Home buyers planning their move prior to the fall and winter holidays should be mindful of the time it takes to get from loan application to close of escrow. When working with an efficient lending team like the Boles Group at Bay Equity Home Loans, you can expect the loan process to take around 30 days. To cook Thanksgiving dinner in your brand-new kitchen, submit your loan application before Halloween. To celebrate Christmas or New Year’s in your new home, plan to apply no later than the last week of November.
Once your application is submitted it is converted into a loan file and goes step by step through the following stages. Avoid delays by regularly checking your email for updates and providing documents and signatures as soon as they are requested.
The first step in the life of your mortgage is pre-qualification. During prequalification, your loan officer will review your application and documentation to make a preliminary determination of the type of loan and loan amount that best fits your situation.
Pre - Process
For home buyers, the loan file moves forward when your lender receives a copy of your purchase contract. In the case of a refinance, the loan file moves forward when you verbally agree to the mortgage solution recommended by your loan officer.
There is a lot that goes on with an in-process loan. Accurate and timely communication with your lending team is crucial to make sure all appropriate documentation is provided in an acceptable format, that all the required forms are signed, and the loan can move forward.
Once an underwriter has approved your loan and all conditions have been met, closing documents are sent and you are ready to sign.
After signing, funds are sent from the lending bank through a title company to the seller. In the case of a refinance, funds are sent to the bank holding the borrower’s current mortgage.
Several weeks after funds are distributed a servicing company will take over management of the escrow account and repayment. The transfer of your loan to a servicing company does not change the terms of your loan and it does not change your relationship with the Boles Group lending team.
The Boles Group at Bay Equity Home Loans in Gilbert is your lender for life. We take ownership of your mortgage needs from the split second we receive your application and stick with you well beyond funding. Even though we aren’t the company managing your payments, our team conducts quarterly account reviews to make sure you are always in the best loan possible.