The process for getting approved for a mortgage has changed considerably over the past several years. Whether you're a first-time homebuyer or have experience,
we know how arduous the process can be. At Farmington, we're here to help walk you through the process and prepare you for what to expect.
You will be asked for documents several times throughout the process, sometimes even the week or day before closing. This is normal and not something to become alarmed about. Each set of paperwork
will open up new questions that the underwriter will ask to be addressed.
It is very important to pay attention to all the details of what is being asked of you. Not following instructions can delay the process and cause additional paperwork.
We are here to answer any questions at all and help you along the way through the process. Our goal is to take as much of the fear out of your experience and make your path to homeownership as smooth as possible.
Ready to get started? Here are the basic steps to the process to better prepare you for what's ahead.
- You will start by providing basic information to your loan originator, including your name, Social Security number, address, and income.
- The loan originator will then email you several federal disclosures which you will need to sign. You'll also receive a list of preliminary documents that are needed. Be forewarned this is just the first of many sets of documents that will be required.
- Once you return the disclosures and all prelim documentation, a processor/pre-underwriter will review them. Then, you'll be asked for more documentation.
- Once those new documents have been returned and we get your appraisal back from the appraiser, your loan will be submitted to an underwriter. Once the underwriter has reviewed the file, you'll again be asked for more documentation.
- After you return those requested documents, they all will be sent to the underwriter for a final approval. At that point, we will re-verify your credit, employment, income and assets.
- Once your final approval is issued, your lender will send your closing documents to the attorney.
- Your final numbers for closing are prepared by the closing attorney. Once the loan officer has those numbers from the attorney, he/she will follow up with you.
- When you get your final closing number, you need to get a cashiers check from your bank, made out to the attorney.
Important to Remember:
- Do not do anything at all throughout the process that will change your credit. This includes applying or accepting any new credit offers. This can and will affect your approval.
- Time is crucial. It takes several days to move your paperwork through the trail of people required to review it for loan approval. Please try to return requested documents within 24 hours.
- Assets are the hardest things to verify. You will have to provide paperwork to source any deposit(s) into your account(s) that are not from a payroll direct deposit.
- Unfortunately, the mortgage process and the documents requested are not negotiable. There is a reason for everything that is requested. You must provide everything or a loan will not be issued.
Depending on your closing date, it is possible for things to come down to the wire and feel like they are happening at the last minute. It can be nerve wracking. But we're here to help. Don't
hesitate to ask questions all the way through the process.