What The Gale Team Does For You
We believe every customer should have the best mortgage experience possible.
WHAT HAPPENS NEXT?During the initial loan application we are often asked,
“What happens next?”
We want to take a moment and go over the loan process with you.
Once the loan application is completed it goes through many steps in order to get to the close of escrow. Our team members work together to get this done and we feel it is necessary for you to be aware of who they are and what they do. You may receive calls from any of our team members with requests for more information. Please note that we are all working together so your cooperation is imperative in getting your loan closed on time.
After we complete the initial loan application the loan is turned over to our Assistant Processor. They will order the appraisal, title work, insurance and all necessary verifications. This may include calling your current and previous employers to confirm your length of employment and wages. Many times we fax over items to be completed and returned to us. If you are refinancing your current home you should expect a call from the appraiser to set up an appointment time and date to inspect your home. If you are purchasing a new home the real estate agents will receive the call to set up the appointment.
2. Processing – (7-10 days)
Once the assistant processor has completed their steps she turns the file over to the Senior Processor in our Processing Department. They will pre-underwrite the file and gather any additional information necessary for the loan to be submitted to the loan underwriter. They may contact you, the agents, appraiser or Title Company for more information.
3. Underwriting – (2-7 days)
When the Processor finishes processing your loan they will submit all of the information to our underwriter for review and approval. The underwriter may require them to gather more information in order to approve your loan. If this is the case it may take up to three days to gather all items and have them reviewed.
4. Loan Document Preparation – (1-2 days)
Once we have final approval from our underwriter the final loan documents are prepared and sent to the title company for you to sign. You will receive a call from the assigned Escrow Officer to set up an appointment to sign all of the documents and go over all the final figures with you. Please note that a notary public is required.
5. Funding – (1 day for a purchase and 4 days for a refinance)
Once the final loan documents are signed they are returned to our funding department. Our funding department will review all signed documents for accuracy and order the funds to be wired to the title company.
6. Recording – (1 day)
When the title company receives the wire they disperse all necessary funds to the seller if you are purchasing a new home or to the previous mortgage company if you are refinancing your current home. After all funds have been dispersed the transaction is recorded with the County Recorder’s office. If this is a purchase you will receive the keys to your new home and the transaction is closed. If this is a refinance your previous mortgage has been closed at this point and the transaction is complete.