• The Loan Process

    For a quick look at the mortgage process, Click Here

  • Origination and Loan Placement

    During this phase of the loan process, the loan originator meets with the potential borrower to perform a needs analysis and determine the goals of the client.  We all have different goals and reasons for obtaining a mortgage, and our loan originators will work with you to determine the correct loan for your financial scenario. 

    After the originator collects the mortgage application information and pulls a tri-merge credit report for all potential borrowers, the Loan Placement process begins.  Your scenario will be analyzed against our lender database of products to find the mortgage that's right for you!

    Once the correct lender is found, you will be asked to sign a package of disclosure documents that clearly explain the loan terms and explain your rights as a borrower.  We will be available at all times to explain and clarify all documents, so don't let this worry you! 

    From here, you will move on to Processing, where services will be ordered and verification documentation will be collected.

  • Processing

    During this phase of the loan process, your processor or loan originator will collect documents that verify the information placed on the loan application. You can expect to deliver the following documents on most transactions: 

    • Employment Verification items such as third party VOEs, Proof of Retirement or Disability, Proof of Self Employment.
    • Income Verification items such as paystubs for 2 months, W2's for 2 years, Tax returns for last 2 years, Social Security Awards Letter, Pension Funds.
    • Asset Verification items such as 401k or retirement fund statements, and Bank Statements for last 2 months.
    • Identification Verification is mandatory and will require photo identification and verification of your social security number.  

    Since all scenarios are different, the documents required may include more or less documents than listed above. 

    Services will also be ordered to verify the Collateral for the loan (the property).  These include:

    • Title Insurance
    • Appraisal
    • Flood Certificate
    • Inspection (if needed)

    After the information is collected and stacked in the correct order for quick review, the file is sent to Underwriting.

  • Underwriting

    Now that all information has been verified and services have been ordered and received, the stacked file is placed into the underwriting queue for review by the next available underwriter. 

    It is important to know that the underwriter is employed by the lender to ensure the borrower (you) fits their lending guidelines, shows the ability to repay, and does not pose an extended risk to the lender.  Although they would love for you to obtain the loan, they must ensure the loan can be sold on the secondary market and will request all documents necessary to do so before issuing the "Clear to Close."

    At Professional Grade Mortgage, our goal is to obtain all necessary documents up front to ensure the approval conditions are minimal.  After conditions are received, you will be contacted immediately with a plan to obtain the documents necessary to close.  Once these documents are sent to underwriting and conditions are satisfied, a "Clear to Close" is issued, and the Closing process begins.

  • Closing

    After obtaining a Clear to Close from Underwriting the final documents are assembled and delivered to the Title Insurance Company to prepare for the closing.  You will be contacted to schedule the best time and place to close the loan. Many loans can be closed in the privacy of your own home by using a notary public to administer the signing. 

    In a refinance situation, the loan funds, or becomes final 3 business days after the closing.  This is called the borrower's right to rescind. 

    In a Purchase scenario, the borrower obtains the keys to the home of their dreams!