The DayOne Mortgage Loan Process
STAGE 1: CONSULTATION
We strongly encourage you to get Pre-Approved BEFORE you begin your home search as we want you to have realistic expectations and prepare you to be a competitive buyer. Our process begins with an initial consultation with your Loan Originator to discuss financial history, credit, target payments and goals for your home purchase. Additionally, we like to get to know you as a person as our hope is to build a lasting relationship.
STAGE 2: APPLICATION
Once your initial consultaiton is complete, we invite you to complete our online loan application so we can begin the process to get your PRE-APPROVED.
STAGE 3: DOCUMENTATION
Once your application has been submitted and received, the Loan Production Manager will reach out to you to go over details, fill in any missing pieces and request to collect required documentation, including:
At this point, it will be very important not to change any aspect of your financial picture as this can effect your loan process.
STAGE 4: PROCESSING
Once all initial documentation has been received, your file will be passed on to our processer who will begin a very detailed review in regards to:
Any missing documents will be requested. Once everything has been received and reviewed, your file will be "packaged" and submitted to underwriting.
STAGE 5: UNDERWRITING
The underwriter will verify all information in your file is accurate and authentic. In addition, he/she will confirm your file adheres to investor guidelines and requirements in regards to credit, income and assets.
STAGE 6: CONDITIONAL APPROVAL
Once the previous step is completed, the underwriter will give the first indication yoru mortgage loan is on track for approval, given conditions are met. Conditions may include:
Once all conditions are met, your file is resubmitted to underwriting for final approval.
STAGE 7: FINAL APPROVAL
After the second (or third) detailed review, the Underwriter gives Final Approval, which means all investor requirements have been met. Closing documents will then be prepared and a closing disclosure will be sent to you for signatures 3 days prior to your closing date.
STAGE 8: CLOSING DAY
Today is the day you sign all your closing documents at the selected Title Company and receive the keys to your new home!