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The Mortgage Process

Increase your knowledge and know exactly what to expect during each step of your next home purchase with our detailed purchase process flow.

Pre-Approval - The pre-approval is issued by the Mortgage Loan Consultant.  They will tentatively pre-approve you for the loan program, loan amount, payment and down payment based on the information provided.  The more information you can provide, the stronger your pre-approval will be. For a refinance; this is the step where you will receive all the details on what is currently available to you on a refinance.


Purchase Agreement signed - Once you find a home you like, you and your Realtor will write an offer on the home.  The accepted, signed offer is your fully executed purchase agreement.  Your Mortgage Loan Consultant will need a copy of your purchase agreement and any addenda as soon as it's signed by all parties. 


Formal Mortgage Application - Now that you have a signed purchase agreement, you can start your formal mortgage application and lock in your interest rate, if you would like.  On a refinance; there is no purchase agreement to sign so you only need to start your formal application when you are ready.


Application and Disclosures - Our disclosure team will send your full application along with all required disclosures to the lending portal for you to e-sign.  If you do not have access to a computer these documents will be mailed to you.


Collection of your documentation - To take the next steps in the application process, your Mortgage Loan Consultant will have to collect all the signed application and disclosure documents from you, along with your most recent 30 days consecutive pay stubs, two months bank statements with all pages (even the blank ones) and two years of W2s / tax returns.  In some cases, there are additional items needed depending on your situation and the loan program you have applied for.  If you are e-signing your documents, your Mortgage Loan Consultant will be able to access them right after each person on the loan has e-signed.  You can then upload your personal documents to our secure borrower portal.  All your documents will go directly to your Mortgage Loan Consultant.


Services ordered - Our new orders team will order all the third party items needed to complete your loan such as appraisal, title work, verifications, transcripts, etc.


Underwriting First - Application submitted to underwriting -  With our Underwriting First initiative, your loan is sent to an underwriter for review upfront. The underwriter will review the application and all the documentation you have supplied and issue an initial approval on your loan.  This is called a "Conditional" approval.  The underwriter will provide the loan officer and processor with a list of conditions that need to be filfulled before your loan close.


Application submit to processing - Your loan is now submitted to a loan processor.  The loan processor will review the conditions list and work with the loan office and you to fulfill all of the conditions needed.  If there is anything that is needed from you, they will notify you as soon as possible.  The faster these items can be collected, the faster the loan can close.


Conditions submitted for final approval - The processor will submit all the conditions that have been collected to the underwriter for review and a final approval.


Final approval - The underwriter will review the loan again along with all of the conditions they asked for on the initial approval.  If everything has been addressed, the underwriter will issue a final approval.


QC - Quality control performs re-verifications


Clear to Close - A clear to close is issued on the loan.  Now you can schedule your closing day and time for three to five business days out in most cases.  Rush closings are granted on an as needed basis.  


Loan closing - The loan is sent to our closing department.  The closing department will work with the title company to finalize the final closing package.  Your Mortgage Loan Consultant will contact you to go over your final "Funds to Close" amount (this is the total amount you need to pay at closing for your down payment, closing costs, taxes, insurance, etc.)  You can wire the funds to the title company or in some cases, the title company will accept a certified check.


Closing papers signed - The title company will print out the final closing package for you to sign.  If you have already wired your funds to the title company, these funds will be disbursed today.  If you did not send a wire, you will bring your certified check with you to the closing.  You will also need to have your ID with you.  Each person who is on the mortgage and / or on title to the new home will have to be present at the closing and provide a picture ID.  You will sign your final closing documents with a closing agent or title company representative.  Sometimes, the sellers, Real Estate Agents and your Mortgage Loan Consultant will also be at the closing.  The title company disburses all the funds to the appropriate parties and sends the signed closing package back to your lender.  Congratulations on your new home!

Refinance loan funding - On a refinance of a primary residence, the government mandates a three-day rescission period.  Loan payoffs and disbursement of funds will not occur until the fourth business day post closing.  If you are refinancing a second home or investment property, all funds and payoffs will be disbursed the day you sign the closing documents.


Copyright © 2018 Staunton Financial, Inc. DBA John Adams Mortgage. Company NMLS # 140012, 25800 Northwestern Highway, Ste 110, Southfield, MI 48075
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