Bay Mortgage Loan Process
We pride ourselves on making the process of financing your home smooth and stress-free. Our team has years of experience in helping our clients get the best loan at the most favorable terms. We also know that the better you understand what we’re doing the more enjoyable this process will be. Here’s how we do it:
Step 1– Initial Discussion. Discuss your financial goals and objectives with your Loan Advisor. Are you 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. We want to determine the most efficient and most stress-free path to take to achieve your goals and objectives.
Step 2– Application. Make formal application by completing a Loan Application and signing the required, intial application disclosures. This application and the disclosures can be completed: (1) online, (2) by fax or email, or (3) we can meet with you in person to complete it. It’s your choice. We’re happy to work with you in the way that is most convenient.
Step 3- Processing. Processing of your loan begins after we receive the application. 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 in advance such as the credit report and appraisal. Therefore, we’ll collect $488 ($38 application/credit report fee and $450 for the appraisal) to begin the processing of your loan. A Loan Estimate of Closing Costs will also be sent to you. This will provide you with a written breakdown of all the costs involved with getting your loan. At Bay Mortgage we will give you our very best estimate of what we believe the costs to be. We do not want any surprises at the closing, so we’ll tell you upfront exactly what your costs will be.
Step 4– Loan Approval. Your loan application is submitted to an underwriter who reviews reviews your loan request along with the 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.