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Processing a Loan
 Applying,
qualifying for and receiving a mortgage loan can seem like a
long, complicated process, but at SJD Mortgage services, we
make it as simple as possible. Every situation is unique,
but in most cases, here are the steps we will help you
through.
First, you must fill out the application and provide any
requested documents. These documents might include pay
stubs, tax returns or other proofs of income.
The lender will order your credit report and review it along
with the documents you supplied. After this review, the
lender will give you an approval for the maximum dollar
amount they will consider lending, based on your income,
debt ratio, down payment size and several other factors At
this point, you are considered "pre-qualified" for a loan,
but do not yet have formal mortgage approval.
With your pre-qualification amount, you can now begin
looking at homes that fit your budget. Once you find a home,
and are ready to make an offer, the fact that you are
pre-qualified can sometimes help you in the negotiation, and
makes you more attractive to the seller.
After you have made an offer and the offer is accepted, you
will sign a purchase agreement and submit that document to
the lender. Your lender will then obtain an appraisal to
assess the property value. If the appraisal is okay, and all
other conditions are met, you will receive a loan approval.
Your lender will supply you with a document know as a "Good
Faith Estimate" of any closing costs and other related
costs, as well as a federally-required document known as a
"Truth In Lending" disclosure. These documents will help you
understand the exact conditions, costs and requirements of
your mortgage loan. At this time, you may also be asked for
additional documents such as proof of homeowners insurance.
Once all the documentation has been obtained, you will enter
the "closing phase" of the loan, and a closing date will be
set. That is the day you will sign your mortgage and sales
documents, and be able to take possession of your new home.
Before the closing, your realtor will discuss any other
documents you might need to bring, including a form of ID.
At the closing, you will sign all of the necessary
documents, including your mortgage and title documents. Once
all of the paperwork is in order, you lender will fund the
loan, and you will be free to move into your new home.
SJD Mortgage Services will be with you every step of the way
to answer your questions and make certain that every part of
the process runs smoothly.
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