Process

If you are reading this you’ve likely already taken the first step in the mortgage process…you’ve decided to purchase a home or refinance your existing home. The next few paragraphs lay out a brief but informative overview of the Stonebridge mortgage process. And, understanding how we handle each mortgage and how we work with our clients will help expedite the mortgage process.

Make no mistake, there’s a lot involved in obtaining a mortgage loan. However, that doesn’t mean you have to do a lot of work – that’s our job. We do the heavy lifting for you so you can enjoy the process of moving into your new home or enjoying a little extra money from refinancing your existing mortgage. And we do all the underwriting right here- onsight so we can deliver approvals in a few moments instead of waiting 2 to 3 weeks like it takes everywhere else.

We do the heavy lifting for you so you can simply enjoy moving into your new home or a little extra money from refinancing your existing mortgage.

1. Getting to know you

icon_step2 What is your goal? We want to know how we can help you achieve your goal and this starts with defining what you want out of your loan. Are you purchasing a home? Do you want to free up a little extra cash each month? Are you wanting some equity out of your home? Has your life situation changed through a death or divorce and you need to refinance your debt? Has your family grown or are you wanting a vacation home as you head into retirement. As we visit with you know that we want to know you and your situation so we can serve you best.

What is your current situation? Are you preparing for sale of an existing home and purchase of a new one? Buying a second home as a vacation property? Refinancing to take advantage of lower rates or reduce the term of your loan? Renting a hoping to buy? Needing a second mortgage to pay off some old bills or finance a remodel of your kitchen? All the details are important and knowing them helps us decide on how to properly structure your loan.

What is your current financial position? Often we’re asked to help our clients calculate how much money they can realistically budget toward a monthly mortgage. Generally the answer depends on a client’s income and other debt obligations, however, every situation is unique. Knowing your full financial picture will help us ensure you receive the best advice and allow us to provide expedient service in closing your mortgage.

2. Application

icon_step2 Many of the questions you will answer in the application process will have already been answered during our initial conversation with you. In addition to knowing your goals, your current situation, and your financial position we will gather specifics about your employment history and income, your present or desired home, and your credit history. With this information complete we can provide you with several mortgage options, including rate and term, and help you decide which may be best for you. It’s important to note that with Stonebridge you’re not given a blank application to complete on your own.

One of our mortgage professionals will take you through the application process either in person or on the phone which takes about 5-10 minutes.

3. Initial Disclosures

icon_step3 Once the application is complete we will print initial documents for you to sign confirming the information we gathered is accurate and complete and agreeing to the mortgage terms we’d discussed. In addition to the initial disclosures we will gather a number of supporting documents from you for the purposes of underwriting your mortgage loan:

2 years tax returns
2 years W-2s
2 most recent monthly bank statements on all accounts
2 most recent monthly 401(k) / retirement plan statements
2 most recent monthly pay stubs
A photo copy of your driver’s license
Name and contact information for your homeowner’s insurance agent

Title, verifications, appraisal, and underwriting. After steps 1-3 are complete we begin the process of ordering title, tax return verifications, and, if needed, an appraisal. This is also the time we will resolve any other issues which have inevitably come up along the way. Don’t worry, by working closely with you we can still meet your desired timelines or deadlines despite these unknown or unforeseen issues.

4. Closing.

icon_step4 Our work is done and underwriting has approved your mortgage loan. Now all that remains is signing final mortgage documents and the process is complete. At closing we walk through several important documents confirming the details of your mortgage and ensuring compliance with all guidelines and regulations. Closing usually takes about 45 minutes.