There's a lot involved in order to get a mortgage loan. You wouldn't be visiting our website if you could fill out a one-page loan app and receive a great loan funded in one day. But Residential Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step One: Working With Your Loan Officer
Your Residential Mortgage loan officer has identified the best loan program to fit your needs. If you haven't found your home yet, your pre-qualification will assist you in determining how much house you can afford so you will be free to go shopping as a serious, qualified buyer. If you already have chosen your dream home, your loan officer will provide your agent an approval letter and will submit your contract and file to processing to immediately work toward your closing date.
Step Two: Processing Your Loan
Your loan file is being sent to our processing department. Your loan processor will contact you regarding any employment, income, assets and credit documentation required to complete your application. They will also order the appraisal, if needed, and any follow-up inspections which may be required. Our processing department works closely with you to assure a smooth process and will also communicate the status of your loan to your loan officer. Please feel free to call with any questions you may have.
Step Three: Closing Your Loan
Once your file is complete and has gone through final underwriting and approval, your file will be sent to closing. Your real estate or closing agent should have contacted you to schedule your closing appointment. Once a HUD-1 Settlement Statement has been prepared by the closing agent, your loan officer will advise you of what certified funds, if any, you need to bring to closing. You have the right to review your documents one business day before closing. This is a good opportunity for you to prepare any questions you may have of the closing agent and help you feel confident when signing your documents.
Step Four: Congratulations!
You've closed your loan and now are ready to move in! Residential Mortgage is committed to giving you superior service and we welcome the opportunity to help you with any future needs. You will receive a short survey asking about your experience with us. Please take a moment to fill it out and return it either by email or if it was mailed to you, in the postage paid return envelope provided. This helps us better determine that your needs have been met to your satisfaction. You will also receive a letter from your loan servicer advising you of your new loan information and toll-free contact information for them. Still have questions about the loan process? Contact any of our loan professionals. It's our job to answer lending questions, so we're happy to help!