6 phase approach
Each client deserves a loan officer committed to serving their specific needs.
Phase 1: Establishing Our Relationship and Helping You Get
Our first meeting is an opportunity for us to get to know you better, answer the questions you have about the
financial aspect of your real estate transaction and make you aware of the variety of programs we can access to help you
achieve your goals. We will also provide you with a list of documents that you will need to gather in order to move forward
with the approval process.
Phase 2: Getting Qualified
The first step in applying
for a loan is typically pre-qualification. This serves as a good indication of your general
creditworthiness to potential sellers and can be done quickly. It includes verification of your credit, income, assets and
liabilities. This will help you determine how much you can afford to spend on a home and put you in a stronger position for
negotiating and help you close more quickly.
Phase 3: Assessing Loan Program and Rates
help you sort through a variety of loan programs and rates
to find a loan that fits your needs. We
will begin by assessing the length of time you intend to keep the loan. Next, we will help you understand the relationship
between rates and points. Together, we will discuss the amount of risk you are willing to take to achieve your real estate
Phase 4: Obtaining Loan Approval
When you submit your
application for a loan, we and our lenders are actually verifying and determining: Your income and the stability of your
employment; the amount of other debts you currently have; the affordability of your new mortgage payment; the source of your
down payment; analyzing your past credit history; and the value of the property you would like to purchase or refinance.
Within 3 days, you will receive a Good Faith Estimate and a Truth-in-Lending Disclosure. These documents will itemize the
rates and mortgage fees associated with your loan, including inspections, title insurance and taxes.
Phase 5: Closing the Loan
After your loan is approved
by our lender, we will review the details to make sure you feel confident about the financial commitment you are about to
make. At this time, we will address all of your final concerns and schedule a closing date with a title company.
At closing, you will sign the paperwork to take ownership of your home if you are purchasing or transfer your home loan if
you are refinancing. You will receive a settlement statement that details all of your expenses in the transaction, as well as
how your loan proceeds were distributed. You will also receive a title policy that insures your ownership of the property.
Phase 6: Staying in Touch
Going forward, we will keep
you informed of new programs and changes that may impact your real estate financial position. As your real estate and
financial concerns evolve, we would appreciate the opportunity to work with you to adjust your loan to reflect your changing
Blue Water Mortgage Corporation ~ (800) 668-9695 ~ 7 Merrill Drive, Hampton, NH 03842
Licensed by the NH Banking Department, MA License #MB1291, ME License # CSO5755, CT License # MCL1291, NMLS # 1291
© 2003-2010 All rights