What's the process to get a loan done?
Most of the realtors I work with are most concerned that their client’s loan is being taken care. Here I have listed for you what the expectations and time frames for your mortgage application. On average we will turn the loan in 3 to 6 weeks.
Our Process:
1) The first step in the process is for me to take a full application over the phone or in person. Within next 24 -48 hours they will receive an email or an overnight package in the mail from my opener. She will request some additional documentation to begin processing their loan. Below is an example of the documents that are necessary:
a) All disclosures and documents need to be signed and returned
b) A copy of all mortgage statements (refinance)
c) A copy of your 2009 and 2010 W-2 (if applicable)
d) A copy of a photo ID (driver’s license) and a second ID such as a Passport or a Social Security card
e) A copy of your homeowner's insurance declaration page showing coverage and agent information
f) A copy of 2009 and 2010 Tax returns
g) A copy of 30 days of pay stubs or checks you receive.
h) Copies of the last two months bank statement. (all pages)
i) A signed copy of the sales contract (purchases)
*Please note that all loans are specific in nature and additional documentation could be necessary depending on your situation.
2) Once we have received all the documents and disclosures back via email, overnight or by fax an appraisal is ordered. They will receive a call from a national appraisal company to schedule a convenient time to have your home appraised. I will receive a copy of this report usually within 5 business days from the date of inspection.
3) Once we have received the appraisal, signed documents and all supporting financial information my processing team will ask for any missing information. If everything is in order the application will be sent to our underwriting department.
4) From here our underwriters will review the application and will issue a conditional approval. A conditional approval could have a few stipulations that we need to further clarify or complete. At this point we can lock your loan once the conditional approval has been issued. This usually can take 4 to 6 business days.
*Please note that loans are not locked at the time of initial application unless otherwise requested.
5) My assistant or I will contact you to review the stipulations, locking options and time frame for completion. We will gather all needed stipulations and resubmit the file to underwriting for a clear to close. With cooperation from you this can be done within 3 to 4 business days. Once the loan is locked you will need to sign and return the interest rate lock agreement.
6) The underwriter will now issue a clear to close and I will give you a call to set up a closing date and time as well as your choice of closing location.
I can be reached anytime via email [email protected]. I look forward to any question, scenarios or referrals.
Thank you for your time all the best Jon
Jon M. Starr
Sr. Home Loan Consultant
email: [email protected]
Our Process:
1) The first step in the process is for me to take a full application over the phone or in person. Within next 24 -48 hours they will receive an email or an overnight package in the mail from my opener. She will request some additional documentation to begin processing their loan. Below is an example of the documents that are necessary:
a) All disclosures and documents need to be signed and returned
b) A copy of all mortgage statements (refinance)
c) A copy of your 2009 and 2010 W-2 (if applicable)
d) A copy of a photo ID (driver’s license) and a second ID such as a Passport or a Social Security card
e) A copy of your homeowner's insurance declaration page showing coverage and agent information
f) A copy of 2009 and 2010 Tax returns
g) A copy of 30 days of pay stubs or checks you receive.
h) Copies of the last two months bank statement. (all pages)
i) A signed copy of the sales contract (purchases)
*Please note that all loans are specific in nature and additional documentation could be necessary depending on your situation.
2) Once we have received all the documents and disclosures back via email, overnight or by fax an appraisal is ordered. They will receive a call from a national appraisal company to schedule a convenient time to have your home appraised. I will receive a copy of this report usually within 5 business days from the date of inspection.
3) Once we have received the appraisal, signed documents and all supporting financial information my processing team will ask for any missing information. If everything is in order the application will be sent to our underwriting department.
4) From here our underwriters will review the application and will issue a conditional approval. A conditional approval could have a few stipulations that we need to further clarify or complete. At this point we can lock your loan once the conditional approval has been issued. This usually can take 4 to 6 business days.
*Please note that loans are not locked at the time of initial application unless otherwise requested.
5) My assistant or I will contact you to review the stipulations, locking options and time frame for completion. We will gather all needed stipulations and resubmit the file to underwriting for a clear to close. With cooperation from you this can be done within 3 to 4 business days. Once the loan is locked you will need to sign and return the interest rate lock agreement.
6) The underwriter will now issue a clear to close and I will give you a call to set up a closing date and time as well as your choice of closing location.
I can be reached anytime via email [email protected]. I look forward to any question, scenarios or referrals.
Thank you for your time all the best Jon
Jon M. Starr
Sr. Home Loan Consultant
email: [email protected]
Comments