Mortgage Process - Purchase

Generally speaking it takes 30 days to close a Purchase Loan. This time can be significantly reduced if the borrower has good credit and limited documentation is required. It is always a good idea to get Pre-Approved before you begin your new home search. We can have your Automated Approval in less than 24 Hours!

Day 1: Application

Application is completed On-Line (5 Minutes), by Fax (10 Minutes), by Phone (10 Minutes), or in person at our Office (30 Minutes). Financial Information collected, credit ordered, and the process begins.
 

Day 2: Automated Approval

Loan Officer inputs your information into our Loan Origination System and seeks Automated Approval for your Loan. We can get your Automated Approval in less than 24 Hours!
 

Day 3-15: Processing

Loan Officer and/or Processor gathers up any documentation or verifications not supplied by you at initial loan application (This may include current Bank Statements, W-2s, Pay-Stubs, etc.) The completed loan package with your signatures is overnighted to the Lender. Appraisal and Title Work are ordered at this time by the Loan Officer and/or Processor. It is a good idea at this point to also get your Home Owner’s Insurance lined up.
 

Day 16-20: Lender Underwriting

Underwriter reviews the entire loan package. He/She will call your Loan Officer with any questions. Note: It is extremely important to respond to your Loan Officer immediately on any Underwriting question. (It is the Underwriters job to verify that the information you supplied initially at Application for your Automated Approval matches up with what is actually in the Physical Loan Package).
 

Day 21-25: Pre-Closing

All loan conditions are met. The loan is clear to close. The loan is sent to the closing department and is scheduled to close.
 

Day 26-30: Closing

Closings generally take place at a local Title Company. The day before Closing you are given the total amount of funds you will need (ie. Down Payment, Closing Costs, Pre-Paids, etc). At Closing you will need: Certified Funds for the total amount, Home Owner’s Insurance with paid receipt, and a valid Driver’s License or Photo I.D. Closings only generally take 1 hour.
 

Congratulations, you just bought your new home!