Approval Process

IMG_8549-2-EditThe Mortgage Process

What to expect during the loan process for a purchase or refinance:

  1. Choose a rate and term
  2. Lock in interest rate with the Lender
  3. Borrower to sign documents provided by RMG Loan Officer
  4. Borrower to collect items for initial submission, add to document package and return to RMG Loan Officer
  5. The borrower’s personal loan officer will review all returned paperwork and submits it to the lender
  6. Once the lender approves borrower’s application, Raleigh Mortgage Group will order an appraisal and the appraisal company will setup a time with the borrower or listing contact to come to the borrower’s home or the how the borrower is purchasing and do a complete review of the home.
  7. Lender submits file to underwriting for underwriting approval
  8. Underwriter send Raleigh Mortgage Group a conditional approval
  9. Raleigh Mortgage Group Satisfies as man conditions as possible and will order tax transcripts from the IRS, Insurance Verification, Title Work and Payoffs
  10. If there are conditions that we cannot satisfy then we will contact the borrower to obtain additional items the lender has requested
  11. After all conditions have been met the lender will conduct a verification of employment for all borrowers whose income is being used to obtain the loan
  12. The lender will issue a clear to close (CTC)
  13. Raleigh Mortgage Group will contact the borrower’s and their attorney to set up a closing time and location
  14. At closing the borrower will be asked to bring necessary items ad will sign all final documents.