Contact us for a free consultation and find out how we can
Contact us and we will send you a short form to fill out so we can get you pre-qualified.
1. Fill out & sign
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.
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.
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.