Outline of the Mortgage Process
I thought I would outline the steps in our mortgage process so that you would understand exactly what it will be like to work with myself or Nicolee on your next transaction.
1. We meet or talk on the phone and you let one of our qualified Mortgage Agents know that you are interested in working with us.
2. You receive a e-mail outlining the options you have to complete an application with us. You can do it on your own through our website, by phone with one us or in person; whichever option is easiest for you. You will be asked to complete a suitability form outlining what you are looking for, you will leave any question blank that you wish to discuss further. You will also complete a consent form giving us permission to pull your credit report.
3. We compare lender products and specials and then offer you different options for your mortgage.
4. You commit to a product and we send your information to that lender.
5. Lender then sends us back a commitment (a bunch of paperwork that we get together to sign) & a list of any documents they would like to see from you (see previous blog entry). This list usually includes a full appraisal (value approx $350) which is required as our industry is a very good target for fraud. Powerhouse Mortgage Solutions will cover the costs of your appraisal. The lender requires a full appraisal to ensure that the property they are funding exists and is worth what we say it is.
6. Once all the broker conditions have been met then you will go to your lawyers office to sign paperwork. There you will confirm your title and identity, again to protect the lender from fraud. A lawyer visit may not be required if we are doing a straight switch which means we are moving your mortgage from a lender for a better rate at your renewal date without increasing the mortgage value (provided your current mortgage is NOT a collateral charge).
7. Once conditions for the lender are met, then the mortgage amount is funded and your new mortgage transactions will begin to occur.
