What to Expect
- Within 24-72 hours of receiving your application,
you will receive your loan pre-approval notice via email
and/or telephone, along with your Personal Mortgage Analyst's
name and email address. You will be emailed your new loan's
paperwork, including the specifications of your new loan
such as the interest rate, loan amount,down payment required
(if applicable) and payment. You will also be given a
list of the documents that will be required in order to
close your loan (such as paystubs, W2's, etc...).
- Once you receive the loan papers and agree to the
terms of your new loan, you need to sign the papers and
overnight/mail them to your Analyst along with the documentation
that was requested.
*Hint: The faster you sign and get these papers/documents
to you Personal Analyst, the faster we will be able to
close your loan!
- As soon as we receive your signed papers & documentation,
we will order the appraisal on your property. You
will
need to be prepared to pay the appraiser for his services
when he arrives (typically this charge is between
$250-$350). We usually receive appraisals back within
2-10 days, depending on your area's appraiser.
- Once we receive the appraisal, we will send your
complete loan package to our underwriters.
- While your file is in underwriting (which can take
1-8 days), we will order title work from a title company
in your city, and the mortgagee clause on your homeowner's
insurance
is updated to reflect your new mortgage company.
- We receive & clear any final conditions for closing
from the underwriter (if there are any), schedule the
closing date with your local title company, and;
-
YOU CLOSE YOUR NEW LOAN!
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