Rates are low. Have you considered refinancing your existing mortgage? | Read More
Licensed in

An In-Depth Explanation of Blue Water’s Mortgage Loan Process

As brokers, we work with a number of different lenders to ensure that we have a large variety of products and the most competitive rates possible. During our process we make sure that you are educated, informed, and comfortable at every point of the transaction, and that we deliver you a product that is affordable and fit to your needs.

Blue Water’s mortgage loan process timeline involves a series of five steps—some of which requires sitting down with one of our mortgage experts to analyze all aspects of your financial health. Here’s a glimpse at what you can expect:

Getting To Know You And Getting You On Track

1. Getting To Know You And Getting You On Track

The first meeting in our mortgage loan process gives us an opportunity to get to know you better, answer the questions you have about the financial aspects of your real estate transaction, and make you aware of the variety of programs we can offer to best fit your situation. We also provide you with a list of documents that you’ll need to gather in order to move forward with the approval process. These documents include:

Getting Qualified

2. Getting Qualified

The next step in our mortgage loan process in applying for pre-qualification. This serves as a good indication of your general creditworthiness to potential sellers and can usually happen very quickly. Pre-qualification allows us to confidentially verify your:

  • Credit
  • Income
  • Assets
  • Liabilities

Verifying the above elements of your finances helps us determine how much you can afford to spend on a home. Pre-qualification in general helps us put you in a stronger position for negotiating, which as a result helps you close as quickly as possible.

3. Assessing Loan Programs & Rates

At this point in our mortgage loan process timeline we’re beginning to sort through and evaluate a variety of loan programs available to you—figuring out which mortgage best fits your needs. This is where we help you accomplish the following:

  • Choose the lifespan of your loan
  • Understand the relationship between rates and points so you can make an informed decision.
  • Calculate risks and rewards in the pursuit of your real estate goals.
Obtaining Loan Approval

4. Obtaining Loan Approval

When you submit an application for a loan, we work with our lenders to determine certain things about you. This includes:

  • Income
  • Stability of your employment
  • Amount of other debts you currently have
  • Affordability of your new mortgage payment
  • Source of your down payment
  • Past credit history
  • Value of the property you would like to purchase or refinance

Using this information, we work to get you the best rate and most favorable terms possible. Within 3 days of applying, 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 so you know exactly what you are getting into.

Closing the Loan

5. Closing the Loan

After your loan is approved by our lender, we once more review the details to make sure you feel confident about the financial commitment you are about to make. This is the point in our mortgage loan process where we encourage you to take your time and ask questions. Once all of your questions are answered and you feel confident, we will schedule a closing.

The following is what you can expect to occur at closing:

  • You 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 related to 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.

Going forward, we will keep you informed of new programs and changes that may impact your position as a borrower. We want you to be our customer for life, which is why we are always available to answer your questions.

As your real estate and financial concerns evolve, and as the mortgage market changes, we would appreciate the opportunity to work with you to adjust your loan to fit your needs.