Our Mortgage Process

Our streamlined mortgage process ensures your experience will be as smooth and stress-free as possible. With upfront underwriting, your application is reviewed by an in-house mortgage underwriter first, giving you a solid pre-approval. Once a property is determined, you can close quickly with only the property related activities to be completed.

• Mortgage Glossary
• Contact one of our Mortgage Specialists to apply for your loan.  Gather all required documents and upload them through our web portal; or email, fax or hand deliver to a Mortgage Loan Officer.
• After your application is submitted, your Mortgage Specialist will contact you to review the file and help you select the best mortgage loan program to meet your goals. Your file is sent to Pre-Underwriting to get you, the borrower, approved and if needed, a pre-approval letter in your hand.
• Your file is submitted to Processing and your appraisal is ordered. Once received, your file is submitted to Final Underwriting to approve the property.
• Your mortgage loan is then scheduled for closing generally 30-45 days after application.
• On a purchase transaction, the maximum loan to value is based on the lesser of the purchase price or appraised value.

SMART TIPS

Your ability to buy a home rests on the numbers and documentation your mortgage lender has.  If there is a change to any of these, your chances of buying a home could be jeopardized.  This means if there is a change to your credit, debit, income assets, or job during the loan process, you might not be able to buy that house.  Here are some tips on things to watch out for:

• APPLYING FOR NEW CREDIT - After you get a contract to buy your house, it's best not to apply for any new credit.  This means not applying for car loans, credit cards, cell phone bills, or any form of credit.  Doing so could change your credit score and impact your rate lock and/or fees associated with closing on the house.
• CHANGING CREDIT -  You don't want to close out or dispute any credit cards.  If you have any accounts in dispute, your mortgage lender cannot run automated underwriting and must pause your loan file until your accounts are taken out of dispute.  If you close your credit card, that can hurt your credit score, which in turn can increase your fees or put your ability to buy a home at risk.
• MOVING MONEY AROUND - Moving money around can cause more headaches than necessary.  If you are receiving gift funds, the donor can wire funds directly to escrow, bypassing your bank account entirely.  If any of these funds happen to hit your primary checking account, that could spell more trouble, as it could appear as though you are spending your cash to close.
• SWITCHING JOBS - Changing jobs and getting into contract with the proper documentation is one thing.  Signing a purchase contract and changing jobs is something else entirely, as most mortgage lenders typically want you to have your job for at least 30 days.  Word to the wise:  close on the house with your current job, if possible. 
• SHOPPING FOR YOUR MOVE BEFORE YOU ACTUALLY CLOSE - Hiring a moving company when you have not signed your final loan documents is just plain unnecessary and could set you up for failure.  If you have the moving company come on a certain day and for whatever reason your house doesn't close, things could become problematic.  Hire a moving company after you've signed the final loan documents.  Same goes for purchasing furniture, especially if those funds come in the form of credit or cash in your account.  Close on the house first, then go shopping. 

By adhering to these tips after you sign your purchase agreement, you will be well on your way to successfully closing your mortgage loan with little or no hiccups! 

The mortgage process generates a significant amount of paperwork. To help you stay organized, here's a list of the documents you'll be required to present throughout the process. Please see the guidelines below to get a feel for the type of information you will need to provide.

The following documentation is usually required during the loan process:

• Most recent 30 days of pay stubs from all jobs/employment
• Most recent 2 months of bank statements
• Most recent 2 years of W-2s from all jobs
• Most recent 2 years of Federal Tax Returns if you file a schedule C, E, or F, or claim employee business expenses
• Copies of state issued picture ID

The following additional documents may be required if they apply to you:

• Bankruptcy discharge papers & copy of Bankruptcy Petition with all schedules if discharged in the last 7 years
• Foreclosure documentation (Sheriff Sale Deed)
• Divorce decree if ongoing financial obligation or property award is involved
• Copy of all child support orders
• Social Security award letter
• Income Award letters (Social Security, Pension, VA Disability)
• Current 401(k), IRA or investment account statement

Helpful Tips:

• Documents must be submitted in their entirety. If the first page of a document reads, "1 of 6," we will need all 6 pages of that document, even if some are blank.
• We always need consecutive documents. If we request 2 months of bank statements, each day in those 2 months must be represented in all statements.
• If you have received a financial gift to help you with your down payment, the donor will need to fill out a gift letter (which we will provide) and provide a bank statement to verify they have sufficient funding.

Accessing Your Mortgage Account
You can access your mortgage account details by selecting the mortgage record under the Accounts tab of the main menu.

 

From the mortgage details page you can view standard payment information and make a payment from your Adventure account.

 

To access more detailed mortgage account information or set up a payment from an external financial institution, select MORTGAGE INFO.

*The Mortgage Info page opens in a new window. Pop-ups must be allowed in order to access it.

Mortgage Info

The Mortgage Info page has several menu options that allow you to access a wide range of services and account details for your mortgage account. 

Payments Tab

• Payment History
  The Payment History tab provides an overview of the payments made on your mortgage account. You can view the breakdown of a specific payment by selecting VIEW.  You can also search for previous payments using the search feature.
  
• Payment Options
  The Payments Options tab allows you to set up and manage your one-time or recurring payments from an external financial institution.