Our Loan Process

Your local mortgage specialists

Navigating the Mortgage Process

It’s crucial that the lender you choose has a clearly-defined, transparent process. Without one, who knows how long your loan could take? We value transparency and efficiency, which is why we lay out exactly what you can expect when you let us lend a hand.

The Complete Process: Conversation to Closing

Conversation

Let’s get to know each other. We’ll talk over your home financing goals, set expectations for the process, and help you learn your credit score. Want to prepare for this chat? Here are 10 essential questions you can ask :

Preapproval

A crucial step in the mortgage process, getting preapproved prevents you from missing out on your dream home, helps determine your budget, and embeds any offer you might make with the weight of an entire lending team. 

Documents

Partnering with your Mortgage Banker, we’ll supply a list of what you’ll need to collect in order to complete your application. Different documentation may be required, depending on whether you’re purchasing or refinancing.

Steps to a Successful Closing

Application

With the help of your lending team, we’ll use the documents you’ve gathered to complete a loan application. Then, we’ll get to work preparing the final documents you’ll need to sign to lock in your loan. You can apply online

Documents

The most time-sensitive step in the process, this stage is where your loan disclosure documents will be prepared and sent to you to be signed. Return them within three business days to avoid any delays! At this point in the process, you should consult with your mortgage banker about locking in an interest rate.*

Processing

Now the ball is in our court. Our in-house team of processors will work collaboratively and efficiently to review financial documents, order reports such as an appraisal, and prepare your loan file for Underwriting.

Underwriting

A professional will make sure your app is up to code. An Underwriter will review your loan file to verify that meets lending requirements. It is at this time that you will receive either an approval for your loan, a request for additional information or documents,or in rare cases, your loan may be suspended or denied. 

Cleared to Close

The path to homeownership is cleared! Expect to receive a Closing Disclosure outlining the terms of your loan shortly. Your Mortgage Banker will contact you to schedule a settlement date and send our pre-close letter.

Closing

Congratulations! You’re a new homeowner.

Get in touch with a Bill Mervin Team representative to start the process!

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