Mortgage Loan Process

The Mortgage Loan Process

Besides the first steps of determining your financial situation and emotional readiness to buy a home, the steps in applying for a mortgage can be done quickly and easily. Knowing what is expected from you and what to expect from your lender will help provide a stress-free process. Below is a summary of the application and mortgage process with Poli Mortgage Group.

1. Preparation

You should be ready with all the necessary documents that verify your income, assets and liabilities. W-2’s and paystubs, asset statements, etc. will be needed.

mortgageapplicationprocess2 . The Loan Application

The application for your mortgage can be done in person or on the phone. However, the process of correctly completing a mortgage application is simple when you are properly guided through the process by a Poli Mortgage loan officer. For this reason, we highly recommend this guided process. An experienced loan officer will know all the right questions to ask and how to complete the application so it is done right the first time and ready to hand off to the processing team.

3. Paperwork Processing

Our processors will again review the application to make sure it paints an accurate picture of your entire financial situation. The finished paperwork, along with the required disclosures, will be sent to you for review. There is a lot of information to review, so if you find you have questions along the way please be sure to reach out to your loan officer. The processors will order all the necessary items needed for your approval, such as appraisals, title information and other verifications. There may be a need for the processor to call you to discuss certain items on your application and this just further assures your application is complete and accurate before submission to underwriting.

4. Loan Underwriting & Approval

Our underwriting team will now run your loan through the automated underwriting process and move toward an approval of your application. The underwriters analyze tax returns, inspect title documents, review the appraisal, and verify employment, amongst many other things. It is not uncommon for some conditions to be required from underwriting to finalize the approval on your loan. These conditions are usually further clarifications of documents already submitted, but they also may be completely new documents necessary for approval. Most conditions can be cleared up quickly unless they involve third parties who may not respond as quickly as we would like them to. Between you and the loan officer, we will clear these conditions, so we can move onto the next step in the process. Once all conditions are cleared, a “clear to close” will be issued. A clear to close status means you are all ready to close your loan.

5. The Closing

At the closing, the attorney will go through the necessary paperwork that needs to be signed to make the transaction a legally binding one. There will be many pieces of paper to review and sign. There should be no surprises at the closing table. The numbers presented up-front should be the same at the closing unless you were notified during the process of any changes.

Our company is dedicated to providing the best mortgage loan rates to move you forward with your home purchase. We work hard to make the process as stress-free as possible.

Call us at 781-232-8000 today to get a personalized mortgage rate from one of our experienced team members.

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Poli Mortgage Group is a Division of radius financial group inc. Corporate NMLS #1846. radius financial group inc. is an Equal Housing Lender. Poli Mortgage Group is licensed in CT, FL, ME, MA, NH. For more licensing information please visit: or by visiting Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs rates, terms and conditions are subject to change and are subject to borrower qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.

* This radius Pre-Approval/Credit Commitment Promise Contract ("Promise") is made and entered into, as of the date of the last signature below, by and between radius financial group inc. ("radius" or "Lender"), and the below-named Buyer and Seller. In consideration of Seller's reliance on this Promise in entering into a real estate purchase transaction with Buyer, the Parties agree as follows:

PROMISE TO SELLER. In the event that a Seller is induced to accept an offer from, and enter into a purchase and sale agreement with, a radius borrower on account of this Promise in connection either with (a) a radius Pre-Approval or (b) a radius Credit Commitment and the Buyer is unable to close on such Eligible Transaction due to a mistake made by radius (with accurate and up-to-date information) on such Pre-Approval/Credit Commitment (a "Bad Pre-Approval"), then radius shall pay Seller ten thousand dollars ($10,000), subject to the terms and conditions herein as Seller's sole remedy.

PROMISE TO BUYER. In the event that radius issues a Bad Pre-Approval to Buyer on an Eligible Transaction, radius will reimburse Buyer reliance expenses up to one thousand dollars ($1,000) for a home inspection, appraisal, or legal expenses actually paid out-of-pocket by Buyer, subject to the terms and conditions herein. This payment shall be Buyer's sole remedy.

ELIGIBLE TRANSACTION. For purposes of this Promise, an "Eligible Transaction" is a purchase money mortgage transaction for a primary residence (made on or after April 1, 2018) (not made to a radius employee or immediate family member), provided that the loan is a Conventional, USDA, VA, or FHA loan product for either (i) an existing home resale or (ii) a newly constructed home that is to be delivered and closed within ninety (90) days of the P&S.

CONDITIONS. The applicable radius Pre-Approval must not have expired prior to the date of the P&S. Offers/P&Ss cancelled due to home inspection issues or title defects are not covered under this Promise, and this Promise is void if a Bad Pre­Approval is the result of: (i) a change in Buyer's financial position, (ii) property specific requirements or expenses (e.g. homeowner's association dues/fees, flood insurance, or property taxes), or (iii) loan product availability or underwriting requirements, or third-party actions outside of radius' control.

FUNDS DISBURSEMENT. Any funds due and payable under this Promise will be paid if requested by Buyer or Seller in writing within 90 days of the date of an applicable Adverse Action Notice and accompanied by a fully-executed copy of this Promise. Any payments made under this Promise will be reported to the Internal Revenue Service by radius on a Form 1099-MISC or as otherwise required by then-applicable law. Please consult your tax advisor for any tax implications.