What to Expect
THE LOAN PROCESS: THREE EASY STEPSThere seems to be a lot involved in getting 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 Corp. does the heavy lifting so you can concentrate on your life and alleviate any stress people typically expect when getting a mortgage. Getting a home loan involves three steps in achieving the major milestone and dream of homeownership:
STEP ONE: WORKING WITH YOUR LOAN OFFICERYour Residential Mortgage Corp. loan officer has identified the best loan program to fit your needs. Getting pre-qualified BEFORE you look for a home will assist you in determining how much house you can afford so you will be free to go shopping as a serious, qualified buyer. Most sellers require a potential buyer to have a prequalification letter from a reputable mortgage lender before accepting an Offer to Purchase. However, even if you have already chosen your dream home, your loan officer will provide you (and your agent with your permission) an approval letter and will submit your contract and completed application to processing to immediately work toward your closing date.
STEP TWO: WORKING WITH YOUR PROCESSORYour loan file is pre-underwritten, then sent to our processing department with any conditions to be fulfilled. Your loan processor will contact you quickly to request any employment, income, assets and credit documentation required to complete your final approval. They will also order the appraisal 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 you and your loan officer.
STEP THREE: CLOSING PROCESSOnce your loan conditions are met, your file will be submitted to underwriting for final approval and once cleared, your loan package will be sent to the attorney for closing. Your real estate or closing agent should have contacted you to schedule your appointment. By law, a Closing Disclosure (CD) must be issued and sent to you by us at least three (3) business days before closing. You must sign this initial CD on the date presented to you in order to meet your scheduled closing. This legal document will show all closing costs, seller credits and your cash to closing requirement (if any). NOTE: there are usually minor revisions that will be made as we work with your closing attorney to confirm all the closing fees and costs. You will have a final CD presented and signed at closing with your final figures, but you will be notified of any cash to closing prior to your appointment to allow you to gather the funds. Your loan officer will advise you of this figure, and most attorneys now require closing funds to be wired. You have the right to review any additional closing package documents one business day before closing if you request those. This is a good opportunity for you to prepare any questions you may have of the closing agent, expedite the closing process and help you feel confident when signing your documents.
THAT’S IT - CONGRATULATIONS!You've closed your loan and you are now a HOMEOWNER! Residential Mortgage Corp. 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 immediately following your closing, asking about your experience with us. Please take a moment complete this. Survey feedback helps us determine if your needs were 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!