Whether you are financing a new home, or refinancing your current one, the mortgage process is one that involves many steps. Getting through the process, however, doesn’t have to be confusing. Here’s a brief overview of how it all works:
Step 1: Preparation
Start by gathering the things on this list of support documentation. You may not need all of these things (or, rather, you might need more!), but it’s a great place to start. If there’s anything extra that you need, your mortgage representative will let you know.
Step 2: Fill Out the Application
The application is the central point that collects most of the information that will be needed to apply for a mortgage. Here you will supply information that will help identify who you are, your income, and other key pieces of information needed by the mortgage underwriters. Sunmark allows you to apply online, 24 hours a day!
Step 3: Processing
During this time, your application is reviewed by one of our friendly mortgage processing professionals to make sure that the application is an accurate picture of who you are, your current financial situation, and clarify anything that may hold your application up with the underwriter.
Step 4: Underwriting
An underwriter will look at your application and work with you and the processing professionals to determine whether the mortgage will be approved or not. During this time, conditions may arise that will need to be addressed in order for the application to clear. These conditions vary from things associated with the applicant OR the property.
Step 5: Closing
Once the mortgage has been approved, and the “clear to close” has been obtained from the underwriter, it’s time to sign the paperwork! The mortgage paperwork is handed off to Sunmark’s legal representatives, who will meet with you to get everything signed.
Now that you know a little bit about the process, we encourage you to get started! Apply online now or contact Sunmark’s mortgage team to get things started!