It’s official – you’re getting a mortgage. Here’s what you need to know to be prepared for the next few weeks. Also, don’t forget the Do’s and Don’t when getting a home loan – you may want to brush up on how you can help yourself (or not hurt yourself). As always, call us if you have any questions.
Know The Loan Process
Get to know what happens during The Loan Process and realize that the only parts “we” (i.e. you and us) have any real control over is the first stage – the Loan Packaging. Certainly we can influence some parts of the process to be expedited, but executing early will provide a cushion for any potential third-party delays along the way.
Note: typical contracts are written for 30 calendar-days which means we only have 20 working-days in the process; check out the process and count the number of days. You’ll find there’s very little spare time along the way.
We would love to tell you that after spending an hour doing the up-front paperwork that you’re done and can sit back and wait for closing; however that’s not the case. While the bulk of the paperwork is done up-front, information and documents will be requested from you at various stages of the process, AND you will need to be extremely responsive along the way.
Loan Packaging – This is where we will structure the loan package and gather the paperwork required from you. This is the “big” effort that will be required from you. At each stage, the additional docs requested will be drastically reduced and the urgency required from you will be intensified.
Processing – Our Loan Processors will be reviewing the paperwork you submitted along with third party documents (like the appraisal, title work, your verification of employment, etc.). Additional documentation may be required if questions arise from anything already provided.
Underwriting Conditions – The Loan Processor submits your file to underwriting, and the Underwriter will meticulously review the file to ensure it meets all guidelines and requirements. They most likely will have a few conditions and additional documentation that may be required from you. This occurs about a week before closing so it’s imperative that you be responsive.
Once you start the mortgage process you will need to start checking your email daily (assuming you don’t already). While we will try our best to call first and not “hide” behind emails, the fact is that much of the communication for us (and for third parties) will be via email and you will be accountable for being responsive. Note: we’re not real fond of text messaging because emails provide a written record AND are accessible by all members of the team. Please use MortgageMark@HomeBridge.com for prompt responses.