First Equity Mortgage

 Loan Process

Loan Process

The mortgage loan process doesn't have to be difficult. Once you have made the decision to pursue applying for a mortgage loan with First Equity Mortgage, your Mortgage Loan Originator will work with you to obtain the necessary documentation required for a loan decision to be made.

A pre-purchase home inspection, performed by a professional, is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home's condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home's condition during the mortgage loan process and prior to purchase. While a home inspection is not required, it is highly recommended.

Below is a summary of the mortgage loan process so that you will have a better understanding of what you can expect:

1 - Homebuyer
Contact loan originator for financing information
Gather information needed for your application
Begin the search for your new home

2 - Mortgage Loan Originator
Assists you in completing the loan application
Discusses qualifying, monthly payments and cash needed for closing
Explains various loan programs available and quotes interest rates
Communicates documentation requirements
Answers any questions you may have throughout the process

3 - Underwriter 
Works directly with loan originator to approve your loan
May require additional documentation needed for approval
Renders final decision on your loan

4 - Closer
Assembles package for your closing day
Sends package to the title company

5 - Title Company 
Prepares Settlement Statement and emails to the loan originator for review
Loan originator contacts you to review the settlement figures and cash for closing prior to closing

6 - Closing 
Generally takes place at title company's office
Bring a certified check to closing and any other documentation required by lender or title company


CONGRATULATIONS on your purchase or refinance!

 

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