Process Of A Mortgage
STAGE 1: THE DOCUMENTATION STAGE
During The Documentation Stage you are the most important player on the team. As quarterback of the documentation stage, there are a few critical documents we will be asking you to hand off. These documents include:
W2’s – From the last 2 years
1040 Federal Tax Returns – From the last 2 years
2 Most Recent Paystubs
2 Most Recent Bank Statements – All pages
Copy of your drivers license
During this stage, it is critical that you don’t change any aspects of your financial picture. This means:
No Major Purchases (e.g. Purchasing furniture for your new home)
No Applying for New Credit (e.g. Obtaining financing for Car)
No Change in Employment (Please Don’t Quit Your Job!)
STAGE 2: THE APPRAISAL STAGE
During The Appraisal Stage, a licensed 3rd party Appraiser will estimate the value of the home you are about to purchase. This is meant to ensure for you, and your lender, that the home you are buying is worth the price that is being offered.
The most common method used by an Appraiser to determine your home’s value is to compare it against recently sold homes in your neighborhood; typically over the last 6 months. Although the Appraiser will not account for the following when determining your home’s value:
- Air Conditioning
STAGE 3: THE UNDERWRITING STAGE
- Organization – The Underwriter will compile and organize your documentation into a mortgage-ready file.
- Qualification – The Underwriter will reconstruct your scenario to ensure it meets our qualification requirements and guidelines.
- Verification – The Underwriter will verify that all information is accurate and authentic.
STAGE 4: THE CONDITIONAL APPROVAL STAGE
This is an exciting step in the process! During The Conditional Approval Stage you receive the first indication that your mortgage loan will be approved by us, as it’s been initially reviewed by the Underwriter. Although, this approval is only valid if certain conditions requested from our company are met. These conditions may include:
- Additional Documentation
- Letter of Explantation
- Acceptable Appraisal Report
Once you have met all the required conditions requested, your file will be re-submitted to your underwriter for final approval.
STAGE 5: THE CLEAR-TO-CLOSE STAGE
STAGE 6: THE CLOSING STAGE
From all of us – CONGRATULATIONS!
We will provide an ongoing support throughout the lifetime of your loan
Welcome to the Mortgage Broker’s Best family!
After closing your loan, your loan officer will enroll you in HomeBot. HomeBot is a ongoing service which keeps tract of home value and your equity position. When you are enrolled all the pertinent details of your transaction (purchase price, appraised value, loan type/term/rate, etc.) be entered into the HomeBot system for you.