Pre-qualification is the first step of your mortgage experience. Our expert financial advisors will gather information about your monthly income and debt to determine how much of a loan you can afford. This can be done through email, in person, or over the phone with no cost. A pre-qualification letter can be issued so that you may start shopping for a new home; however, it will not be required for refinances.
The application is used to collect your financial information in order to paint a complete picture of your financial standing. At this stage, we may gather essential documents including your income, asset, liability statements, and credit report. Here at Trustworthy Mortgage, we offer a variety of programs tailored to fit your individual needs. Those with credit problems or financial difficulties should call in for a free consultation as our knowledgeable mortgage professionals may have a program that works for you.
A loan estimate will be issued within 3 days following your completed application. The loan estimate provides you with loan information including the estimated interest rate and closing costs, projected monthly payments, and total due at closing. A mortgage professional will go over the loan estimate in depth so that you fully understand all the loan terms.
All your documents will be packaged and submitted for underwriting. A thorough and detailed job by our experienced processors will ensure that your loan has the highest potential for approval. Initial approval usually takes 2-7 days, during which an appraisal, title search, and job verification will be ordered. The underwriter may need you to provide additional documents or a letter of explanation to verify your income, assets, and liabilities. After all required documents are fulfilled, a mortgage loan commitment or approval letter will be issued. A full loan approval usually takes 15-30 days.
You will receive a closing disclosure at least 3 business days prior to settlement. The closing disclosure includes your loan terms, projected monthly payments, and tells you how much you need to bring to closing. You will have at least three days to ask us any questions before you go to the closing table. Before closing the borrower should: