The Loan Process
Step 1. Application
The application is the first step to getting pre-approved. I will go through your paystubs, W2’s, bank statements and debts to determine your prequalified amount. A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because this means I have checked your credit and verified your supporting documentation to approve you for a specific loan amount…a loan amount you are comfortable with. Home Again makes applying online fast, simple and secure!
Step 2. Processing
GETTING PAPERWORK SUBMITTED
Once you’ve submitted your application, the necessary supporting documentation will be prepped and organized by me. I will be responsible for organizing the file and getting it over to the mortgage lender for approval.
Step 3. Underwriting
GETTING LOAN APPROVAL
Working with the underwriting team and getting through the loan underwriting process is the vital next step in the process. Over the course of the next several weeks, the underwriters will routinely reach out to me asking for more of your documentation. I will then reach out to you for these requested documents. Please get them to me in a timely manner so we stay on course to close within 30 days. These requested documents are used to clear the conditions raised by the underwriters. The documents can range from updated pay stubs and bank statements to letters from your employer. Conditions vary from loan to loan.
Step 4. Closing & Funding
THE FINAL STAGE
Once we have reached the ‘clear to close’ status, a mobile notary will be arranged to notarize and assist you in your loan document signing. Often the signing will occur in your own home and takes about 45 minutes to an hour. Once the notary returns the signed and notarized documents to the Escrow & Title company, they will verify the docs have been properly executed and notarized. At the closing, the lender “funds” the loan with a cashier’s check, draft or wire to the Escrow and Title Company, who disburses funds in exchange for the title transfer to the property recorded at the County Recorder’s Office. The home is now yours! If this is a refinance, an additional three days are added for right of rescission before the documents are recorded and escrow closes.