App Screen Copy
You’re logged in.
You’ve just taken the first steps toward buying a house. Congratulations!
NOW LET’S FIND YOUR LOAN
Enter your details below. Once you do, we’ll be able to link your loan to your user account, and update your application status. Let’s get started.
Application in Review
Got it! We’re processing your application now
We’re happy to say we received your application, and we’re reviewing it now.
WHO REVIEWS MY APPLICATION?
Your application is in the hands of our operations team. Our loan processors are double-checking every last detail to make sure there are no errors or discrepancies, so everything moves forward without a hitch.
WHAT ARE THE POSSIBLE RESULTS?
Request for info. If we run into questions, we’ll ask you to send some more documentation to help us out. (Don’t be surprised if that’s the next step.)
Denial. It’s never fun to be denied, but remember: if an application is rejected, it’s to protect everyone involved. Unsafe loans aren’t good for anyone. That said, we’re always happy to talk with applicants about how to improve their chances for next time.
Approval. If all the details check out, then we move on to the next step: appraising the value of your home.
Could you send some more info?
We ran into some questions while processing your application. To get it sorted out, we’ll need to see some extra documentation. Thanks for your help.
WHICH DOCUMENTS SHOULD I SEND?
Your loan officer will tell you which documents to send. It depends on where they are in the process, and on the details of your situation.
WHAT IF I DON’T HAVE WHAT YOU’RE LOOKING FOR?
Okay, let’s figure this out. Contact your loan officer and explain what’s going on. They can give you instructions on how to keep the process moving forward.
Appraisal in Progress
We’re ready to assess the value of the home
Now that your loan application has been processed, we’re on to the next step: appraising the value of the home. We’ve assigned an appraiser, and they’re ready to begin.
WHAT’S AN APPRAISAL?
It’s a written estimate of a property’s current market value, prepared by a licensed third-party appraiser. This is an important step in securing your loan, because it helps determine how much you’ll be able to borrow. A lender won’t grant a loan for more than a home is actually worth.
HOW DOES THE APPRAISER DETERMINE VALUE?
- They measure the house (from the outside) to calculate its square-footage
- They count bedrooms and bathrooms, note the layout of the floor plan, and make a judgment call on the overall appeal, functionality and condition of the home
- They consider the lot size, the home’s age and location, plus any recent improvements or notable features (skylights, fireplace, hot tub…)
- They consider the selling price of comparable homes in the same neighborhood
We’ll let you know as soon as we hear back.
Okay, the appraisal report is in!
Good news, we just heard back from the appraiser. Now that they’ve uploaded their report, we have an objective third-party estimate of the home’s current market value.
WHY IS THIS IMPORTANT?
This information will help determine how much you’ll be able to borrow. The final amount of your loan is based, in part, on how much the home is actually worth.
HOW DID THE APPRAISER DETERMINE ITS VALUE?
- They measured the house (from the outside) to calculate its square-footage
- They counted bedrooms and bathrooms, noted the layout of the floor plan, and made a judgment call on the overall appeal, functionality and condition of the home
- They considered the lot size, the home’s age and location, plus any recent improvements or notable features (skylights, fireplace, hot tub…)
- They considered the selling price of comparable homes in the same neighborhood
Contact your loan officer to hear the results.
Turns out we need a bit more info
Some questions came up which we could use your help with. Your loan officer will tell you which documents we need to see. Thanks for sending – we appreciate it.
WHAT IF I DON’T HAVE WHAT YOU’RE LOOKING FOR?
No worries, just talk to your loan officer as soon as you can. They can help you figure out what to do next.
Documents in Review
Thanks, we’re processing those now
We received the documentation you sent (thanks!) and we’re working through it now.
WHO REVIEWS MY DOCUMENTS?
Your documentation was sent to our operations department, where our loan processors are combing through the details to make sure everything checks out, front to back.
WHAT HAPPENS NEXT?
Once we finishing processing the info you sent, we can move on to the next step in the process: underwriting your loan.
Underwriting in Progress
We’re now assessing the risk involved with your loan
Okay! We’ve completed the appraisal, and we’re on to the next step.
WHAT IS UNDERWRITING?
It’s risk assessment, basically. Every loan involves some risk; the lender needs to know the risks are reasonable. So we’ve assigned an underwriter to evaluate your capacity, credit and collateral.
Capacity has to do with your income: its size and stability. The underwriter looks at your assets, employment type, debts and monthly obligations (child support, for example), assessing your ability to handle monthly payments.
Credit means your credit score and history, including past credit cards and loans. These records demonstrate how you’ve managed your other debts, showing how likely you are to handle the loan successfully.
Collateral refers to the property you want to buy. The underwriter reviews the appraisal report, looks at the type of property (condo, single-family dwelling, etc), considers whether you’ll be living there personally, and so on.
Each of these factors comes with a certain degree of risk. Sometimes a strength in one area can make up for a weakness in another – that’s the underwriter’s decision. We’ll get in touch as soon as we hear back!
Could you answer a few questions?
Our underwriter ran into some questions while reviewing your loan. Before we do anything else, we could use your input.
WHICH KIND OF FEEDBACK DO I NEED TO PROVIDE?
Contact your loan officer to hear the details. It depends on where they are in the process and what their questions are.
WHAT IF I HAVE QUESTIONS?
No problem. Contact your loan officer and let them know what’s on your mind; they can advise you on what to do next.
Thanks for your feedback. We’re back in action
We received your feedback (thanks!) and our underwriter is working through it now.
WHAT HAPPENS NEXT?
Once our underwriter has finished assessing your loan, we’ll find out whether or not it can be approved. We’ll be in touch with you as soon as we have any news.
The moment you’ve been waiting for …
Okay, the underwriter has finished evaluating your loan’s risks. They’ve looked at your credit, analyzed your income, reviewed the details on the home you want to buy – and made a decision on whether or not your loan can be approved.
WHAT’S THE NEXT STEP?
Contact your loan officer to find out how it went. Possible results include approval, denial, or conditional approval or denial. If all goes well, then we can move on to the next step – the closing.
Let’s get ready to get the keys
Congratulations! Now that the underwriter has approved your loan, we’re ramping up to the big moment: the closing. Here’s some info you may find useful in the meantime.
WHAT HAPPENS AT THE CLOSING?
We sign the closing documents. These include all the written legal agreements having to do with the mortgage and the transfer of property.
Money may change hands as well, and you may need to provide proof of homeowners’ insurance. Records are created, documents are explained, and in the end, you walk away with the title and the keys.
WHO NEEDS TO SIGN?
Here’s the minimum:
- You (the buyer), your attorney, your real estate agent
- The seller, their attorney, their real estate agent
- The escrow agent
- The lender
- Someone to represent the title company
HOW SHOULD I PREPARE?
Your loan officer will tell you if you need to do anything in advance. Don’t hesitate to reach out if you have any questions.
Documents at Title
Your title company is busy doing their homework
As we prepare for the closing, your title company has a lot of research to do. We thought we’d let you know what they’re up to.
WHAT DOES A TITLE COMPANY DO?
The title company’s job is to confirm that when you buy a home, you become its rightful owner. They want to make sure there’s no one else out there who could show up one day to claim full or even partial ownership.
To make sure, they comb through the property records and check a lot of other things, too, while they’re at it. Any unpaid taxes on the property? Any restrictions or easements that could impact you as the new owner?
The title company also issues title insurance, protecting you (and the seller) from any future lawsuits related to a title dispute. They maintain the escrow account, administrating the funds you’ve deposited there. They’ll also be there at the closing, bringing the documents, explaining what they mean, and collecting and distributing money as needed.
Been there, done that, signed the papers
We’re just updating your account status to show that the closing took place and we’ve successfully logged it all into our system. Thanks for signing those papers. (Hey, nice signature by the way.)
WHAT HAPPENS NEXT?
We’ll be in touch to let you know when the funding for your loan has gone through. Once it does? It’s official; the home is yours.
Break open the bubbly. You’re a homeowner!
Congratulations. We’re enthused to say that your loan is funded and you’re on your way.
ARE THERE ANY OTHER STEPS LEFT?
Yes, your escrow admin will close out your account, file the title with the county and draft a check to pay the seller. But for your part, everything’s done.
All you have to do now is move in.
ONCE AGAIN, CONGRATULATIONS!
And thank you so much for choosing us for the journey. We humbly wish you all the best.