Loan Process

The Mortgage Process

We thank you for choosing Residential One Lending for your home financing needs. Please contact one of our Loan Consultants for the precise details of your loan application, but below serves as a general guide as to what you can expect from the process.

Initial Consultation – During our initial conversation, our Loan Consultants will educate you on the products out there that will best suit your needs. However, before this can be accomplished some detailed personal information must be obtained from all potential borrowers. Expect to be asked questions about the purpose of the loan, the property type, your employment and income history, personal assets, credit history, and your history of residence among others. Lastly, we will be required to obtain your authorization to pull a credit report.

Prequalification & Document Collection – Once the initial consultation has been completed, the Loan Consultant will search through current loan programs in order to present you with the best options to choose from. At this point, the Loan Consultant will provide you will all the necessary federal and state disclosures, along with an itemized list of the necessary documents that you must return to us in order to process your loan.

Appraisal & Underwriting – Once we have your complete paperwork package back in our hands, our team can begin underwriting your loan. If required, an appraisal will be ordered and you will be contacted directly by the appraiser to set up an inspection time. We urge you to have the inspection appointment set up ASAP, because the appraisal is one of the pieces of the loan process that can sometimes be the most time consuming, based on your local market.

Approval – After verifying the various pieces of information that you provided, along with calculating income and expense ratios, the underwriters will issue an approval. Due to the specific circumstances of each individual homeowner and each loan program, the underwriter may ask for further verifications or documents in order to close your loan. We make every effort to collect all necessary items up front to avoid delays, but the mortgage industry is constantly changing and sometimes it’s impossible to do so. These additional requirements are referred to as conditions, and each condition is required to be cleared before loan documents can be drawn up.

Closing – Lastly, after all conditions have been met, your loan documents are ready to be drawn up. Once drawn, the documents will be sent to a closing agent that will conduct the closing on our behalf, many times in the comfort of your own home. After obtaining the necessary signatures on all documents, the documents will be sent back to us to proceed with funding the loan.