Step 1 – Pre-Approval

Michael will review your financial information, retrieve and review your credit report, and evaluate your overall finances for your maximum monthly housing payment.

STEP 2 – Program Comparison/Consultation

Michael will then consult with you regarding your short and long-term financial goals in order to provide home loan options that will compliment your financial goals. Together, you and Michael will review several types of mortgage programs and ultimately, you make the decision on which one is the best.

STEP 3 – Purchasing Analysis

Based upon your maximum monthly housing payment, your anticipated home loan program, and other factors such as the amount of down payment and estimated property taxes, Michael will estimate the maximum loan amount and sales price that you qualify for.

STEP 4 – Application… You Found A House and Want To Move Forward

Several things happen all at once at this stage. First, a residential appraisal will be ordered to accurately assess the value of the home you are purchasing. As well, Michael will have already prepared and completed a loan application that will be sent to you to review for accuracy, along with several disclosures to sign and return. And lastly, some personal financial documents will be requested from you in order to expedite the processing of your loan.

STEP 5 – Processing

The processing of a mortgage application comes down to receiving just three sets of documents; a) your personal financial information that may have been previously requested, b) signed application and disclosures that were previously sent, and c) the property appraisal. Once all of these items are received and reviewed, (underwritten), a final mortgage commitment can be issued.

(NOTE: All financial information, relating to employment, other income, expenses, liabilities, bank accounts and other assets must be independently verified in order to meet secondary market requirements. Requests for Verification(s) may be sent to third parties, but often cause delays. In the interest of speed and reliability, we have adopted the Alternative Documentation approach to mortgage processing. Most customers prefer this approach.)

STEP 6- Underwriting, (review of your information)

After all information and verification is and received, the file is analyzed by a trained underwriter for final approval/loan commitment. Unlike other lenders, the underwriter is part of your team and assists in overseeing the file from beginning to end. All files are electronically tracked to ensure a timely commitment and closing.

STEP 7 – Commitments and Conditions

Immediately after approval, your commitment letter is issued. If there are conditions still outstanding they will be stated with the commitment letter. Please note it is important to meet all conditions as soon as possible since the loan closing can not take place until all conditions are satisfied.

STEP 8 – Closing

Michael has made arrangements with a select group of closing attorneys and other settlement agents to provide the highest quality closing services at a reasonable cost. The attorney will coordinate all closing details, including scheduling, final preparations, final figures and instructions, document review and signing. It’s good to note that most closings take place at a location and time convenient for you.