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Steps in the Mortgage Process

The Premia Relocation Mortgage team believes that education and setting expectations are the keys to a successful mortgage transaction. We are available to answer your questions and walk you through the process. 

Get Pre-Approved
Being pre-approved before you start your house hunting process is a smart move in today’s competitive market. A pre-approval will give you confidence in your level of purchasing power and lets the seller know your offer is serious because you have already been pre-underwritten by a mortgage provider.

Begin Application
We listen to your goals to find you the best product, program and rate. With the help of our DigitalMoveTM platform, we will assemble:
  • Current address and, if known, property address of the home you want to purchase
  • Social security number
  • Employer name, address and your position
  • Pull annual income documentation
  • Pull bank balances/statement
  • Current debt
  • Purchase contract (if property already identified)
DigitalMoveTM will automatically
  • Pull your credit report and score
  • Determine your debt-to-income ratio
  • Prepare the loan estimate
Forms you will need to sign thru the DigitalMoveTM portal
  • 4506T - allows lender to pull tax information
  • Commitment letter
  • Appraisal disclosure
  • Primary resident/ occupant of the home you are purchasing
2. Preparing for Underwriting
A loan processor assures all documentation is complete, and ready for our Underwriting team's review. They will:
  • Order an appraisal
  • Order a review of the home’s title
  • Review the requirements of the program or product you have selected
As documents are reviewed, the loan processor may ask clarifying questions or request additional documentation.

3. Underwriting
The mortgage underwriter is trained and authorized to determine your loan eligibility based on the requirements of the loan investor.

4. Ready to Close
Once the application is given final approval, the lender will prepare a Closing Disclosure and provide it to you at least three days prior to closing. If the Closing Disclosure requires changes, a new disclosure is sometimes required, and the three-day waiting period will start over. The Closing Disclosure contains the final terms of your loan, as well as the final loan charges that you will pay at closing.

5. The Closing
Unless a Power of Attorney is executed, all borrowers named on the loan are required to be present at closing or available to sign electronically. You will sign several items at closing including the promissory note, deed of trust, the deed, several affidavits and declarations; all of which are legal documents. Be sure to ask any questions so you fully understand what you are signing.

Call us today! 866.591.0655
 
- Feb 03, 2021



 
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