The Mortgage Loan Process Made Easy!

Samantha McDaniel
Gold Star Mortgage - Lees Summit, Missouri

1. Fill out short form application and submit.

   The short form application can be obtained on the website, directly from Mitch Young (816) 699-0443, or from Samantha McDaniel (816) 365-1536. After filling this out, you can return via fax or email to get the loan process started. Once the application is received, your credit report will be accessed and your loan officer can begin to identify your mortgage needs.




2. Initial Interview.

   The initial interview is usually done over the phone. During this interview, your personal needs will be further identified. Such as the loan amount, how long you plan to live in the home, your financial status, etc. Your credit report will be reviewed and a full application will be taken. Various loan options will be discussed; you will be given a checklist of items needed to process your loan (i.e. check stubs, bank statements, and so on), and an appointment will be set for you to bring in the needed documentation and sign your loan application. Finally, any questions or concerns you have will be addressed.




3. The appointment.

   You should bring all items on the checklist to your appointment. At the appointment your loan program and interest rate will be discussed. All necessary paperwork will be signed at the appointment.




4. The processing stage.

   After signing the necessary loan papers and submitting the needed documentation, your loan will go into the processing department. Here all documentation is reviewed and verifications for employment, deposit, and mortgage/rent are ordered. Title work is ordered on the chosen property, and your loan is submitted to the lender. You may be contacted during this time to provide additional documentation or to help clarify information. And, at this point you will receive a conditional loan approval.




5. Loan approval.

   From processing, your loan package is submitted to the chosen lender for review. The underwriter will re-verify all information before issuing a loan approval. At this point there may be additional conditions to meet. They will include items, such as title work, appraisal, real estate contract, etc. At this point the appraisal and any other inspections should be ordered. In addition, you should begin looking for your homeowners insurance. Any additional conditions given by the lender must be met before the loan will be cleared to close. We will also begin to watch interest rates closely in order to get you locked into the lowest possible rate.




6. Clear to close.

   All conditions of the loan have been met and approved. The loan documents are ordered from the lender, and an appointment set with the title company where you will sign your final papers. You will be contacted and given the appointment date and time.




7. Loan documents are drawn.

   This process usually occurs a day or two before your closing appointment. The lender will complete the loan documents and send to the title company of choice. The final numbers are prepared by the title company and faxed to the loan officer and lender for approval; usually the day before closing.




8. Day of closing.

   The day of closing, you will be advised of how much money you will need to complete the purchase of the home. You will need to obtain a cahier´s check or money order made payable to the title company. No cash or personal checks are accepted. In addition, you will need to take your drivers license, as a copy will be obtained. Once at the title company, all of the documents will be explained as you sign the final papers.




9. After signing.

   After signing, you will receive a copy packet of all the documentation. The originals will be sent back to the lender for final review and then the funds are wired. This is usually done the same day.




10. Transaction closed.

    The title company disperses all payments and records the note and deed of trust with the county recorder. The transaction is closed. Once again, this step is usually done the day of closing.

Helpful HintsThe entire loan process could take up to 30 business days or more. During this time, you should not change your personal status, as this may hinder your ability to complete the loan. For example, do not open any new accounts, pay all your bills on time, and do not quit your job.

*** The mortgage loan process may vary, as every loan scenario is unique. The process may have to be adapted to meet your personal needs.