An Overview of the Loan Process

Finance Plan

Whether you are purchasing a new home OR refinancing your existing home, I believe the most important first step in ANY mortgage application process is to arrive at a finance plan.  In drafting your finance plan, important to talk thru your finance goals and obtain information regarding the finer points of your application (ie employment, income, assets, liabilities).  I can then present a customized finance plan, complete with pricing, as we work thru to a final finance plan.  This is a collaborative process, as we will work together to arrive at the finance plan which will best meet your needs.

IF you are seeking to purchase a home, we will then complete the application together (both completion of formal application AND submission of supporting documentation).  I can then seek to obtain your desired preliminary approval thru one of my lender's automated underwriting engines.  Having your completed application in hand and this automated approval on file, I am positioned to issue your formal pre-approval letter as called upon.  You can initiate your home search in full confidence that you are formally PRE-APPROVED!

IF you are seeking to refinance your existing home, this same completion of your application can coincide with securing your desired pricing model.

End Lender Loan Approval

Once you have an accepted Offer for the purchase of your new home, we can now consider your actionable pricing options (rate/cost) and secure your desired pricing model.  Whether you are purchasing OR refinancing, having selected an end lender and locked your pricing model will allow us to continue in the formal processing of your application. 

The selected end lender will next email you the initial loan documents for completion of your eSign event (a simple process in which I will provide a job aid).  This formal processing will also consider the final verification of your employment, income and assets.  The appraisal report, title insurance and homeowner's insurance will all be finalized.  We will work closely together where these steps are concerned, as I will message to you for documentation needed and at time of formal submission of your loan to the end lender.

Upon receipt of your formal loan approval from end lender, the end lender will likely have 'conditions' which need to be met to finalize your financing.  Together, we will address these loan conditions, so you are positioned to finalize your financing to plan.

IF you are purchasing a new home, the contingency deadlines as outlined in your purchase contract (ie inspection, financing, appraisal) will be closely monitored to be certain that all remains on schedule.  I will maintain constant communication with the relevant parties, aware of the deadlines of the contract and the timing needed for all to finalize to plan. 

Clear to Close

Upon receipt of lender loan approval and submission of assembled loan conditions, we are positioning for issuance of the 'clear to close' from the end lender.  Around this time, the end lender will email you a draft of the final closing disclosure for completion of your eSign event.  

Upon receipt of the end lender's clear to close, we can schedule your closing day in confidence.  I will coordinate with your schedule, as well as that of the title company and lender, to ensure that we meet our necessary deadlines.  

Closing/Funding

Upon certifying the final figures under the closing statement (Closing Disclosure - CD), I will send out confirmation regarding day/time/venue for closing itself and the final figures/finer points (ie funds needed) at time of closing. 

Congratulations!  Our work together is complete, as we have completed your desired financing to plan.