1. Mortgage Pre-approval/Application
You’ve decided that it is time to purchase a home! Your journey is just beginning; first you have to submit your financial documents and fill out an application. We collect everything up-front to make sure there are no surprises down the line. We review all documents in detail make sure the mortgage lending process will go smoothly. After reviewing your documents and discussing price ranges with you, you will have access to an approval letter which will enable you to begin making offers on properties with your Realtor.
2. Contract Offer
You’ve found the home of your dreams. Time to make an offer! We are with you every step of the way, helping you run payment scenarios and closing cost figures so you are fully prepared for the financial obligation you are about to take on.
Additionally, we will work in conjunction with your Realtor to establish time frames for financing-related items like appraisal and loan commitment. Because we are a Community Bank, we can be very aggressive with short time frames to make your offer that much stronger. We will tweak your approval letter to match your specific offer.
3. Ratified Contract
You’ve made it through the negotiations with the seller — congratulations! It is time to start the loan process with us. Your Realtor will walk you through the necessary inspection related items that were part of your contract. You’re well on your way to owning your new home
4. Rate Lock/Order Appraisal
The first thing to do is to lock in your rate and get the appraisal ordered. These two items are very important to begin meeting your contract contingency time frames. We will finalize the terms of your loan and send you your loan disclosures for you to sign and send back.
After this step you can relax and know that everything is being handled at one of the most efficient mortgage companies in the Maryland and Washington, DC areas.
Unlike most banks, we have processing and underwriting in the same exact office as our loan officers. This means that everything is handled with the utmost efficiency, and we don’t have to worry about a last-minute file from a different office getting precedence over yours. The processors on our team order title work and flood certificates, run any loan compliance checks, and more — they basically get your loan completely ready for underwriting.
The underwriters are the ones who can make a lending decision for the bank. They review the entire loan package (including any income and asset documents), the purchase contract, credit reports, the appraisal, any audit compliance checks, supporting documentation, and more.
6. Financing Commitment Letter / Conditions
You made it! Typically 7-10 days after locking in your loan, the appraisal is in and your loan is through underwriting. At this point the commitment letter can be issued, meeting the deadlines in your contract. We will communicate with you the remaining items needed, and as soon as we get them from you the loan goes back to our in-office underwriters for final sign off and approval.
7. Closing/Loan Package Delivered to your Title Company
Not only do our processors and underwriters work in the same office as us, our closers do too! This means that our closers can work on your file early and get the loan package over to the title company well in advance of settlement. The title company is the one who is responsible for preparing your final numbers for settlement.
8. Final Numbers for Closing!
At most other banks you may be lucky to get your numbers the day before or morning of settlement. With the Nick Pakulla team, you will typically have your final numbers delivered to you well in advance of settlement and for less than we had initially estimated! At this point you will have an exact dollar figure the title company will be collecting from you on settlement day.This avoids the typical last-minute stress during what should be an exciting time.
Get your signing hand ready! You are just about done. Time to sign all of the paperwork and walk away with the keys to your new home!
Contact Nick Pakulla Today
Which loan type is right for you? Whether you’re ready to start the mortgage process or just want to learn more about your options, contact Nick Pakulla today.
We’ll be glad to answer your questions and help you get started on buying or refinancing your next home
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