Understanding the Loan Process

Whether you're buying a new home or refinancing your current one, we can make your dream become a reality.

As leading professionals in the home finance industry, we can take the mystery out of the process. Not only will we provide you with the best service, and the most competitive rates available in the market, we'll explain the entire process that's involved when you apply for a mortgage.

This website will provide you with the answers to many of the questions that you might have about the loan process. We hope this information will make it easier to open the door to your ownership dreams.

Applying for a Mortgage
Once you've decided to buy your home, contact us and one of our representatives will help you begin the mortgage application process. To expedite the process, consult the application checklist for the information you'll need to provide.

Loan Processing
Once your mortgage application is submitted, it is forwarded to a loan processor. We check on necessary financial information which may include the following:

• Credit Reports
  
• Property Appraisal
  
• Employment Verification
  
• Funds on deposit
  
• Loans and other debts

To expedite the loan verification process, it is usually a good idea to alert the payroll department at your place of employment that you will need to verify your employment. You should request that all forms be returned to Bob and Orlando of Guarantee Mortgage promptly.

Sometimes the loan processing department may request additional information, generally a request for information answers questions that may have arisen in the application review. This is not an indication of a problem with your loan application.

Underwriting and the Secondary Market
Once the loan application has been reviewed for accuracy and thoroughness, the loan file is forwarded to a lender for underwriting. It is the underwriter's job to see that your loan package conforms to specific lender requirements that you and your loan agent have chosen. Guarantee Mortgage is a mortgage brokerage organization originating loans, which are submitted to lenders for final approval and funding.

Getting your loan approved is our number one priority. When your loan package meets the specific lender requirements, your loan will be approved.

Closing and Commitment
You will receive a mortgage commitment letter stating the exact terms and conditions of your mortgage at the time of approval. Please read it carefully.

Once you've agreed to the terms and conditions, we will forward your closing documents to a designated title company. The title company will insure that all the stipulated conditions of the commitment letter are met, and will schedule and coordinate the closing and transfer of funds.

Congratulations! You now own your own home!