Pre-qualifying happens before the actual loan process begins. We will gather
information about your debts and income, and then make a determination about how much you will be able to afford to spend on a home.
you start shopping for a home it's a good idea to know how much you can afford. When refinancing your loan on an existing home – pre-qualifying
can help you decide if you refinancing is a good choice.
The loan approval process begins after you have applied
for a mortgage by completing a loan application. Then supply the required documentation and paperwork used for processing to
us. At this time we can help you decide what type of loan you should take.
Processing Your Loan
The application package
will usually be submitted to an automated underwriting system which will give the us the documentation necessary for your loan approval.
In other cases we will manually underwrite your application.
The processor reviews the documentation and credit reports, verifying
your payment history, debts, and employment. If there are collections, late payments, or other debts the processor may request a written
explanation. The processor will also review the appraisal and check for any property issues that could affect the loan approval. The
process puts together the application for our underwriter.
Our underwriter will be responsible for determining
if the application put together by the processor then meets the standard criteria. Sometimes more information will be required and
the loan will be suspended until the further documentation is provided.
Upon underwriter approval, a conditional commitment
to lend will be issued, title insurance will be ordered, and we will work with you to meet all of the conditions to lend and then
schedule a closing date. Some of the conditions to lend may be credit issues, income or property issue that have arisen during the
Once all of the conditions are cleared we will issue the full loan approval. At closing time, we
“fund” your loan by giving the closing agent a cashier's check, wire or draft – the closing agent will then disburse the funds, and
transfer to title of the property. Closing take place at the title company who will be issue the title policy.