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Obtaining
a mortgage can be a long and arduous process.
Mortgage Class is an area dedicated to educating
people, both customers and non customers, about the whole
mortgage loan process. Our goal is to eliminate some of
the mystery regarding mortgage loans.
Note:
the underlined words definition can be viewed by clicking on
work to bring up the words definition.
The
mortgage loan process, from origination
to
closing, can take from 48 hours to 60 days. There are
many steps involved in the overall process. The steps
included here are the general steps that every loan goes
through. There may be others depending on the
circumstances involved.
1. Yes Mortgage, Inc. is contacted
by phone, email, thru our website or in person to get the
prosess started.
2.
Your loan
officer
from
Yes Mortgage, Inc. asks key questions about your credit
and financial situation to determine which loan program best
suits your needs. Yes Mortgage, Inc. will then
determine if this is the best time for you to
apply.
3.
If you are qualified, your loan application,
sometimes called a 1003, is taken by phone and your
credit report
is ordered and evaluated by your loan
officer.
4.
Once your loan officer looks at your credit report and loan
application, you will receive a call back from Yes
Mortgage, Inc. to discuss what options are available to
you. Next, a broker contract
will be mailed or faxed to you to sign and
return. This insures our Lenders
that you have
hired Yes Mortgage, Inc. to represent you in obtaining a
mortgage.
5.
Yes Mortgage, Inc. submits your application to several
available Lenders. We may receive several pre-qualifications
from the various Lenders with individual terms for the loans
you have qualified for. Your loan officer will contact
you with one or more of the offers that meets your specific
needs. Together, we will decide on the best deal for
you!
6.
Your loan officer will communicate the terms of the
loan
chosen, and ask you to supply documentation
to begin the loan process.
Please
note?.. The quicker we receive what we need from you, the
quicker it gets to our lender, and of course, as a
result, the entire process progresses faster.
7.
You will be faxed or mailed a Borrower's
Authorization
form to sign and send back to your loan officer. This form
gives Yes Mortgage, Inc permission to obtain information
from your employer, creditors, rental agency or existing mortgage
company.
Again,
please return all forms as soon as
possible.
8.
A title company
is chosen (by you, the seller or Yes Mortgage, Inc.) to do the
necessary title search on the subject property.
9.
An appraisal
is ordered by Yes
Mortgage,Inc., and performed by the company we choose.
If the property is being refinanced,
we will need to order a new appraisal on your home. For
a new home purchase, an appraisal will be done on the subject
property. This appraisal must be paid for in advance to
the appraisal company, NOT to Yes Mortgage, Inc.
The average appraisal costs between $300 - $375 and is payable
directly to the appraisal company at the time of
service.
10.
The loan documentation is prepared and sent in to the
lender. Your loan package
is received and reviewed by the Lender's representative, and
then again by the Lender's Underwriting
Department.
11.
The underwriting
process typically takes 1-3 business days, but could take up
to 7 business days. The time a loan stays in
underwriting generally depends on how busy the lender is
(longer does not usually mean bad news, so don't
worry).
12.
The lender will contact your loan officer with a
conditional
commitment,
We may need additional documentation from you to support the
loan. Please try and furnish all requests as soon as
possible.
13.
The title company is called, and a closing
date and time is scheduled. Yes Mortgage,
Inc will always TRY to schedule the closing at a time
convenient for you. Your loan officer or a direct
representative from Yes Mortgage, Inc. can accompany
you to your closing, if you wish, where you sign all the
necessary papers, pay any closing costs, and
finally,
celebrate!
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