The Mortgage Process
Five steps to your home loan
The mortgage process is not always fun. There are no shortcuts and there is plenty of paperwork. Finding the right mortgage requires the right amount of planning.
While there is no way around this process, Loan One, a division of The Union Bank Company, can help simplify it in a way that lets you focus more of your attention on finding your dream home.
Step 1: Identifying Your Mortgage Needs
At Loan One, we take the extra steps to ensure you don’t feel like just another number. We offer you the chance to work with one of our professional mortgage bankers from start to finish so you get the personalized approach you deserve.
We take time to determine your overall goals and help you find the type of loan that suits your needs.
“What’s your rate?” is the wrong way to approach the loan process. Home buyers are taught to believe the lowest rate is the best rate. But, it’s not.
It’s our job to challenge your preconceptions and ensure you approach your loan the right way from the very start.
Step 2: Pre-Qualification
In order to get the best idea of your needs, we use this step in the process to absorb information. By asking questions about your employment, income and loan history as well as running a credit report. We can better assess your specific circumstances.
Within 24 hours of our information gathering, you will know the details of the loan and amount you qualify for.
Step 3: Approval
This step of the process is used to complete your loan application. This is your chance to speed up the process by having all necessary documents in order. Some things we may ask for include:
- W-2s (past two years)
- Pay stubs (past month)
- Bank, stock and mutual fund account statements (past three months)
During the approval process we will be hard at work behind the scenes obtaining a title search and commitment for your mortgage to secure an appraisal for the home. Our underwriter will validate all information present in your loan application, calculate your income and evaluate your home appraisal.
Once we have completed our research, the mortgage banker that has worked with you every step of the way will contact you with the good news. At this time, we will also review your rate and payment details and prep you for closing.
Step 4: Closing
Whenever and wherever it’s convenient for you, we will schedule a time to have you sign the loan documentation. What you will need to have on hand includes:
- Proof of homeowner’s insurance
- Cashier’s check for closing costs and down payment
Once everything is in order, the loan is funded and final disbursements are made.
The most important part of this step? Congratulating you on your new home!