The Mortgage Lending Process: Our Approach
Often people think that mortgage lending begins with an application. When you work with Westchester Mortgage, we actually start the process with your goals. We want to learn more about your financial situation and what you want to accomplish. For example, do you want to:
- Reduce your current interest rate?
- Reduce your monthly payments?
- Obtain cash for home improvement or other purposes?
- Consolidate mortgages on one property?
- Consolidate debt?
- Change your loan type or term?
- Remove a borrower from a loan?
Armed with this information, Westchester Mortgage can then take you through the following steps:
- Take Application. We will do this over the phone, through the mail, or in person.
- Review Credit and Determine Rates. Once we have the application information, we look at your credit. This tells us what types of rates you’re eligible for and what, if any, fees may apply. You have the option of locking in a specific rate for a specific time or waiting to see what the rates will do.
- Gather Required Documentation. This is documentation required for your loan type and situation. We may need as much as two years of tax returns and W2 and asset information or as little as just your signature.
- Order Appraisal. The appraiser will call and set up an appointment directly with you to come out and measure and walk through your home.
- Order Title. We will place a call to the attorney to order the title work on the home. This is completed by a title examiner at the registry of deeds. If something comes up on the title that we aren’t sure of, we work on getting it straightened out.
- Send Package to Underwriter. Once the appraiser sends us the original appraisal (takes about 1 week), we send the package to the underwriter for review of all the income, assets, and credit information. The underwriter makes sure everything matches up and all paperwork is complete. Sometimes the underwriter will ask for clarification on something, such as a more updated bank statement or additional information if it needs to look at something more closely.
- Close The Loan. Once we get a “clear to close,” we can set up the closing with the attorney’s office. Often we will come to the closing to ensure the final steps go as smoothly as the entire process.
Throughout, Westchester Mortgage manages every step, keeping you informed, answering your questions, and making sure all appropriate parties have the information they need to process your mortgage or home equity application.
Ready to experience the Westchester Mortgage Difference? Call us today at 617-965-1236.