business days to decide positively that you want a new mortgage after you sign the documents. This means that the loan funds won’t be disbursed until three business days have passed. The closing attorney will provide more details at the closing. If you have any questions that the closing attorney can’t answer during the closing, ask him/her to contact your Loan Officer by phone and we’ll get you the answers you need – before the closing is over. |
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You may want to choose a Loan Officer at this time – click here.
That’s all there is to it!! Apply now and begin the most efficient way to apply for a home mortgage loan. |
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