Learn About the Mortgage Process
Consultation & Options
Take a few minutes to talk to one of our mortgage professionals. We need to understand what you want to accomplish and where you are in the process. Together we will tailor an option to best meet your goals while also remaining realistic to your individual situation. We will not set you up to fail.
This consultation can be over the phone, via email or in-person depending on your preference. We only service North Carolina so not only are we experts on the industry nuance in our great state, but we can meet you at your place of convenience in most cases.
There are many different mortgage options and even more rules & regulations placed on each option. We offer a wide gamut of products, and our goal is to be able to offer choices for most scenarios. We take what we have learned during our consultation and will present you with options along with their pros & cons to aid you in the decision.
Documentation
Application
After you have selected a mortgage product we will generate a loan application reflecting your choice. You can either sign this digitally with eSign or sign them by hand. Depending on your selection this package can be rather large.
Supporting Documents
There are guidelines that must be followed in order to qualify. This means we will need certain documentation to prove we are following these guidelines. This is oftentimes the most time consuming & frustrating stage. We will look at your specific situation and selected loan program to anticipate what will be asked for in Underwriting. This way we can minimize the amount of time you spend hunting down documents. The more thorough you are up front the better- if you think it's at all relevent please let us know.
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File Setup
After you have completed the Application we can lock your loan and order your appraisal. Although you are not required to lock-in your rate at this time we highly recommend it. It is one less variable to deal with during the process.
Chances are your loan product will require an appraisal. At the time we will place an order and the Appraiser themselves will reach out to you or the property seller regarding scheduling. The lead time for appraisals varies greatly by time of the year to the property location, but plan on two weeks from the time it is ordered to the time we will have a valuation.
Building Your File
While we are waiting for your Appraisal to come back our team will be working hard behind the scenes. At this stage we are tidying up your file and ensuring that all guidelines are fulfilled & documented. The documentation you provided earlier will be verified and anything missing will be requested. You may hear from one of our Processors at this stage.
When the appraisal is received we will send you a copy. Provided that the valuation is reasonable and within range for the loan product we will submit your file to Underwriting. During this stage our documentation is checked and signed off on.
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In the mortgage process the Underwriter is the decision maker. They are responsible to make sure the file that we put together with your help is complete and accurate. The file must support your income and meet the guideline requirements set by the banks.
Additional Documentation
We do our best to make sure every "i" is dotted and every "t" is crossed before we submit to underwriting. The more complete your file- the better we are at telling the story and the better the results. There is a very good chance that during this process we are going to ask you for additional information to support your file.
This is when the majority of surprises are found. Please be as forthcoming and thorough with your disclosure and documentation upfront. We can navigate most circumstances, but having all the information upfront is key to your loan approval.
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Your file will be submitted to our Closing Department as soon it has been cleared by Underwriting. There are very specific Disclosure Rules we must follow to be compliant and because of this it is very important to sign any preliminary closing documents as soon as we send them to you. Unfortunately, failing to do say can delay your closing.
The actual Closing will take place either with an Attorney or a Notary depending on your choice. Typical closings take about 30 minutes and should be relatively painless. The documents required at this time must be signed by hand.
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