The Loan Process
Wherever you are on your mortgage journey, we’re with you every step of the way.
Pre-qualification marks the first step on the road to your new home. During this part of the process, we look at your finances and the larger picture to give you an idea of the amount for which you qualify.
There are more ways than one to get inside your new home. At Open Mortgage we offer loan programs for a wide range of incomes, down payment sizes, and goals. Together we can explore all the options, and determine what works for you.
If you’re pre-qualified, you are ready to put in the full application. Our application process is designed to be as thorough as possible on the front end as we gather all necessary information for loan approval. Your loan originator will contact you to go over all available options.
Your loan originator will ensure you have all the necessary documents, such as W-2s, pay stubs, bank statements, and employment history. Having these items handy will help the process flow with fewer interruptions.
Getting an unbiased appraisal of your potential property’s value will ensure your loan request is appropriate, and in your best interests.
After your application has been submitted, it must be processed en route to being approved. At this stage, our processors prepare and double-check your documentation before sending it to the underwriter. If documentation is incomplete, the processor or loan originator may contact you for additional information.
When your loan goes to underwriting, there is a final review of any submitted items as well as your application. Your processor or loan originator may contact you for additional information or clarification if anything should arise.
In this final step, we work with our closing department to gather paperwork and confirm the total funds needed for closing day. When everything is reviewed and if you are approved, there’s just one thing left: Your signature. Once your loan has funded, then it’s time to pick up the keys to your new home.
Our services extend beyond the mortgage process. Open Mortgage offers tips and advice regarding home improvement as well as refinancing mortgage rates. No matter which path you take, we’ll be here to guide you.
For more information please contact us via phone, email, or follow us on social media.