The Mortgage Process
1 – Make Application for a Home Loan
Thanks to the simplicity provided by modern technology, this can typically be accomplished online, on the phone, or in person. This process usually encompasses providing such information as income, debt, assets, and liabilities. A process that is simple and accomplished in a matter of minutes. As in all things, The Richardson Group provides excellence above industry standards and as such, you will have the opportunity to meet with a mortgage individual right in our office at the time of your initial consultation. A Richardson Group consultant will walk with you through this process guiding you so that you are always well informed and well represented.
2 – Information is Analyzed
A loan officer will analyze the information that you have provided. The next step is to have a credit report pulled. At this time, they will provide you with a list of documents needed to support the loan approval. Examples of documents needed are as follows:
- W-2’s for the past two years
- Tax returns filed for the past two years
- Last two statements for all bank/stock/retirement accounts that you list on your application
- Copy of Driver’s License and Social Security card
Once you are pre-qualified and approved, you will need to provide a copy of the Purchase Agreement for the home you have chosen to buy.
3 – Automated Underwriting Approval
The information provided is then run through an automated underwriting system. Once this is complete, a preapproval can be issued. This will give you a good idea as to your price purchase point as well as whether there will be an approval on the loan once the Underwriter reviews the Loan Application.
4 – Disclosures
A package of disclosures, which detail the information of your loan, which detail the information of your loan, will be generated and given to you to review and sign. You will be asked to review these disclosures, sign them, and return them to your loan officer promptly.
5 – Processing and Underwriting
Now is the time for your file to be submitted for processing. A Processor pulls reports and gathers information such as transcripts, property tax information, insurance information, etc., and prepares the file to go to an Underwriter to review.
- The Underwriter reviews the file and makes the decision as to whether the loan will be approved or denied.
- The Processor then collects any additional information needed, such as an appraisal on the home, any additional conditions issued etc. to finish out your loan packet.
6 – The File Goes to Closing Company to Prepare for Your Arrival
The Closing Coordinator submits for a Settlement Statement to be generated ( this is often referred to as a HUD ). Your Loan Officer will review the Settlement Statement with you and will cover the funds needed at this time.
7 – Close on Your New Home
This is one of the most exciting times of your life and we are privileged to share this with you! Here you will meet with a Closing Agent, sign off on final documents, get your keys, and you will leave a very proud new homeowner of a Richardson Group home. Congratulations!