The Loan Process
Applying for a home loan may seem like a daunting task, but it does not have to be. At MVP Mortgage, we believe that the more you understand about the home loan process, the easier it will be. Knowledge is power, and we want you to feel comfortable with your choices. We’ll give you the hands-on help you need, to compare choices and complete forms.
To start the mortgage process, you first need to get prequalified. Once you submit your information for prequalification, one of our experienced Mortgage Loan Originators will contact you to begin the application process. You may be asked to provide documents such as pay stubs and bank statements.
Contact us and we will send you a short form to fill out so we can get you pre-qualified.
It's as easy as 1, 2, 3.
1. Fill out & sign
2. Send back to us
3. Get pre-qualified
Questions like: "How long do you plan to be in this home?" and "Are you a first-time home buyer? will help us determine the most feasible loan program to discuss. Several potential loan programs may be discussed as well as the advantages, fees and down payment options. We analyze the rates and products of many lenders across the U.S. to find the best lender for you.
The loan application begins and identifies the property being financed, the source of down payment, the borrowers' employment, assets and liabilities. The loan application will also include loan type. term, and rate. Along with the loan applications the borrower will be provided with certain regulatory disclosures. A Good Faith Estimate and initial Truth-in-Lending Disclosure will be sent immediately following this meeting.
When all of your documentation is received it then goes to a processor who verifies and validates all of the information to be true and correct. Verification requests may be sent to your employers, mortgage holder/landlord and credit institutions. This is done by fax when possible. It is usually during this time frame that the appraisal and the title policy are ordered.
When all the information is collected the processor then verifies that basic lender loan requirements have been met. The file is then packaged in a manner the lender specifies. The completed package (including the appraisal and credits report) is then sent to the underwriting department.
The processing of your loan usually takes about one to two weeks but it can often be delayed when third parties do not respond to the validation requests or appraisals are delayed. If your loan qualifies for DU (Desk top Underwriting) or Loan Prospector, these are computer automated systems, the documentation requirements are often cut in half.
The underwriter reviews your loan package to make sure it conforms to all the guidelines required for that loan product. They also review the appraisal and title report and may do additional validation of employment, mortgage payments, and credit, and, anything else they feel is necessary to document your loan. They have ultimate power and decision authority over the approval of your loan. The time required to do this is driven by the volume in the market. If the market is flooded I have seen it take two weeks but under normal conditions it only takes three to five days.
Clear to Close:
When the loan officer gets the clear to close he then schedules and coordinates with all the parties the time and location to sign the final documents to close the loan.
When everything is scheduled the lender then draws the document package and sends it to the closing company. This can be done by overnight delivery, fax, or electronically. It can take one to two days. You meet, sign the papers, and pick up the keys.
MVP’s Processor will coordinate with the borrower and the title/escrow company a date and time to sign the documents. We strive to ensure every closing takes place as smoothly as possible.
Our professional team will guide you through the entire mortgage process.
Our Recent Clients:
"My wife and I had the pleasure of working with MVP Mortgage on the recent purchase of our home. MVP's staff had a positive, "get it done" approach to helping us with the loan. They were always accessible, good on follow up with the other principals involved in the purchase and were always willing to take the time to explain the details of the transaction to us. Our loan process was challenging at times, but MVP never gave up. They worked diligently to get us the best rate possible and we are extremely happy with the results. They do not only deliver a high level of service, but they did so at a lower cost than some of the others who reviewed our funding needs."
Richard D. | Miami, FL |
"When it comes to loans, no one can beat MVP Mortgage in Miami. I know this, having pointed dozens of my clients there over the past few years. Beyond utilizing multiple banks to achieve the best rates for their clients, MVP is in constant contact with their customers, proving that they are indeed MVPs at every step of the way."
Hal Feldman, Realtor - RE/MAX Advance Realty | Miami, FL |
"Let me start off by saying MVP Mortgage is a top-notch brokerage! Not only did Jaime and his team of go above and beyond to explore every possible avenue to ensure my client's loan success, but for every problem that we faced throughout the transaction, they were flexible and prepared with a solution. Their loan processor, Jenny, was also very remarkable at making sure that we were always up to speed, offering incredible customer service, financial expertise and near real-time updates of MVP's progress from start to finish! I definitely will be recommending them to any future clients that need guidance on mortgages. It was a pleasure working with each and every one of you.."
Harris Compton - Realtor at One Group Miami | Miami, FL |