Mortgage Process



Loan Processing

Although lenders conform to standards set by government agencies, loan approval guidelines vary depending on the particulars of each loan. In general, an approval is based on three factors: your income, credit, and equity.

Once your loan application has been received we will start the loan approval process immediately. Your loan processor will verify all of the information you have provided. If any discrepancies are found, either the processor or loan originator will seek to clarify. This information includes:

Income/Employment Check
Is your income sufficient to cover monthly payments? Industry guidelines are used to evaluate your income and your debts.
Credit Check
What is your ability to repay debts when due? Your credit report is reviewed to determine the type and terms of previous loans. Any lapses or delays in payment are considered and must be explained.
Asset Evaluation
Do you have the funds necessary to make the down payment and pay closing costs?
Property Appraisal
Is there sufficient value in the property? The property is appraised to determine market value. Location and zoning play a part in the evaluation.
Other Documentation
In some cases, additional documentation might be required before making a final determination regarding your loan approval.

In order to improve your chances of obtaining a loan approval:

  1. Assist your loan originator to fill out your loan application completely. You may use our online form to expedite the process.
  2. Respond promptly to any requests for additional documentation especially if your rate is locked or if it is necessary for your loan to fund by a certain date.
  3. Do not move money into or from your bank accounts without a paper trail. If you are receiving money from friends, family or other relatives, please prepare a gift affidavit.
  4. Do not make any major purchases until your loan is closed. Purchases cause your debts to increase and might have an adverse affect on your current report.
  5. Do not go out of town around your loan's closing date. If you plan to be out of town, sign a Power of Attorney to authorize another individual to sign on your behalf when your loan is expected to fund.