Residential Mortgage Services
 

THE LOAN PROCESS

This process is typical of the steps in acquiring a mortgage loan for a new purchase, refinance, or home equity line of credit.

The Application—One of the Envisions Group mortgage specialists will acquire your information (employment,income,mortgage history, assets,etc.) either over the phone or in person.

Initial Paperwork—You will be invited into the office to meet the mortgage specialist and to sign initial documents. These documents include disclosures and a Good Faith Estimate of closing costs which are required by law to be completed within 72 hours of your loan application. Payment estimates should always include the amounts for principal, interest, homeowner’s insurance, and property taxes. Anything less than that will give you an incomplete estimate of your total monthly payments. We try to have a VERY accurate Good Faith Estimate, so that on your closing date you will be fully aware of costs to be incurred monthly, as well as closing costs involved with your purchase. We do not believe in underestimating up front.

Income Documentation—We will need to document all information which we obtained at application such as paystubs, W2’s, asset documents and other documents, depending on the individual situation as well as type of loan that you have requested.

Pre-approval—After we review the application and all submitted information, we can pre-approve you for a mortgage. We can write a preapproval letter to your realtor at this time. With the pre-approval, you can begin shopping for your new home.

Title and Appraisal—Once you have a signed purchase agreement with the sellers, we will order a title search and commitment on your new property. We will also order an appraisal.