As brokers, we work with a number of different lenders to ensure that we have the largest variety of products and the most competitive rates possible.
As brokers, we work with a number of different lenders to ensure that we have the largest 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 fits your needs.
Blue Water’s mortgage loan process timeline involves a series of five steps — some of which require 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:
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, which include:
Download our convenient Mortgage Documents Checklist so that you can easily keep track of all the documents you need.
The next step in our mortgage loan process is 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:
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.
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 — basically, figuring out which mortgage best fits your needs. This is where we help you accomplish the following:
You will receive a loan estimate and state and federal disclosures, which tells you important details about the mortgage loan you have requested, such as the estimated interest rate and monthly payment. It’s also important to review your loan estimate to make sure it accurately reflects what you discussed with your lender.
At the time of your loan application, you will want to lock in your interest rate and loan terms for a specific amount of time — usually 30, 45, or 90 days. Locking in a rate protects you in case the rate increases, which can occur daily and even hourly.
When you submit an application for a loan, we work with our lenders to determine certain things about you. This includes:
Using this information, we work to get you the best rate and most favorable terms possible. Within three days of applying, you will receive a loan estimate and state and federal disclosures. 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.
The borrower conditions include the interest rate and the principal amount, the lender’s intent to finance the borrower, and other conditions on how you intend to use the loan.
When you’re ready to put down an offer on a house, you will want to lock in your interest rate and loan terms for a specific amount of time — usually 30, 45, or 90 days. Locking in a rate protects you in case the rate increases, which can occur daily and even hourly.
You will also receive a loan approval letter from the lender. This will likely include some conditions, such as:
We can prepare for closing once the lender has reviewed all the conditions of the loan approval and we have answered all of your questions and you feel confident to proceed.
The following is what you can expect to occur at closing:
A few days before you close, you’ll receive a closing disclosure to review and sign, which outlines all the information, including much money you need to bring to closing. You will be responsible for the down payment and closing costs, which include an application fee, attorney fees, origination fees, and more. Closings costs are usually about 2-5% of the loan value.
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.