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MMC's Step-by-Step Loan Process
We make it easy! And we work to ensure that the entire loan process goes smoothly to help you get the loan you need as quickly as possible. Here's the entire process from start to closing and beyond to ensure your road to home ownership is fast and easy. The steps listed below show you what goes on behind the scenes while you are waiting for your loan to be approved.
Step 1: Pre-qualification and needs analysis
• Our mortgage banker discusses basic information from you, including income, assets, credit, other supporting information.
• We discuss your goals and needs to get an understanding of your unique situation.
• Our mortgage banker does product, program, and rate research and will present you with several loan options customized to your situation.
• You will be given a pre-qualification letter in the case of a home purchase.
Step 2: Loan application
• Our mortgage banker meets with you face to face completes the loan application and all applicable federal and state loan disclosures.
•You choose a loan program from the options presented in Step 1.
• We collect all the information that will be needed to process and approve the loan. W2’s, tax returns, paycheck stubs, bank statements, and insurance information.
Step 3: Loan Processing
• All of the information is organized and collected at the time of the loan application and is then verified.
• A property appraisal is ordered from an independent real estate appraiser.
• Title insurance is ordered to verify liens on the property.
• Verification of deposits and employment are ordered from deposit institutions and employers.
• The loan file is presented to an underwriter for approval.
Step 4: Underwriting
• One of our underwriters will review the loan file in its entirety for approval.
• This process includes comparing the credit, income, assets, and property with the loan program guidelines for the program that was selected.
• We will order mortgage insurance if the loan-to-value ratio is greater than 80% and the loan program requires insurance.
• Our underwriter approves the loan and makes any necessary changes.
Step 5: Loan Commitment
• Once loan approval is made, a commitment for financing is issued to you and any real-estate agents associated with the home purchase.
• Loan closing is scheduled.
Step 6: Loan Closing
• Prior to the actual closing, your mortgage banker will go over all of the closing financial figures with you either over the phone or in person. At this time, you will be informed of how much money you will have to bring to the closing table to cover your down payment and closing costs.
• Finally all of the loan papers are signed, and you take possession of the home
Step 7: Post-Closing Loan Review
• In a unique service of Midwest Mortgage Capital, we use sophisticated lending software to notify you of opportunities to save money whenever current market conditions warrant. To make sure that you are on the right track, you will receive quarterly loan reviews comparing your loan to current market rates and programs. Also, in the event of a drop in interest rates, you will be notified when you reach certain predetermined benchmarks. This way you can enjoy your home and leave the heavy lifting to us.
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| Copyright © 2006
Midwest Mortgage Capital. All Rights Reserved. |
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