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1. Shop around and do your homework – Have a Good Faith Estimates prepared by Family Mortgage and other lenders if you like. Compare the quotes using our Loan Shopping Checklist. We want you to compare us with others! Review your Family Mortgage quote with your loan consultant.
2. Apply and get a free approval – Submit your application online, by fax, or by phone. Fax over a copy of your executed Purchase and Sale Agreement for your new home if available. Family Mortgage will then run your credit report and put your application through an automated electronic approval system. We will issue an approval letter to you and your agent outlining the specifics of your approval.
3. Find a house and lock your rate – As soon as you have located a property you can lock your rate at no cost!
4. Do the document swap – We will then email or fax you a list we call “Stuff We Need (SWN)” – the required documentation for obtaining the loan. We only ask for what’s absolutely necessary, NOT “everything-just-in-case.” This means less paperwork AND less hassle for you. Once you’ve gathered the “SWN,” we’ll meet when it is convenient for you, collect it, and have you sign the typed loan application and Federal disclosures. We’ll also review your credit profile and, if appropriate, offer tips on improving your credit scores. If a face to face meeting is inconvenient for you we can execute the transaction via overnight mail at no additional cost to you!
5. Relax and let the underwriters work! – At this point, we send your loan to the lender for underwriting. Underwritting is a a 2-5 business day process of verifying the information you supplied on the loan application. The lender will let us know if there are any other items needed. We will also order your appraisal (and survey if necessary) to verify the value of the property and title work to ensure that you will have clear ownership at the time of closing.
6. Make sure there’s ink in your favorite pen – We are now ready to schedule the closing (with an attorney agreeable to all parties). Once the lender has cleared the loan to close, closing documents and instructions are sent to the attorney, who prepares the HUD-1 settlement statement one day in advance. The HUD-1 determines the exact amount of money required from you at the closing. We’ll send it to you, review it by phone and correct any inconsistencies prior to closing.
7. Show up for a “No Hassle Closing” – Thanks to our closing prep work, Family Mortgage closings are quick, smooth and free of surprises. All you have to do is show up and sign the documents. And while most mortgage companies skip closings, we’ll be right there by your side!
8. Spread the good news about Family Mortgage – We need you to help us help others! We hope that both during and after the loan process you will refer your friends, family members, and co-workers to us so we can provide them with the same level of service that we have provided you.
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