Pre-qualification occurs before the loan process actually begins. We will gather information about the property, your credit, income and assets, then let you know the loan amount you qualify for with a Pre-Approval letter.
It’s a good idea to know the loan amount you qualify for before you start shopping for a home. If you are refinancing the loan on your existing home, then the pre-qualification process will help you decide whether refinancing is a good idea for you.
The application is the beginning of the loan process and either occurs after you’ve found a great loan to refinance into to, or a great home you want to buy. You complete a quick mortgage application either verbally or through our secure portal, submit your supporting documents, and off to underwriting you go!
The underwriter will review your credit report and documentation to verify your employment, debts, and payment histories. An underwriter also reviews the appraisal and survey and checks for property issues that may affect final loan approval.
When the underwriter approves the loan, the lender issues a conditional approval. That means you’re approved (woohoo!) as long as the conditions are cleared. Common conditions include verification of home owners insurance, additional supporting documents, among other items that will be specific to your scenario.
A loan processor will work with you to help gather supporting documents and clear the conditions set by the underwriter in order to move your loan along to closing! Processors work on your behalf to do as much of the legwork as we can for you and make sure your process is smooth.
After all conditions are cleared and the lender issues a full loan approval. Next step is to schedule the closing which can take place anywhere you like. Most refinances are closed at the comfort of your home. A purchase closing usually takes place at the title company’s office. At the closing, the lender “funds” the loan with a cashier’s check, draft, or a wire to the closing agent, who disburses funds to the appropriate parties. At this point you officially closed your loan, congratulations!
Partnering with the right team can make all the difference in the world when it comes to your experience. At Sonic Loans, we understand this and take the awesome responsibility of helping you with your mortgage very seriously. Our mission is to make sure every client that gives us the opportunity to help becomes a raving fan! We are humbled and honored that 4 out of 5 clients refer their friends and family to us!
Give us a call, or click the button below to get started, let’s get YOU to the closing table!