Discover how the loan process works: |
Residential mortgages are the most important and often the most stressful transactions in people's lives. We at Discovery Financial are dedicated to streamlining the process and eliminating a lot of the uncomfortable obstacles that usually confront the home buyer. We find it helpful to understand what will happen and how we make it happen.
There are fourteen steps to the process after you have selected
the home you want to buy. |
1. |
Complete an application. You may choose to come in the office or apply on-line from the comfort of your own home.
When completing the application, it is important that the information is accurate. Make sure that the application is filled out completely to avoid delays in the approval process. If income is $32,700, do not round the figure to $33,000. The information is going over a secure web site, so it is completely safe. All information you provide is used solely to qualify you for a specific loan program. |
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2. |
We will review the application and collect additional information needed to pre-qualify you. If you complete the application correctly, there are minimal other requirements from you. |
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3. |
A credit report will be obtained, and credit score will be checked. The credit score is very important in getting a loan, the higher the score, the better your chances for approval. |
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4. |
Credit reports often contain problems that have to be resolved. We will notify you of any concerns that appear on your credit report and help you to get these items resolved. |
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5. |
We will pre-qualify you to determine if you will be able to get the mortgage you want. (Note that this is not the final qualification, it is a preliminary assessment based on the information you've provided. The final qualification will require verification to the satisfaction of the lender.) |
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6. |
A good faith estimate of the closing costs will be given to you. |
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7. |
You will need to provide documentation to qualify for the loan. Use the checklist provided (online) to organize your information. If this is done thoroughly and carefully, processing time should be minimal. |
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8. |
Once the application process is complete, we will meet to review the application and documents, making sure we have all of the correct information needed for submission. This is the time to have any questions answered. |
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9. |
With your credit score and all the required information in hand, we are in a position to identify the best lender and an appropriate loan program for you. |
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10. |
Your application and all documents will be sent to the lender's underwriting department to obtain a decision. |
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11. |
The lender approval will have a list of conditions. We will review the items with you and implement a plan to satisfy them. |
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12. |
When we are within 30-60 days of your expected closing, we will lock the interest rate for you and confirm the terms with you in writing. |
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13. |
We will have all the formal loan documents prepared. Occasionally, we can get these documents to you before the scheduled closing so you have plenty of time to review them and ask any questions. |
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14. |
We will meet with you, the seller (for purchases), and the title company at closing. There you will sign the documents, the transaction will then close, be funded and recorded. |
Equal
Opportunity Lender