SWBC Mortgage’s Loan Process
A home is one of the biggest purchasing decisions a person can make. That’s why our trained professionals are here to help guide you through the entire loan process:
- Review financial and personal goals
- Establish purchase price and estimated monthly payments
- Order and review credit report
- Discuss loan options
- Prepare for loan application
Locate Your New Home
- Begin house hunting
- Negotiate purchase agreement
- Order home inspection if desired
- Confirm loan program and lock interest rate
- Provide you with a Loan Estimate
- Order appraisal
- Order file with title company
- Verify employment
- Continue keeping you and your agent informed
- Underwriter evaluates documents for loan approval
- Check over data consistency and integrity
- Can request additional information, if deemed necessary
- Satisfy final underwriting conditions
- Finalize homeowners insurance and, if required, flood insurance
- Provide borrower with amount for cashier’s check needed for closing
- Verify closing time and date with title company
- Review Closing Disclosure (CD) and monthly payment
- See you at the closing table!
While your loan is in process:
It is especially important that you inform your loan officer immediately if there are changes that need to be made to the information you originally submitted. Accurate information on your loan application provides the foundation for smooth and easy loan processing as well as timely loan closing.
- DO notify us if your salary or other compensation changes.
- DO let us know if your address changes from what appears on your original loan application.
- DO keep documentation for any large deposits into your account. This could include paperwork necessary to prove a financial transaction: copies of all checks, deposit slips, loan paperwork, forms to liquidate assets, etc.
- DO notify us if you move funds from one account to another and provide documentation for the transactions.
- BE CAUTIOUS about acquiring any additional debt or making any large purchases on existing credit without first consulting us. For example: purchasing a car or buying appliances for your new home will change your debt-to-income ratios.
- BE CAUTIOUS if you are considering changing or quitting your job. A change in compensation or the type of work performed may affect your ability to qualify and/or close the loan. Lenders are often required to verify employment on the day of closing as a quality control check.
- BE CAUTIOUS when co-signing on a loan for anyone. The payment will show up on your credit report as an additional debt and could affect your ability to qualify for the loan.