Pre-APPROVAL

Pre-approval occurs before the loan process actually begins. Your Mortgage Advisor talks to you about your income and debts, gathers a few pieces of paper from you and makes a financial determination about how much house you may be able to afford. We can involve Underwriting at this time to strengthen your offer in the eyes of the seller!

It's a good idea to know how expensive of a home you can afford before you start shopping for one! Be sure to update your Mortgage Advisor if  changes to your income or debts are expected, now or in the near future - this can affect the amount of home you qualify for.

If you are refinancing the loan on your existing home, then the pre-approval process could help you decide whether refinancing is a good idea and we'll help you find the perfect product to meet your financing goals!

Application

The application is the beginning of the loan process and either occurs after you have found a property you want to buy or once you have determined that you wish to refinance the loan on your existing home. You complete the mortgage application that was started during the pre-approval part of the process, and supply all of the required paperwork for processing. Various fees and down payment options are discussed at this time. AHL will deliver a Loan Estimate (LE) within three days that itemize the rates and estimated costs for obtaining the loan.

Processing

Your Mortgage Advisor will typically submit the application package to one of our exceptional Loan Processors. The Processor takes over the paperwork side of things and gets your application prepared for the bank. They will coordinate your transaction with all the parties involved. We will keep your realtor and closing agent in the loop from start to finish!

The Loan Processor reviews the credit report, public records and documentation. They may obtain written verifications for your employment, debts, and payment histories, as needed for the bank's records. We know your life is much more than paperwork! If there are any concerns or missing information within your application, we'll request an explanation so we can make sense of things. The Processor also reviews the appraisal and other property reports to check for property issues that may affect final loan approval. The processor's job is to put together a complete application package for the lender's underwriter.

Underwriting

The Underwriter is responsible for determining whether the application package meets all the lender's criteria for the program. If more information is needed, your Mortgage Advisor will be in touch to discuss.

When the underwriter approves your application, AHL issues a conditional approval. Then we work with you to obtain any final paperwork needed for our staff to clear all conditions with the Underwriter, and then schedule a closing time. Conditions of your Approval may include additional income or asset documents to close the gap on the paperwork we already obtained, or credit concerns that need to be explained that arise during the processing and underwriting process.

Never fear! If we've issued a Conditional Approval, then we have a path to close your loan. Additional paperwork at this stage should be expected. Our staff works closely with you to find the right paperwork. We are creative and think 'outside the box' when needed.

This is when any final changes get made to your application. As we approach closing, we'll issue our Closing Disclosure (CD) with all the final terms for the transaction. This gives you and your Mortgage Advisor the opportunity to review everything before you get to the closing table.

Closing

The closing will occur after all conditions are cleared and the lender issues a full loan approval. At the closing, AHL "funds" the loan with a wire to the closing agent, who disburses funds to any, in exchange for the title transfer to the property. This is the point at which you have finished the loan process and have signed the final paperwork with your closing agent or a mobile notary. Closings occur at different places in different states.

After the loan "funds", your closing agent will handle the final steps to record the transfer of title and the new mortgage. Congratulations! Your realtor will get you the keys to your new home once this step is complete. Enjoy your journey to wealth...