The Mortgage Process
What to expect during the loan process for a purchase or refinance:
- Choose a rate and term
- Lock in interest rate with the Lender
- Borrower to sign documents provided by RMG Loan Officer
- Borrower to collect items for initial submission, add to document package and return to RMG Loan Officer
- The borrower’s personal loan officer will review all returned paperwork and submits it to the lender
- 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.
- Lender submits file to underwriting for underwriting approval
- Underwriter send Raleigh Mortgage Group a conditional approval
- Raleigh Mortgage Group Satisfies as man conditions as possible and will order tax transcripts from the IRS, Insurance Verification, Title Work and Payoffs
- If there are conditions that we cannot satisfy then we will contact the borrower to obtain additional items the lender has requested
- 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
- The lender will issue a clear to close (CTC)
- Raleigh Mortgage Group will contact the borrower’s and their attorney to set up a closing time and location
- At closing the borrower will be asked to bring necessary items ad will sign all final documents.