MORTGAGE PROCESS

When it is in your best interest and when you are ready to proceed, you will begin Raul Martinez’ Raving Fan Experience, which is a comprehensive loan process to keep you informed and confident from loan application to loan funding.

The first step is to make sure no one has stolen your identity and is jeopardizing your credit profile. In addition, we want to make sure that everything is being reported accurately by your creditors. Although it is not a requirement, we recommend a credit check at least one month prior to loan application to allow time to correct any inaccuracies that may appear on your credit report. We can also make recommendations on techniques to improve your credit score so that you can get the best interest rate for your scenario.

The second step is to complete a thorough loan application and provide supporting documentation. This will ensure that your Mortgage Planner can properly evaluate the strengths and potential challenges of your loan scenario. Armed with the full knowledge of your situation, your Mortgage Planner can selectively shop your loan with the lenders that are providing a strong combination of the following for your benefit: competitive rates, sensible underwriting (e.g., evaluation of your loan application), fast turn times (e.g., for underwriting and providing loan documents), and a demonstrated ability to help you close your loan on time.

Once you and your Mortgage Planner have selected the best lender for your circumstances, your loan application and supporting documentation will be given to the lender for evaluation. The lender will then provide a Conditional Approval, which indicates that the lender has agreed to approve your loan as long as certain conditions are met. It is typical to have the lender require conditions such as: a satisfactory appraisal, Verification of Employment, Verification of Deposit (e.g. bank/retirement accounts), etc. We try to anticipate as many of these conditions as possible and submit the documentation along with the loan application to speed up the loan process for you.

While we work with you to satisfy the lender’s conditions, we continually update you on a weekly basis to let you (and your real estate agent if you have one) know where we are in the process. Of course, we are also available if you have any questions in between your weekly updates. We will also ask you during this time if we are meeting your expectations or if we need to improve our level of service to you before your loan closes.

As we near the end of the loan process, we will call you about five to seven days before your loan is scheduled to close. This Pre-Closing Phone Conference is designed to make sure that you understand all of the terms and costs associated with your loan so that there are no surprises when it is time for you to sign your loan documents. After you sign your loan documents, the lender will fund your loan (e.g., send a check to the escrow company), and the escrow company will make sure all of the proper documents are recorded and that all of the money is paid to the proper people.

Although this is the end of the loan process, Raul Martinez is not done working for you because you will now be in his Ongoing Client Support Program.