Loan Process

1. Apply

Start the mortgage loan application process by meeting with one of our experienced loan officers personally or completing our online mortgage application. Once we receive your application, your loan officer will discuss what documentation is needed and what you can expect next.

2. Get Pre-Qualified

Now that you have completed a loan application, let’s get pre-qualified. We will review some basic loan details such as your income, assets, and employment information provided in your online application. Next, we will obtain and review your preliminary credit report. Following a quick assessment of your information, we can provide you an estimate of the price range of home that meets your qualification, an estimate of costs associated with a purchase, and a conditional pre-qualification letter.

3. Get Pre-Approved

To submit a stronger offer to the seller of the home you would like to purchase, you can request to have us review your income, assets, and employment documentation ahead of making an offer. A pre-approval demonstrates strength because an underwriter has already reviewed and confirmed your credit, income, and employment as well as your assets. The remaining items would be related to the subject property. You can use our checklist so you know precisely which forms and specific documentation that we will need. Once complete, we may provide you a conditional approval letter that communicates to the seller you have satisfied the financial and credit conditions for loan approval.

4. Find a House

Whether you are armed with a pre-qualification or pre-approval letter, you are ready to make an offer. Once we receive your fully executed purchase contract, we will electronically send you your loan disclosures. Loan disclosures are required to be sent to you by law and provide very important information about mortgage financing. After careful review of the loan disclosures, you are ready to sign and return the documents. While most documents can be eSigned, some do require that you sign using a pen. Once we have received the executed disclosures that include your intent to proceed with the loan application, we will guide you toward a full loan approval.

5. Full Loan Approval

At this step, you are ready to schedule inspections. Your real estate agent can assist you in selecting the inspection vendors that you feel are necessary. Following your inspections, we will order a property appraisal of your home and a preliminary title commitment from the title company specified in your contract. If your contract specifies a new property survey is required, we will coordinate with the title company to obtain your new survey. During this time, we will complete any verifications that might be necessary related to your assets, employment, or other unique aspects of your loan application. You will need to obtain homeowner’s insurance from the company of your choice. If any additional documentation is required to obtain a condition-free loan approval, your loan officer will inform you of what is needed.

Your loan application along with all of the documentation just outlined will be submitted to an underwriter for full loan review and condition-free approval.

6. Closing Date and Time

Following full loan approval, and within three business days prior to closing, you will receive a Closing Disclosure (CD), which outlines the details of your transaction. Your CD will present your closing costs, how much you are paying in fees, payments made by the seller on your behalf such as property taxes, and other details of your loan. The details of your CD should conform closely to your initial loan estimate. During this time, you and your real estate agent will schedule a closing date and time that meets your schedule. The typical time required to sign your closing documents is approximately 30 minutes. Typically, within an hour after you have signed all of your closing documents, the title company will receive a funding number from our closing department and your new loan will be funded. Your real estate agent will present you the keys. Congratulations, you are the owner of your new home.

7. Move In!

Your home purchase process is over. Now it is time to celebrate!

At Park Cities Mortgage, we have closed thousands of loans, so we know the process extremely well. Regardless of how many times that we have done it, we have a keen appreciation that the only loan that matters is yours. The reason that we have been so successful is because we treat every customer with the feeling that we do it one loan at a time. Discover for yourself how we do it differently by contacting one of our experienced loan officers at Park Cities Mortgage. Where expectations are met with excellence!