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The 6 Step Mortgage
Process |
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Step 1
Pre-qualification - How much can you reasonably afford?
Step 2 Mortgage Alternatives - Which loan is best for you?
Step 3
Applying for a Mortgage - How do you get the loan you want?
Step 4 Processing your Loan - How does the lender reach a decision?
Step 5 Loan Approval - When do you get the go ahead?
Step 6 Loan Closing - What does everyone have to do to close the
loan?
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Step 1 |
Pre-qualification |
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This is where we
spend a few
minutes,
typically over
the telephone,
reviewing income
and expense
information to
approximate the
loan amount for
which
you may
qualify. It
is important to
understand that
this discussion
does not lead to
a pre-approval
(please see
Pre-qualified or
Preapproved?
What is the
Difference?).
This preliminary
conversation
simply
helps to
estimate the
appropriate
price range of
properties you
might seek to
purchase so that
no time is spent
viewing
properties
priced outside
this range. |
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Step 2 |
Mortgage
Alternatives |
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Your Newbridge
representative will spend time with you discussing your situation
and desires with the goal being to match your needs with a program
offered by our lending partners. Some of the items that will be
discussed include your estimate of how long you will be in the home
and your willingness to pay points to reduce the interest rate of
the mortgage. We will review fixed and adjustable rate mortgages to
find the program and points that meet your needs and requirements. |
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Step 3 |
Applying for a
Mortgage |
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Once you have
found your home
or property and settled on
the program that
is right for
you, we will
begin to gather
the information
and
documentation
that is
necessary for us
to begin to
process your
mortgage loan
application.
Please refer to
our
application
checklist
for a listing of
information you
will need to
supply. |
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Step 4 |
Processing your
Loan |
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Once your
application is
submitted, it is
forwarded to our
loan processing
area. With the
opening of your
loan file, we
order or verify
some necessary
financial
information
including:
- Credit Bureau Reports
- Property Appraisal
- Employment
verification
- Funds on
deposit
- Loans and
other debts
You can be of
assistance in
expediting this
process by
phoning your
employer's Human Resource
area and your Bank to
alert them of
the pending
inquiries and to
request that
they be
completed and
returned
promptly. As
your file
develops we may
request
additional
information.
There is no need
to worry should
this occur as
such information
may help to
expedite your
loan approval.
As soon as your
loan is fully
processed, it is
forwarded to an
underwriter at
one of our
lenders.
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Step 5 |
Loan Approval |
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When your loan
has been
approved, you
will receive a
mortgage
commitment
letter stating
the exact terms
and conditions
of your
mortgage. Please
review this
document
carefully and
raise any
questions that
you have
immediately with
us. If you find
everything
satisfactory,
please sign the
commitment
letter and
return it to us
promptly. |
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Step 6 |
Loan Closing |
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After your
acceptance of
the commitment
letter,
Newbridge
will forward
your loan to an
assigned closing
agent. Once
the agent
completes a
legal portfolio
on your property
and all
conditions in
your commitment
letter have been
met, you will be
ready to
schedule your
loan closing.
Newbridge will
coordinate with
you and
the closing
agent on an
agreed
place and time
for the closing.
Usually this is
held in the
closing
agent's
office. |
