At Secure Mortgage Company we want to make the loan process seamless and stress free.
Therefore, we offer clear communication, guidance & support, and provide personalized service.
The loan process involves several stages, including pre-qualification, loan application, underwriting, approval, appraisal, closing, and funding, all of which culminate in securing financing for purchasing a property.
Pre-Approval: Before house hunting, you should get pre-approved for a mortgage. Pre-approval provides an estimate of how much you can borrow based on basic financial information and allows you to search for a new home in confidence.
Loan Application: Once you find a property, you’ll formally apply for a mortgage with your Loan Officer. This involves submitting detailed financial information, such as income, assets, debts, and employment history.
Loan Processing: After receiving your application, the we begin processing your loan. This includes verifying your information, ordering a credit report, and collecting additional documentation as needed.
Underwriting: Your loan application is then sent to the underwriting department for review. Underwriters assess your creditworthiness, financial stability, and the risk associated with the loan. They may request further documentation or clarification during this stage.
Conditional Approval: If your loan application meets the investor’s criteria, you’ll receive a conditional approval. This means your loan is approved pending the satisfaction of certain conditions, such as providing additional documentation or resolving outstanding issues.
Appraisal: We will then order an appraisal to assess the value of the property you’re purchasing. The appraisal ensures that the property’s value supports the loan amount and protects both you and the lender from overpaying for the property.
Final Approval/Clear to Close: Once all conditions are met, you’ll receive final approval or clear to close. This indicates that your loan is ready for closing, pending the signing of the necessary documents.
Closing: On the scheduled closing date, you’ll meet with the seller, your real estate agent, and potentially other parties involved in the transaction (such as attorneys or escrow agents) to sign the necessary paperwork. This includes the mortgage note, deed of trust, and other legal documents.
Funding: After all documents are signed and funds are transferred, the lender disburses the loan proceeds to the seller or their agent. This completes the purchase transaction, and you officially become the owner of the property.
Post-Closing: After closing, you’ll receive a copy of all signed documents for your records. You’ll also need to set up mortgage payments according to the terms of your loan and ensure that you fulfill any remaining obligations, such as obtaining homeowners insurance and paying property taxes.
Throughout the loan process, Secure Mortgage Company will provide communication with all parties involved in the transaction which is key to ensuring a smooth and successful outcome.
NMLS#70160