The Loan Process

The loan process can be viewed as complicated, overwhelming and stressful. Although obtaining a mortgage is an involved process, it does not have to be a negative experience. It takes time, attention to detail and a team effort. This is why you’ve come to the right place!!! In asking for our assistance, you are requesting help from 40 experienced mortgage industry veterans and over 300 years of combined experience.

Furthermore, it is very important to realize that YOU are the main player and decision maker in this process. We act in an advisory capacity to allow you to make an informed decision. Once the decision has been made, we need your utmost attention regarding the exchange of documentation, locking a rate, coordinating an appraisal and possibly several other pieces depending on the complexity of your transaction. Please know this is not intended to down play our importance. We are excited to work together to close your loan and will bend over backwards to make sure your experience is the best it can be.

Please review the steps below to gain a good grasp on how this process will flow from beginning to end.

1. Initial Consultation- This meeting can occur via phone or face to face, which is up to you. You’re welcome to let us know when you’d like this appointment to occur.  This step will determine your options and qualification. It would be very helpful to have all of your documents ready for this meeting.

2. Initial Disclosures-  Once you give your Loan Officer permission to proceed, documents detailing your selected loan will be sent within 72 hours for your review and signatures. For your convenience, these documents can be uploaded and sent directly to you loan officer or processor.

3. Timely Response- It is very important that all documents you are sent are returned to us quickly. Please also send any additional documents we may request quickly as well.

4. Processing- The documentation we’ve generated for you to sign AND the documentation you sent to us will all be reviewed by your Loan Processor. Any additional items will be collected and added to the package in preparation for underwriting.

5. Appraisal- We will order an appraisal of your home from a qualified appraiser. This report is used to determine the market value of your home and to make sure that the loan program you selected initially is appropriate.

6. Underwriting- A mortgage underwriter will evaluate the loan package and compare it against current guidelines to make sure the loan meets all required criteria.

7. Approval – Assuming the review noted in step 6 goes as planned, your mortgage loan will be approved as is. The underwriter will request any further documentation necessary to Clear your loan to Close.

8. Closing Documents- Once your loan is approved to close, we will begin preparation of closing documents. We will also send a Closing Disclosure (CD) to your for review a minimum of 3 days prior to closing. This CD needs to be reviewed and signed right away.

9. Closing Day!!- Once your loan is approved to close, we will begin preparation of closing documents. We will also send a Closing Disclosure (CD) to your for review a minimum of 3 days prior to closing. This CD needs to be reviewed and signed right away.

1st Mortgage is now Pivot Lending Group