There are four main steps to getting a home loan: the Loan Application, Processing, Underwriting and Closing/Funding. We would love to walk you through the process and answer any questions you might have. Let us know how we can set you up for a smooth transaction.
1. Loan Application
Completing the loan application online or with the help of a Mortgage Advisor
To apply for a loan you will need to submit information about your personal finances and the property you wish to purchase. Within a few days of receiving all required documents, our Mortgage Advisor will come back to you with a Good Faith Estimate and a Truth in Lending Disclosure.
Gathering, Analyzing & Supporting Statements from the Application
A Samuel Scott Loan Processor will organize the paperwork, make sure the documentation is complete and prepare your application for underwriting. They will review your credit reports, verify debts and examine payment histories. Our team is trained to trouble shoot potential challenges early on and help you prepare written explanations about late payments, property issues, etc.
Performing an in depth analysis of credit history, property and conditions
Samuel Scott Financial Group works with Opes Advisors to underwrite our loans. As a mortgage bank, Opes can fund their own loans or broker them out, giving our clients more options and better opportunities. Our underwriters will carefully evaluate the loan application and documents, assess the risk and determine the conditions for the loan. Your Mortgage Advisor will be there to help if you need any additional documents to close.
4. Closing / Funding
Reviewing and signing documents to fund the loan and close the transaction
Once the conditions for the loan have been met, Opes Advisors will send your file into Escrow. During closing, you will get a call from an Escrow officer to come in and sign the loan documents. After reviewing them carefully and settling any credits or costs, Escrow will return your docs to Opes for funding. The funds will be transferred to the selling party and you will receive the title to your new home. Congratulations – you’re done!
Just contact your Mortgage Advisor and we will assist you through the process.