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Process of a Mortgage
Initiating the Loan Process
At Boiko Mortgage Company, we aim to make the mortgage process as seamless as possible for you and your family, and we pledge to do just that. The loan process is broken up into 6 parts:
* The Documentation Stage
* The Appraisal Stage
* The Underwriting Stage
* The Conditional Approval Stage
* The Clear-To-Close Stage,
* The Closing Stage
We will walk through each stage with you, but in the mean-time, please feel free to take a look at each stage to get some general understanding of the process.
1) Documentation Stage:
During The Documentation Stage, there are a few documents we will ask for you to submit including:
*W2: From the last 2 years
*1040 Federal Tax Returns: From the last 2 years
*Two Most Recent Paystubs
*Two Most Recent Bank Statements
*Copy of your drivers license
During this stage it is critical that you don't change any aspects of your financial picture including:
*No Major Purchases (i.e. purchasing furniture for your new home)
*No Applying for New Credit (i.e. obtaining financing for a car)
*No Change in Employment
2) Appraisal Stage:
During the Appraisal Stage, a licensed 3rd party appraiser will estimate the value of the home you plan to purchase. This is done to make sure for both you and your lender that the home is worth the price that is being offered. An appraiser will usually determine your home’s value is by comparing it with recently sold homes in your neighborhood. The appraiser will not account for roof, appliances, air conditioning, plumbing, foundation, windows and floors. For this reason, we always recommend that our clients obtain a Home Inspection in addition to the appraisal. We are happy to recommend a reputable home inspector if you would like. Just ask!
3) Underwriting Stage:
During the Underwriting Stage, the Loan Processor will review the submitted documentation before turning it over to the Underwriting Department that will handle three very important tasks . These critical tasks include:
1. Organization: compiling and organizing your documents into a mortgage-ready file.
2. Qualification: reconstructing your scenario to ensure it meets all qualification requirements and guidelines.
3. Verification: making sure that all information is both accurate and authentic.
4) Conditional Approval
During this stage, you will receive the first sign that your mortgage loan is slated for approval, after initial review by the Underwriter. Approval will be valid if certain conditions are met which may include:
*Additional Documentation Letter of Explanation
*Acceptable Appraisal Report
How Can We Contact You?
Boiko Mortgage Company
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