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.
The Mortgage Loan Process
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.
2 . 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.