The Four-Step Mortgage Process
Whether you are a first-time homebuyer, refinancing, or this is just your latest home purchase Sirva Mortgage can help you understand your home financing options. Working with a professional mortgage consultant who understands your unique situation can help save you time and ease the process.
It’s helpful to have a 360-degree view of your finances before you begin your home search. Whether you want to start your application online or set-up an appointment to complete the application over the phone, our professional Mortgage Consultants are there to help you.
To prepare for your pre-approval it is helpful to have the following:
- An idea of the price range you in which you will looking to purchase. Don't panic if you aren't completely certain at the beginning of the process. These numbers often change as you search for home and can easily be updated.
- Current bank account balances.
- Accurate knowledge of the annual or monthly income of all parties on the application.
Step 1: Get a Verified Preapproval Letter
In an increasingly competitive housing market, it is important to make your offer stand out. Taking the next step and getting your pre-approval verified will do just that. At Sirva Mortgage, Inc., we’re dedicated to making your loan process efficient and user-friendly, which is why we utilize an online asset verification service. Some other lenders may require a cumbersome and time-consuming uploading process; however, our paperless process streamlines asset verification by making it fast, easy and safe.
For pre-approval we will need to confirm:
- Income
- Current Pay Stub(s) &/or Offer Letter
- Last 2 Years W-2’s
- Assets
- Latest Bank Statements
- Most recent 401K/Retirement Statement
Once received, our Pre-Approval team will review your documents and, once approved, your Mortgage Consultant will issue your Verified Pre-Approval letter. Taking this step will let any seller know that you are a highly qualified buyer.
Step 2: Locking in Your Interest Rate
When you have found a home, you will need to contact your SMI Mortgage Consultant to lock in your interest rate and program. They will review again the terms of your loan and personally hand you off to your Loan Processor, the next person on your mortgage team.
Step 3: Loan Processing
Your Loan Processor will review your file and prepare an updated checklist with the documentation that will be needed to prepare your loan for underwriting.
Along with this checklist, you will receive a Lock Package with documentation to review and e-sign.
Tips to expedite your loan processing:
- Be prepared to document any large, non-payroll deposits. It is important that the underwriter be able to determine the source of these funds.
- Provide all pages of any statements you are asked to provide. While it may seem trivial, they are needed to show that there is no other important information missing.
- Avoid making any large purchases prior to closing. A new couch or car may be something that you are considering, but making them before closing, especially if on credit, could negatively impact your ability to qualify for your home loan.
Once underwriting has approved your loan, your loan processor will contact you and issue a final loan commitment.
Step 4: Closing
The final step in the mortgage process is the closing. Our closing team prepares the final loan documents and, along with the local title company or closing attorney, your Closing Disclosure. Once this is prepared, your loan closer will contact you to review as well as discuss the funds needed for closing.
To help ensure a smooth closing:
- Let us know if you or your co-borrower will not be able to attend the closing. While ideally, all parties would be present, with sufficient notice and preparation, we can avoid a potential closing delay.
- Make sure that you confirm the acceptable means of getting your funds to closing. In some areas, you may be required to wire funds while in others a certified check may be acceptable. Be aware that Sirva Mortgage will never send/email wiring instructions. All wiring instructions received should be verbally verified with the closing attorney or title office.
On the day you close, you will bring your funds, either certified check or wired funds, and sign the final mortgage documents. Once the signing has occurred, the settlement office will notify your closer and the loan will be funded. Congratulations - you are now a proud new homeowner!
