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:
- Roof
- Appliances
- Air Conditioning
- Plumbing
- Foundation
- Windows
- Floors
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!
But we are not done yet!
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.
You can also update your HomeBot account with the things you do post closing including principal payments on your loan and renovations/updates. Each month you will receive a customized “digest” from HomeBot indicating what your home is worth, how much equity you have in your home and what’s going on in your local housing market. With HomeBot you’re able to track your progress on paying down the balance of your loan and building wealth through homeownership.
In addition to HomeBot, your Loan Officer will reach out to you from time to time to make you aware of refinance opportunities and make certain that your home financing needs are taken care of. As a client, you’re welcome to reach out to us anytime if you have questions, need assistance with your mortgage or are interested in selling your current home, or buying another home. Regardless of circumstance, we are always available to you and happy to help you Finance Your Future!