‘I found a house, came to you for a mortgage, trusted you to help me with the financing, gave you all my papers and signed all the documents, now what?”

In 14+ years of helping home buyers realize their home ownership goals, I have found that communication and being prepared makes the whole experience painless and enjoyable. Securing a mortgage does not have to be confusing or complicated. I will work with you and all involved to make sure everything goes smoothly. The purchase of a new home is a joyous occasion and I my goal is to ensure it is exactly that!
I have listed a few of the most commonly asked questions as well as a brief description of the process. Hopefully, this will help:

“Where does my loan go next”

I compile and arrange the application using all of the information you have provided, the signed disclosures and my analysis and give it to my processor. Processor orders the appraisal, verifies all information (bank accounts, employment, taxes, etc.…) and completes the file. Everything is then given to the underwriter for final approval. UW will review the whole file, make sure we all did our jobs correctly and issue a commitment. UW may be satisfied with all the data I provided or UW may ask for additional information. If additional information is required, I will communicate this to you and assist in handling it. I try to get everything up front so this list is normally minimal.

“Who takes care of the appraisal?”

We order the appraisal from a 3rd party appraisal management company who then assigns the order to a local appraiser. Once they receive the order, the appraiser contacts the listing agent and schedules an appointment. Only the appraiser and the agent are present at this visit. Using local marketing data and recent comparable sales, the appraiser determines the current value of the home and creates a report. This report is delivered to us. Our office will send you a copy to review.

“What about my rate?”
If we have not locked the loan at application, I will be in constant contact with you regarding the current rate climate and will suggest the best time to lock. It is extremely important to me to secure the best possible rate for my clients so I constantly monitor the economic news that affect the markets and will keep you up to date.

“What should I be doing during the process?”
There are services required or suggested for which you need to shop. These services are provided by professionals in each detailed field and you can choose whomever you choose to complete the service. If you are not familiar or have worked with any agents in these fields, I can recommend providers with whom I have worked and are acquainted with our process.

Home Inspections – It is recommended but not required to hire a home inspector. There are various agencies that perform this service. They offer general home inspections including mechanical, structural, water, termite, Radon, well, septic, etc… It is up to you which of these items you wish to have examined.
Home Owner’s Insurance – You will need to secure home owner’s property and casualty insurance prior to closing. The terms of your mortgage require enough insurance to cover at least 100% of the estimated replacement cost for your home and any improvements to your property. However, that may not be enough to protect you financially. I recommend you ask your insurance agent if you also have enough coverage to protect you from personal liability for accidents that occur on your property, and to replace your personal property if it’s damaged, destroyed, or stolen.
Closing Attorney/Settlement Agent– Generally in Connecticut the attorney handling the closing will be responsible for ordering the title search (which will show who owns the property and what mortgages or liens are on it); preparing the title commitment (which tells the new lender the status of title); preparing the closing documents, including the Settlement Statement which shows all the costs, expenses and disbursements for the new loan; meeting with the borrowers to explain their loan documents; overseeing the signing of the loan documents; recording the new mortgage on the land records; and handling all the funds from the new mortgage (including distributing funds to the seller, agents, etc.…) and issuing the policy of title insurance required. The closing attorney works closely with us in performing these tasks. The closing attorney may also work to clear any title issues, such as improperly released mortgages or ownership issues. You can use an attorney with which you are familiar, who is accustomed to handling real estate transactions, or I can recommend some that have worked with our company, are acquainted with our paperwork and have reasonable fees.

“When will I get my final approval?”

After the underwriter reviews the file and is satisfied with all of the information, she will issue a Commitment Letter. This letter will detail the terms of the approval as well as any additional conditions she feels are necessary. Again, I pride myself in securing everything that is necessary up front in the procedure. This greatly reduces the number of conditions added after approval. We also deliver your commitment to the realtors involved and your attorney. If we work together and collect all of the necessary paperwork quickly and completely, this process can take as little as 7-10 days!

“OK….I’ve done everything, I have an approval, now what?”

We will coordinate the closing with the attorney/settlement agent. Al least, three business days prior to your closing, we will provide you with a Closing Disclosure. This will detail all of the information pertinent to your loan such as loan terms, projected payments, costs and necessary amount to close.

“What can I do to avoid slowing down the process?”

Again, necessary items vary from loan to loan but here are some general recommendations:
• Provide us with any requested documents in a timely manner.
• Be readily available to answer any questions that come up.
• Meet all of your current financial obligations on their scheduled date.
• Do not take on any new debts, switch jobs or change careers during the process.
• Avoid making unusual, large deposits in to your bank accounts.

Well, that’s about it! Obviously, some of the items listed above vary according to individual needs and situation. Again, as long as we communicate, everything will be perfect!!

Thanks again for trusting me with this very important part of your life and I look forward to providing the excellent service that sets us apart from other lenders.