Looking at the news not a day will go by without reading something about the mortgage business. One question I never see is about the loan process itself.
What are the steps a consumer needs to take to get a mortgage?
While it can take all forms and styles getting a mortgage with Sagamore Home Mortgage and myself, Tony Grego is pretty easy here in Indiana.
Step One - Interview (about an hour)
We have an initial meeting about your mortgage needs. During this meeting I will take notes on what your looking for with your mortgage. I will go into details about different programs like conforming, FHA, VA, or mortgages for credit programs. If you like what you here I will collect some personal information. Give you a list of items we will need and answer any of your questions.
Step Two - Pre-Approval (up to 48 hours)
I will gather information needed to get you pre-approved for your mortgage. I will order a credit report, title work on the home, appraisal pre-comps, and mortgage payoffs if needed. After a review of the information I will determine the options available, contact end investors to obtain a pre-approval.
Step Three - Present Pre-Approval (about an hour)
A proposal will be completed giving at least two mortgage options (I like to give three or four when possible). You will always be provided with a credit and mortgage analysis that most closely fits your mortgage needs we discussed in our initial meeting. This will provide you with solutions that will best fit those needs. Now I am also going to remind you that all of the above work has been provide with absolutely no cost or obligation to the consumer. So you know I am going to put my best "foot" forward to earn your business.
Step Four - Consumer agreement, Collect documents, Set Appraisal (1/2 hr)
Once we agree on the right proposal for your mortgage needs we will sign all required forms, collect required documents, and set a time and date for appraisal. Due to current trends, most appraisers are now requiring COD payment. Most cases this is your only out of pocket expense for your new mortgage.
Step Five - Submit Documents for Final Approval (48 - 72 hours)
I will then submit everything to get your loan approved. The investor will then send me a final approval or stipulations to obtain final approval.
Step Six - Close on your mortgage (about an hour)
Once final approval is obtained I have investors that will close within the same day while some may require up to 48 hours. If you are purchasing a home the funds will be dispersed the same day and re-finance will take three business days to fund.
Seems pretty easy doesn't? It really is not that hard. The keys is everyone working together, communication, and submitting a complete package. I have had loans closed in as little as three days. So if you need some help or someone is dragging their feet drop me a email and maybe I can help.
Happy Selling!
Tony Grego - Indiana Mortgage Broker
Quote of the Day:
Life is hard. It’s even harder if you’re stupid.
--Anonymous
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