UNDERSTANDING THE JOURNEY
Documents, Rate Lock and Conditional Approval
Before Step 1 actually occurs, we will request a standard set of documents from you so that we can submit them to underwriting for conditional approval as soon as we have a purchase agreement. These documents are (but not limited to):
We will have also discussed what your potential rate might be prior to the process beginning, if we felt that market conditions were worsening, we will have already locked your rate. If not, we may continue to float your rate to see if pricing improves.
Once underwriting has approved your income documentation, they will provide conditions that must be met before we can be cleared to close the loan. These are just additional explanations or documents that underwriting needs to complete the mortgage process, and we will update you and guide you through this process.
Too easy? When you break down the process, it actually is pretty easy. The headaches come from issues with the appraisal and the conditions. You may get annoyed with us requesting additional bank statements, pay stubs or other information from you, but it's all part of the verification process. The best thing to do is to have a comfortable and consistent method of getting us documents that will make the process less stressful.