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THE PURCHASE LOAN PROCESS
Consultation & Pre-Approval
The very first step for potential homebuyers is to consult with a licensed Essex loan officer. We will review your financial profile and determine what loan product helps you achieve your goals. From this point, you will fill out a mortgage loan application. This can be done either on-line, in person or over the telephone. Once we have received your application and all of your supporting documents, we will issue you a pre-approval letter. This letter will let any seller know that you have already started the mortgage process and are able to afford their home when you make an offer.
Find a Realtor and Begin Your Search
Before you start hitting the open houses, you must first locate a Realtor®. A Realtor® will bring a level of expertise that you will need as you search for a home. Your Realtor® will not only help you sift through the available homes on the market, but will represent your interests when you find one and wish to make an offer. If you do not already have a Realtor®, your Essex loan officer will be able to refer one to assist you.
It all starts with you.
Processing
Once we receive your fully executed purchase contract, we will issue disclosures and then the loan will go into processing. At the same time, a title report will be ordered, and your Realtor® will open escrow.
Once you have acknowledged your disclosures, we will collect a credit card to pay for an appraisal. This is the only upfront cost.
While we are waiting for the appraisal report to be completed, the processing department will review your file and you will be contacted by either the loan officer or the processor for any additional documents needed in order to move the file to underwriting.
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Underwriting
Once all outstanding items are gathered, the file can be moved to underwriting where your application will be examined and a credit decision issued. During this time, it is imperative that you be available to collect any necessary additional documentation, should any be requested. Also, please avoid any large purchases or transfers of funds into or out of any of your accounts. If additional documents were needed, your file will go back to underwriting for final approval.
After underwriting completes the final approval, we can then issue your final disclosures. Based on federal regulations, we can close your loan 3 days after you acknowledge receipt of the aforementioned disclosures.
Closing
With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are a proud owner of your new home, and the keys are yours!
THE REFINANCE LOAN PROCESS
upfront cost. While we are waiting for the appraisal report to be completed, the Processing department will review your file and you will be contacted by either the loan officer or the processor for any additional documents needed in order to move the file to underwriting.
Underwriting
Once all outstanding items are gathered, the file can be moved to underwriting where your application will be examined and a credit decision issued. During this time, it is imperative that you be available to collect any necessary additional documentation, should any be requested. Also, please avoid any large purchases or transfers of funds into or out of any of your accounts. If additional documents were needed, your file will go back to underwriting for final approval. After underwriting completes the final approval, we can then issue your final disclosures. Based on federal regulations, we can close 3 days after you acknowledge receipt of the aforementioned disclosures.
Closing
Before the signing of the final loan documents, we will clear any closing conditions. Generally speaking, these will include such things as final employment verification and proof of homeowner’s insurance. Once all closing conditions have been met, it is time to sign the documents. If this is your primary residence, you will have a 3 day Right of Rescission before the transaction is complete. Second homes and investment properties do not have this rescission period. Once 3 business days have passed, your refinance is complete.
Consultation & Application
The very first step is to consult with a licensed Essex loan officer. We will review your financial profile and determine what loan product helps you achieve your long-term goals. Once we determine the program that best suits these goals, you will apply for a new mortgage loan by completing a mortgage loan application. This can be done either on-line, in person or over the telephone.
​
Processing
Once we receive your fully executed mortgage loan application with supporting documents, we will issue disclosures and then the loan will go into processing. At the same time, a title report will be ordered. Once you have acknowledged your disclosures, we will collect a credit card to pay for an appraisal. This is the only
