MortgageOne, Inc focuses on making the home loan process simple!
Your MortgageOne loan originator will educate and help you through the mortgage process step by step!
First Step before looking for a home! Pre-Approval Plus Lender Certification
Typically, your Real Estate Agent will ask if you have been pre-approved before submitting an offer to purchase a home. Your MortgageOne Loan Originator can obtain a pre-approval letter for you. We gather information about your income, debts and credit history. Click here for our Pre-approval checklist here. We also run your information through our Automated Underwriting system. MortgageOne will determine what type of loan and purchase price you qualify for. We will issue a pre-approval letter and a lender certification for your Real Estate Agent’s use in submitting a strong offer. Click here to be pre-approved.
MortgageOne issues a pre-approval, not a pre-qualification. A pre-qualification is just a ball-park estimate by a loan originator after speaking with you. Read the differences between a pre-approval and pre-qualification here.
Application Submission
You may begin your official application once you have found your new home and all parties have executed a purchase contract. (by law there is no application until you have a property address). Your MortgageOne loan originator will help you choose the right loan program and review pricing options with you. Once your application is submitted, MortgageOne will prepare an initial disclosure package for you to electronically sign. These documents will include the interest rate, terms, and costs of your loan. We recommend you review these documents carefully and ask questions if needed. This process typically takes 1-2 days. Click here to access the CFPB Home Loan Toolkit
Processing
Processing includes the ordering of any additional documents needed to verify your income, assets, and liabilities. It includes Social Security verification, ordering IRS tax transcripts, verification of employment, ordering a title report, ordering an appraisal and other regulatory compliance documentation. Your processor will review all third-party documents to confirm the accuracy of your application. Your processor may ask for additional documentation or explanations to properly prepare your file. Once complete, your processor will submit your file to the Underwriter.
Underwriting
The Underwriter has the final say on your loan approval. He/she will review every line of every document carefully to ensure your file meets industry guidelines. Occasionally, the Underwriter will request additional documents from you as conditions to your Final Approval. Click here to learn more about your credit score.
Closing
At least three days prior to closing you will receive an initial Closing Disclosure (CD). This document will contain the settlement costs that are associated with your loan. Once the CD is signed and three days have passed, you are able to close your loan.
At closing, you will meet with the title company to sign legal documents finalizing your agreement regarding the terms and conditions of your mortgage.
Funding
If you are purchasing a home, the day after you sign the closing documents the funds are normally disbursed, the documents recorded with the county and the title company will transfer ownership of the property to you.
If you are refinancing, most transactions will require you have a three day right of rescission after signing closing documents before we can fund. Your loan will be funded and recorded and your transaction will be complete.
Servicing
Once your transaction is complete, the company that receives your payments pays your taxes and insurance (if you have an impound/escrow account) is called the loan servicer. It is common in the mortgage industry for companies to sell the servicing of your loan. In other words, you may make payments to a new mortgage company. You should not worry about this as it is quite common. Your MortgageOne loan originator can assist you with any questions if this happens.
