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The Mortagage Process

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Mortgage Approval & Funding Process

Getting your loan closed smoothly and on-time takes teamwork!  Once the loan application is completed, your loan goes through many steps before it can close.  You may receive calls with requests for more information, and we would like you to know who you are dealing with.  Your cooperation is imperative to getting your loan closed on time.  Each member of our team is committed to the common goal of providing a world-class home financing experience.
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  1.  Loan Opening – (1-2 days) After we complete the initial loan application, the loan is turned over to our Assistant Processor Amanda. She will order the appraisal, title work, insurance, tax transcripts and all necessary verifications. At this stage, everything is verified and cross-checked.
  2. Processing – (7-10 days) Once Amanda has completed her steps, she turns the file over to our Loan Processor – Teresa Duncan.  Teresa will pre-underwrite the file and gather any additional information necessary for the loan to be submitted to underwriting.  Teresa may contact you, the real estate agents, appraiser or Title Company for more information.
  3. Underwriting – (2-7 days) Our underwriter will review your loan file and issue an approval. The underwriter may require Teresa to gather more information in order to approve your loan.
  4. Loan Document Preparation – (1-2 days) Once we have final approval from our underwriter, the loan documents are prepared and sent to the title company for you to sign. You will receive a call from the Title Company to set up an appointment to sign all of the documents and go over all the final figures with you. 
  5. Funding – (1 day for a purchase and 4 days for a refinance) Once the final loan documents are signed, they are returned to our funding department. Our funding department will review all signed documents for accuracy and order the funds to be wired to the title company.
  6. Recording – (1 day) When the title company receives the wire, they disperse all necessary funds and the transaction is recorded with the County Recorder’s office. If this is a purchase, you will receive the keys to your new home and the transaction is closed.  If this is a refinance, your previous mortgage has been closed at this point and the transaction is complete.