The Bay Mortgage Loan Process

We pride ourselves on making the process of financing your home a smooth and stress free one. Our team has years of experience and is uniquely qualified to advise you throughout the process. We know the "ins and outs" of getting the best loan at the most favorable terms for our customers. We also know that the better you understand what's going on the more enjoyable this will be.  Here's how we do it:

•  Step 1- Initial Discussion.  Discuss your financial goals and objectives with your Loan Advisor.  Are your buying your first home or your fifth?  Are you wanting to refinance to get a lower rate or to access some of the equity in your home?  During the initial discussion, our Loan Advisors take time to listen to you and determine the most efficient and stress-free path to achieve your goals. 
• Step 2- Application.  Make formal application by completing a Loan Application and completing the required intial disclosures.   This application and the disclosures can be: (1) completed online, (2) faxed or emaied to you, or (3) we can meet with you in person to complete the application.  It's your choice.  We'll be happy to work with you in any way.   
• Step 3- Processing.  Processing of your loan application begins.  During this process, we order your credit report, collect documentation from you and others to verify your income and assets.  We also order an appraisal of the property. To begin the processing of the loan certain services have to be ordered and paid for upfront such as a credit report and an appraisal.  Therefore, we'll collect $380 ($30 application/credit report fee and $350 for the appraisal) to begin the processing of your loan.  A Good Faith Estimate of Closing Costs will also be sent to you.  This will provide you a written breakdown of all the costs involved with getting your loan.
• Step 4- Loan Approval.  This is when your loan is actually approved by an underwriter who carefully reviews your loan application, income and asset verifications, appraisal, and any other information regarding your loan.
• Step 5- Closing  Once your loan has been fully processed, and approved, we'll be ready to move toward setting up a time to close your loan.  The closing will take place at a local title company.  The title company will actually be responsible for conducting the closing.  If you are required to bring any money to closing, we will contact you at least 24 hours before the closing to let you know the exact amount.  You will need to bring any money required for closing in the form of a certified bank check.

That's it!  We try hard to make things simple and easy for our clients.  Be sure to look at the other information posted on our web site that will better explain certain aspects of the loan process.

If you still have questions do not hesitate to call us.  We're here to help you each step of the way.