What To Expect During The Mortgage Application Process
Overview
At FLB Mortgage, our experienced mortgage loan officers will help guide you through each step of the mortgage process. The following is meant to provide you with an overview of what to expect.
- Getting Started
- Getting Pre-qualified
- Selecting the right type of mortgage to fit your needs
- Applying for the loan
- Loan Processing
- Underwriting
- Document Preparation and Loan Closing
Getting Started
Get started by contacting a mortgage loan officer. FLB Mortgage loan officers are experts in mortgages and can answer all of your questions and present various loan options that will best suit your needs. You can contact a mortgage officer directly to schedule a face-to-face or phone meeting, or click the Apply Now button below and complete your information online. A mortgage lender in your area will contact you as soon as possible.
Getting Pre-approved
Before starting the process of home shopping, we encourage you to get pre-approved for a set loan amount. To begin the pre-approval process, you will provide your loan officer with information and documentation regarding your income, assets, and liabilities. Your loan officer will pull your credit report and discuss with you the checklist of documents required. Some of the information needed will be:
- How much money do you have for a down payment and closing costs?
- How much of a monthly payment are you comfortable with?
- What is your income?
- What are your monthly debts?
Based on this information, your loan officer will determine a maximum mortgage loan amount based on the type of loan you qualify for and provide you with a pre-approval letter. This letter is a tool that tells the seller that you are serious about purchasing a house and have the capability to do so.
Selecting the Home Mortgage to Fit Your Needs
There are many types of loan products, and your FLB Mortgage loan officer will work with you to choose the right one based on your needs. The information you provide during the pre-approval process will determine which products are best for you.
Applying For Your Loan
Once you have selected a property, the actual loan application process begins. Your loan officer will need a copy of the purchase contract and will then provide you with a Loan Estimate and other loan disclosures via a secure online portal. You must acknowledge the disclosures and agree to an intent to proceed before the loan process can move forward.
IMPORTANT NOTE: From the time of your application to loan closing, it is important you do not take any action that would negatively affect your loan status. It is suggested you:
- Do not open any new additional credit
- Do not quit or change jobs, including retiring
- Do not make any large deposits into your bank account
- Do not transfer any large amounts from one financial institution to another
Please contact your mortgage loan officer immediately if anything listed above is expected to take place during the mortgage loan process.
See our Important Tips page for a complete list of Do's and Don'ts.
Loan Processing
An FLB Mortgage loan processor will work closely with you and your mortgage loan officer to prepare your file for underwriting. The loan processor will perform the following functions:
- Order Appraisal
- Order Title Work
- Complete income asset and rental verifications
- Request any additional information needed to complete your file
- Keep you updated on the progress of your loan
Underwriting
Once our loan processor has your completed the loan package, we will send it to an underwriter to validate all of the information received in the loan packet. They will review the appraisal, title work, and loan documentation. The underwriter will supply the loan processor with a list of conditions or questions that need clarification (if any). The loan processor may need to contact you for additional documentation and will return the file to the underwriter. We will send you a notification when underwriting is completed and approved. We then prepare your loan for closing.
Document Preparation and Loan Closing
Once your loan file is cleared and ready to close, we will work with the title company/settlement agent to prepare your closing documents. We will provide you with a Closing Disclosure, which you must acknowledge at least three business days prior to closing. The initial closing disclosure is a statement of loan terms and closing costs, which includes the amount of funds you will need to close. The loan documents will be sent to the title company/settlement agent.
At closing, a representative of the title company will review all of the loan documents with you, ask for your signature on all pages and pay the remaining costs, if applicable. Once the documents have been signed, your loan will be funded and recorded by the title company. Keys are exchanged after the title is recorded.
We are here to help! One of our experienced mortgage lenders would be happy to talk to you about your mortgage needs.
To get prequalified or start the application process, contact an FLB Mortgage Lender, email for more information, or visit our branch in Frisco, Texas, today!
This is not a commitment to lend; you must submit additional information for review and approval. Rate, Annual Percentage Rate (APR), and terms are subject to change without notice. See your Loan Officer for complete program guidelines, costs, fees, and annual percentage rates (APRs).
Apply now for a better mortgage experience.
This is not a commitment to lend; you must submit additional information for review and approval. Rate, Annual Percentage Rate (APR), and terms are subject to change without notice. Certain restrictions apply to all programs. See your FLB Mortgage Loan Officer for complete program guidelines, loan application, applicable fees and annual percentage rates (APRs) for all loan programs. Full underwritten approval is required, and all loan approvals are subject to credit, income and asset review and approval. Bank NMLS#1215182
