Did you catch our September social media campaign? It sure was a T-O-U-C-H-D-O-W-N! If you missed any of the game, check out our full recap below. Questions? Contact one of our mortgage professionals in your area.
Kickoff – Pre-Qualification
Ready to kick off your mortgage process? The first step is completing a loan application and proving the necessary documentation listed under our application checklist. Once that’s complete, your loan officer will analyze your application, credit report, income, and assets to determine the best mortgage product for your needs.
1st Down – Loan Consultation
FIRST DOWN! Once the correct loan type has been determined, your loan officer will provide you with all of the disclosures that are required, inclusive of a loan estimate, among others. Additionally, any required documentation not provided at the time of the loan application will be requested again to prevent any delays in the process.
2nd Down – Processing
You’ve officially started your drive toward homeownership! Upon receipt of the requested documents and disclosures, the loan is moved forward in the process to the individual processor. The processor will prepare the loan for presentation to the underwriter for loan approval. As part of the preparation the processor will validate all calculations and documentation, as well as order the appraisal and title work for the property.
Flag on the Play – Mortgage Don’ts
In any football game and any mortgage process, there are some flags to watch out for. To avoid a penalty, check out our list of Do’s and Don’ts.
Red Zone – Underwriting
You’ve entered the red zone. Just a few more yards to go and that home is yours! The underwriter reviews and validates all of the loan documentation. After the review, the loan is issued a conditional loan approval. It is common for the underwriter to need additional documentation from the borrower, known as an underwriting condition. Upon satisfactory review of the underwriting condition, the loan is issued a CTC or “Clear to Close”.
Touchdown – Closing
Get ready to break out in your touchdown dance! At this point in the process your loan is clear to close prompting the lender to prepare and send your closing documents to the closing attorney or title company. A final closing disclosure will be sent to you for review with a 3-day review time. This is where you will then execute your closing documents at an agreed upon time between yourself, the builder, and the title company. Upon completing the execution of your closing documents, the lender will fund your mortgage transaction.
Game Over – Getting the Keys
Pop the confetti and shoot off the fireworks! The homebuying process is complete and the process of what started as a dream is now a reality. You are now a proud, new homeowner!