Mortgage 101 – The six step mortgage loan process
Mortgage 101 – The 6 Step Mortgage Loan Process
An outline of the six step Marquee Mortgage, LLC mortgage loan process.
Step 1 – Pre-qualification
During the “Prequal” process Marquee Mortgage, LLC reviews the customer’s credit report and reported income and estimates an approximate amount of a mortgage (both total loan amount and monthly payment) that the borrower(s) qualifies for. Marquee Mortgage, LLC is available for borrower pre-qualification 7 days per week. We will issue a pre-qualification decision within 30 minutes of speaking with a borrower(s).
Step 2 – Full Loan Application
Marquee Mortgage, LLC will complete a consultation with the borrower(s) and complete a detailed loan application. Items covered during this discussion are employment history, detailed income analysis, residence history, assets, and liabilities. Supporting documentation for income and assets is requested at this time.
Loan programs are also discussed as Marquee Mortgage presents the borrower(s) with all of the options available to them in order to determine the best fit for their unique situation.
Step 3 – Application Processing
During the processing stage, Marquee Mortgage, LLC begins verifying the information provided by the borrower(s) during the application process. This is done by reviewing all income, asset, and other documentation provided by the customer following the application process. Once this information has been verified, we can move on to the next step in the loan process.
Step 4 – Underwriting
Once the loan reaches underwriting, the underwriter will review the loan package against the guidelines for the selected program and will issue a loan decision within 1 week of submission. Once a decision has been reached, Marquee Mortgage, LLC reaches out to the borrower(s) to notify them and discuss any additional requests for documentation from the underwriter.
Step 5 – Appraisal
30 days prior to the close of escrow on new build homes, or upon approval in the case of a spec home or resale purchase, the Appraiser will contact the New Home Counselor and/or Realtor to arrange a time to review the property. During this process the appraiser will review the subject property inside and out, and compare the subject property to comparable home sales in the area.
In the case of homes that are either not built yet, or which are in the process of being built, the appraiser will assess the value of the home based on the current building plans. Once the home is completed, the appraiser will visit the property again to confirm his or her initial findings.
Step 6 – Closing
During the closing process, which typically takes place at a title company, the borrower(s) will sign all final loan documents. The title company will then send those completed loan documents to the lender who will review the documents for completeness and accuracy. Upon satisfactory review, the lender will send a wire to the title company and the loan funds, completing the loan process.
Marquee Mortgage, LLC strives to have loan documents sent to title company 1 week prior to the scheduled close of escrow.