The Mortgage Process

When you begin thinking about buying a home, contact us to get prequalified. A prequalification gives you an estimate of the mortgage Cost of Loan you qualify for based on your credit history, income, and assets. At this time, your mortgage banker will discuss loan options, down payment requirements, and current interest rates. Simply “Place a link to apply”  to securely apply online. This will give your loan officer the preliminary information they need to determine your prequalification. It is also the best time to have our online platform set up to enable safe sharing of documentation and information during the mortgage process.

Once you go under contract, we will provide you with an initial list of documentation needed to begin processing your loan. Quickly providing all requested documentation is essential to moving through the loan process without delays. Also, your Mutual Mortgage Expert will discuss locking in your interest rate and encourage you to get a hazard insurance quote from an insurance agent.

Once we have a complete application, we will prepare a packet of disclosures for you to sign. Included in these disclosures is the loan estimate, which contains information on the cost of the loan. It is very important to review this closely and talk to your loan officer about any questions you may have. Revisions to your loan later on in the process may push your closing date back. You need to sign and return all disclosures within 24 hours from receipt. Any delay with returning your disclosures may delay your closing. We will collect a fee for appraisal once we receive your disclosures and payment information.

Once you have received the cost of the loan and disclosed your intent to proceed, Mutual Mortgage will order your title work and appraisal. The appraisal process identifies the market value for the property. These generally take at least 10 days from the date requested to delivery. As soon as we receive the appraisal, we will provide you and your realtor* with a copy.
*We are fully committed to providing timely and accurate information to your realtor when prior authorization is received from you.”

Next, the loan moves to a loan processor, who reviews the file to ensure all the proper documentation is included. The loan processor will contact you to provide any outstanding or additional items, and verification of employment etc. may be obtained. After gathering all the requested information, underwriting will make the final decision about the loan. By this point in the process, please try to limit changes to your contract to ensure a smooth closing.

An underwriter will investigate the information in the file and make the final decision on the loan approval. Underwriting can take as little as one day and up to two weeks, depending on the type of transaction and market conditions. Because each loan is unique, it is common practice for the underwriter to request additional documentation to support what was submitted in the original file. We will notify you about the final decision and additional items if required. 

A critical component of the loan process is YOUR confirming receipt by signing the Closing Disclosure (CD) a minimum of 3 business days before closing. This document further reviews the cost of the loan. Mutual Mortgage makes every effort to send you this document with ample time to review. However, due to the often expedited nature of the mortgage process, you may receive this document close to the third day before the closing deadline. You must sign and return this document as soon as you review it. Signing only confirms your receipt of the CD. This integral step requires close communication with your lender to ensure an on-time closing.

Three days after you return your signed Closing Disclosure, you can close on your loan! Depending on the amount due at closing, you may need to send a wire to the closing attorney. At the closing, you and the seller will sign the final loan closing documents. After the closing documents are signed, Mutual Mortgage will wire funds for the amount of the loan to the closing agent. Then, the closing agent will disperse the funds. The deed that transfers the title from the seller to you will be sent to the county where the home is located. You will receive the original deed once it has been recorded along with your owner’s title insurance policy if you purchased insurance at the closing.