Buying a home is always one of the most important purchases in your life. We believe that the better understood the loan process is, the experience will be smoother and more gratifying. Read through these steps before you start the process:

STEP 1 – APPLICATION

 Apply with your Loan Officer in person, online or over the phone. He will review your credit & income and assess how much you qualify for and issue a pre-qualification letter based on this evaluation.

STEP 2 – ACCEPTED OFFER

Once you have an accepted offer on a property, meet with your loan officer and review the offer. He will update your loan application based on the purchase contract and request your initial disclosures. You will be required to review e-sign before your loan officer can move forward with the loan process. A Loan Estimate (LE) is issued with your initial disclosures 

 Your Loan Officer will request all of your initial documentation:

• 2 years federal tax returns & W2s

• Latest 60 days of bank statements (proof of down payment)

• Latest 30 days of pay stubs

• Copy of your driver’s license

• Contact information for your homeowners insurance agent

STEP 3 – PROCESSING

Your Loan Officer will submit your loan to your loan processor. He will verify all assets/income documents and employment and order your homeowners insurance from the contact you provided. Your appraisal will be ordered. Your Loan Officer will review your file & rate in order to lock your loan interest rate. Once your rate is locked, your loan estimate will be issued within 3 days. Your loan processor will prepare and submit your file for review by an underwriter.

STEP 4 – UNDERWRITING

The underwriter will review the credit, income & employment collateral submitted.  If deemed ok, the underwriter will issue a conditional approval

 Once the appraisal is received, the underwriter will review and update any outstanding conditions.Your Loan Officer or Loan Officer Assistant will contact you with any outstanding requirements the underwriter needs in order to issue final loan approval.

STEP 5 – CLOSING

The underwriter will review your loan and any outstanding conditions and issue the final approval and clear your loan to close. The Closing Disclosure (CD) will be issued.Once your CD is approved by the lender, the title company and you, a closing date will be scheduled after the 3 day waiting period.

At closing, you will review and sign your final loan closing documents Once the lender receives the closed loan documents and reviews them, your loan will be funded.

At UNO Mortgage, we are waiting for your call to asses you!