Application
The first step in the loan process is a simple loan application. You can fill out the applicable form on-line or feel free to call our toll-free number and speak to one of our staff members.Your personal credit file will be pulled as a part of this process, however Express Mortgage will pay for the cost involved without any obligation from you and we can normally have a pre-qualification within one hour.
Pre-Approval
After we pull your credit file, we will search out several pre-approvals from our extensive catalog of lenders. We will then respond back to you as to our results and allow you to make a decision for a lender.
Real Estate Settlement and Procedures Act RESPA
The Real Estate Settlement and Procedures Act (RESPA) forms are required by law to be sent to the applicant within three business days. These forms along with a check list will be given to you for your signature to satisfy these requirements. These forms DO NOT bind you to Express Mortgage in any way. They are provided to give you the essential information to be able to shop out rates and fees. The check list is given to inform you of the applicable information needed to process your loan request.
Loan Processing
Once the applicable information is provided to Express Mortgage, we will exercise our due diligence to get your loan package forwarded to the lender in a timely fashion. This will include the ordering of appraisal, titlework on property and employment verifications.
Underwriting
Once your loan package arrives at the lender, an underwriter will review all the information sent and determine if all loan conditions have been met. Once all underwriting guidelines have been met, the underwriter will clear your loan for closing.
Loan Closing
After the loan is cleared to close, we will set up a time and date to sign the loan papers with a title company local and convenient to you.