Our Loan Process

Taking out a loan, understandably, can be an intimidating experience to new borrowers who are trying to gain their footing on the property ladder. Dealing with banks and lenders can be a lengthy and complex process; handling the paperwork and putting together all the requirements can be overwhelming.

The Mortgage Partner aims to simplify the loan process for you. Let us guide you through the process, explaining each step in a clear and concise manner. Educating our clients is always top priority for us, because we want them to make fully informed decisions when taking out a mortgage. After all, your mortgage will likely be one of the biggest loans of your lifetime.

Five-step Process

We are your partners through the entire process of taking out a mortgage. We are committed to providing you with a smooth and painless experience so that you can approach your loan with confidence. Working with us is a partnership, and we are dedicated to giving you all the help that you need. We aid in managing your mortgage and determining what type is right for you. See how we break down the loan process below in these five steps:

The Loan Process

See how we handle the mortgage process.

1. Contact Us

Once contact is made, we gather your information regarding income, debts, and credit score. Once this information is gathered, we determine about how much you will be able to borrow. Different loan programs may lead to different values, depending on whether you are qualified for them, so be sure to get a pre-qualification for each type of program you are suited for.

2. Application

The application is the beginning of the loan process. You will complete a mortgage application with us and supply all of the required documentation for processing. Various fees and down payments are discussed at this time. You will then receive a Loan Estimate (LE) within three days that itemizes the rates and associated costs for obtaining the loan.

3. Processing

The processor reviews the credit report(s) and verifies the debts, payment histories, income and assets. If there are unacceptable late payments, collections for judgment, etc., a written explanation is required. The processor also reviews the appraisal and checks for property issues that may require further discernment. The processor puts together a package that will be underwritten by the lender.

4. Underwriting

The underwriter is responsible for determining whether the combined package submitted is an acceptable loan. If more information is needed, you are contacted by the processor to supply more documentation.

5. Closing

This will take place at the title company. The escrow officer will prepare the closing documents, insure that all paperwork is signed appropriately, notarize your signature and disperse the funds according to the lenders instruction. They are a third unbiased party that neither represents the seller, buyer, real estate agent, broker or lender. They will record the note and provide you with a copy of all the documents you signed at the closing.

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