Loan Process – Mortgage Specialist Group

Our Mortgage Process

Wondering how the loan process works at The Loan Specialist? Here it is!

You Apply

The loan process starts with you. Some of our clients prefer a digital experience (applying online or on their mobile devices), others prefer mortgage advice and/or personalized care. The Mortgage Specialist Group will accommodate you no matter your choice.

Let us know your preferred option (how you want to be contacted). We can chat, email , talk on the phone or meet in person. If you want guidance, once we connect, we’ll match you with your Home Loan Expert. They will be your go-to person and your guide through the mortgage process. Your Home Loan Expert will ask you some questions about your mortgage goals. They’ll work with you to set realistic expectations upfront and make sure you clearly understand the steps of the process. They’ll listen to your unique situation, help guide you to the best decision for meeting your financial objectives and treat you with respect along the way. But in order to get started with a financial analysis, they’ll need to check your credit.

We’ll Review Your Credit

To get the ball rolling and provide you with an accurate quote, we need your FICO® credit scores. The middle FICO® score is something every mortgage company requires. The credit check only takes a few seconds. Just ask your Home Loan Expert to check it for you. There’s no upfront cost!

It’s a good idea to stay on top of your credit history at all times. After we check your credit, we’ll be ready to discuss loan options and find the perfect mortgage for you. If you need assistance fixing errors or other issues which are keeping your scores low, we can point you to experts who can help you with that.

Step One

After we have provided you with several options and you have selected the loan that’s right for you, we’ll assist you in preparing your application and we’ll provide you with program, state and federal disclosures required by law.

Your homework is to provide us with the documentation needed to process the loan under the program selected

Moving Right Along

Once we receive the signed application, disclosures and the documents we requested from you, we’ll verify that the income, assets and debts listed on the application match those reflected on the documents you provide us with and the credit report obtained.

All of the closing costs are paid at time of closing with the exception of the appraisal – which is paid up front and credited at time of closing. It is at this point that we will ask you for a deposit to cover this cost and reimbursement for the credit report.

Putting it all together

Once all documents including the appraisal have been received and reviewed for accuracy your loan will be sent to the underwriting department. The underwriter is the person assigned by the lender to give the application a seal of approval. Our team has systems in place so the underwriting of your loan runs as smoothly and quickly as possible. It is not uncommon for the underwriter to ask for a couple more pieces of information (such as letters of explanation for little details they cannot picture, or a more recent document than the one in the file).

Before You Know It, You’ll Be Closing Your Loan

When everything is ready and you give us the go-ahead, we’ll schedule your closing. Don’t worry about finding us – we’ll come to you. Home, office, coffee shop … you name it. Tell us where you want to close, and we’ll meet you there. It takes just a few minutes to sign some papers, and then you’ll have a brand-new mortgage! Pretty simple, huh? We want you to think so. That’s why we do all the hard stuff and leave the easy stuff to you.