The Application

The application and all other items that are needed to review a loan application should be completed before meeting with a loan officer. Quite often, delays are encountered because all documentation was not received before bank review.

Truth-in-Lending

At the conclusion of the loan application meeting, you will be given numerous estimates, including interest rates, fees, APR and the good faith estimate. These figures reflect an approximation on various items such as mortgage payment, insurance, title and various other fees. By federal law, these figures must be given to the borrower within three days of the application date. The calculated APR will be slightly higher than your interest rate to reflect all costs involved in the loan.

Processing

This is the point where we review all materials given to us by the borrower. We may need to substantiate one or more items regarding your employement, assets, deposits, etc. Please have documentation such as names, phone numbers and addresses available to expedite these requests. We only ask for those items needed to better evaluate the loan.

Appraisal

After a satisfactory review of all documentation and it is determined that a mortgage loan can be attained, an appraisal request will be ordered from a certified residential appraiser. A time will be scheduled when the appraisal can be completed.

Underwriting

After the initial processing of the application, we will submit to one of our lender's underwriting department. Typically, it takes 24-36 hours to return a decision on a loan. Bank underwriters may also need clarification on issues regarding your file. Again please have documentation ready in these instances.

Closing

After the approval has been given, title and closing documents will be ordered. We will work with you to find a closing time that is suitable. Any funds needed to close the loan will be received at closing.