Our goal at Veridian Mortgage is to represent you, the consumer, and to provide a transparent process. We hope that working with us, you can make confident decisions when reaching your financial and homeownership goals.Verify your mortgage eligibility (Feb 23rd, 2024)
Whether you are applying for a purchase or refinance, we always go through a pre-approval process. In the pre-approval stage, you will have a consultation with one of our loan officers. During this time, you will discuss what your priorities are for this transaction. Next, you will submit your documents and fill the loan application.
Our talented team [insert team link] will now review your application and documents. This will help determine what loan programs you are qualified to apply for.Verify your mortgage eligibility (Feb 23rd, 2024)
After you select a loan program with your loan officer, our team will work on preparing your loan application to the lender. You will be sent a copy of the application and lender disclosures to review and sign. This is when you receive a copy of your Loan Estimate [Link LE from glossary].
The signed loan application, disclosures, and documents you submitted will be sent to the lender for their underwriters [link UW from glossary] to review. Getting the documents needed upfront and as complete as possible will help with a smooth mortgage process.Verify your mortgage eligibility (Feb 23rd, 2024)
During this time, we will also order your appraisal and they will contact you to schedule an appointment.
Typically, the underwriter will provide a conditional approval, which includes conditions that you must complete to receive the clear to close. To avoid delays, you should answer any questions the underwriter has and provide the documents requested right away.Verify your mortgage eligibility (Feb 23rd, 2024)
The underwriter will issue a final approval and will give you the clear to close. Your final loan documents will be prepared and sent to the title company for you to sign. A notary will reach out to you to schedule a time and place for your signing.
You will receive the Closing Disclosure [link CD from glossary] around this time and go over the closing costs one more time. If you need to wire any funds to escrow, this is the time to do it prior to your signing. Once you sign your loan documents, Title will send them back to the lender and your loan should fund after final review.Verify your mortgage eligibility (Feb 23rd, 2024)
In addition to each step listed, there are many layers involved and there are a lot of factors (ex: income, assets, credit, property, etc.) that lenders look at when applying for a mortgage. Gathering the relevant documentation in addition to your application can will support your qualification for a loan.