Obtaining a mortgage, whether buying a home, or refinancing your current home is not a difficult process, but can be overwhelming if you don’t know what to expect and when to expect it. So, let’s discuss what happens, when it happens, and WHY it happens. Most of this is geared towards buying a home, but refinancing is very similar.
The first step of the mortgage process begins with a conversation with your Mortgage professional. We will ask that you complete our online loan application We will assess your credit, set goals and expectations for you, and review our loan products to find the loan that best fits your individual needs and financial objectives. A neat secret: We don’t do “pre-qualifications”. That is marked by taking your information from you and issuing you a document that says you are pre-qualified. At Mortgage Choice, we take it a step further. Because of so many intricacies and quirks in how lenders view income and assets, quirks that the average consumer would never know about, we would like to see your income and asset docs so we can help make your approval clean and easy. If we see anything that concerns us even a little, we’ll go ahead and actually present your loan information thru the Automated underwriting portal that will provide us with a detailed analysis of your approval. There are Two “quasi-governmental” agencies known most popularly as Fannie Mae and Freddie Mac. They each have an automated computer model that will review your financial picture and within minutes provide feedback to us that gives us the roadmap your loan will follow. I know it sounds scary and high tech. It isn’t. With over 30 years of mortgage lending history, we have seen most every situation and can usually quickly give you those words you are hoping for. You are Pre-approved.
Once we have started the pre-approval process, our next step is to get all of your pertinent consumer data, financial information, and credit profiles so we can be “ready” when you find that perfect home. You can find the list of what we need HERE
Once we have your information, we will get that information presented to the lender of choice for their review and approval. A main reason people choose Mortgage Brokers, and Mortgage Choice specifically is because we have the opportunity to help find the “best home” for your particular situation. We will then work with that lender to address any omissions, answer any questions, but also to be sure that there are no hiccups or unforeseen issues. Once we have gathered all needed docs and provided them, we wait for that magical phrase.. “You are Clear To Close”.
After the loan has been fully approved, we will work with your chosen closing attorney to prepare all necessary closing paperwork, and confirm the funds that are needed on closing day. The closing attorney will work with you to set a time for you to sign your loan documentation. Your Realtor will help guide you thru these final steps and you’ll be off to your new home.