- Mortgage Application
The mortgage application can be completed online, application, or completed over the phone or in person. Once submitted, you must sign various forms that authorize me to process your loan, and deliver your documentation (Bank statements, pay stubs, W2s, etc…please see below for full documentation requirements). If you fax, email, or drop off the documents, the process takes only an hour or so. Once the information is received, we order the appraisal from a Vermont licensed appraiser and order the title policy from an attorney.
- Mortgage Processing
When all of your documentation is received, it goes to a processor who verifies and validates all the information to be true and correct. Verification requests may be sent to your employers, mortgage holder/landlord, and lending institutions. This is done by fax when possible.
When all the information is collected, the processor then verifies that basic lender loan requirements have been met. If so, the file is packaged in a manner the lender specifies. The completed package is then sent to the underwriting department of the lender. If your loan qualifies for automated mortgage underwriting, the documentation requirements are often cut in half.
- Mortgage Underwriting
The underwriter reviews your loan package to make sure it conforms to all the guidelines required for that loan program. They also review the appraisal and title report and may do additional validation of employment, mortgage payments, credit, and anything else that may be necessary to document your loan. They make the ultimate decision for the approval of your loan. The time this takes is driven by the volume in the market. If the market is flooded, decisions may take up to two weeks, but under normal conditions it takes just two to three days.
- Conditions To Close
When the underwriter is done reviewing your loan, I’ll contact you to inform you of the “conditions to close,” meaning any outstanding documentation needed for full approval. When these needs have been satisfied, you’ll receive final approval and a “clear to close.”
- Clear To Close
When you are “cleared to close,” we’ll coordinate all the parties involved, scheduling a time and location to sign the final documents to close the loan.
- Draw Documents/Closing
When everything is scheduled, the lender then draws the document package and sends it to the closing attorney, usually sent via email. Lastly, you meet, sign the papers, and pick up the keys!
Your Mortgage Application Checklist:
I will advise you on the program that best fits your needs based on your unique situation. Based on the program selected, you will need to provide the following:
W-2 or Tax Returns (if self employed) for two years
Most recent pay-stub
All pages of most recent bank statements
Investment / Asset Account statements
Additional Documentation That May Also Be Required:
Purchase Agreement (if purchase)
Award letter (if retired)
1st Mortgage Statement (if applicable)
2nd Mortgage Statement (if applicable)
Homeowner’s Insurance Declaration page
Rental Agreement (if rental properties are owned)
Mortgage statements (on other properties if any)
Bankruptcy Papers (if applicable)
Child Support / Alimony (if applicable)
Business License or Letter from CPA (if self employed)
Address: 346 Shelburne Road Suite 403, Burlington, VT 05401