At Advancial Mortgage, we are here to make getting a mortgage loan simple an easy. Generally, here is what you can expect when you apply for your mortgage loan.
Step 1: Contact us and begin your application.
Simply fill out a few basic pieces of information on our online Quick Application to get started. An Advancial Mortgage loan officer will call you to learn more about your financing needs and discuss your mortgage options. During this call, your Advancial Mortgage loan officer may also ask for any additional information including your employment information, income, assets, debt and expenses needed to complete your mortgage application.
After your application has been completed and your credit has been evaluated, Advancial Mortgage will find the right mortgage option for you. Within three days of completing your application, we will send you a copy of your Good Faith Estimate (GFE), which is a document that will help you understand the various costs associated with your mortgage loan.
Step 2: Provide important documentation and order your appraisal
To begin processing your loan, you will be asked to sign some initial documents and/or forms. We will also need to obtain various documents to verify information contained on your application. Please refer to our Application Checklist for a list of required documents.
Advancial Mortgage will order a property appraisal from a licensed appraiser who is familiar with home values in your area. Your mortgage loan officer will contact you with details on the costs of the appraisal and obtain your authorization to move forward. Typically the appraiser will need to view the interior and exterior of the home. For home purchases, the appraiser will contact the realtor to schedule the appraisal. For mortgage refinances, the appraiser will contact the homeowner to schedule the appraisal.
As soon as the appraisal is completed and all of your documents received, we will begin underwriting your loan. This step can take up to 14 days. An Advancial Mortgage representative will be in contact with you throughout this time to keep you informed about your loan status.
Step 3: Close your loan
When all your paperwork has been finalized and approved, an Advancial Mortgage representative will contact you to coordinate a closing date. Please note that your Homeowners Insurance policy is needed for closing and should be mailed to Advancial Mortgage at least one week before your scheduled closing date.
The closing agent or title company handling your settlement will contact you anywhere from 24 – 48 hours before the settlement date. The purpose of the call is to provide you will the exact dollar amount you will need to bring to closing. You will be asked to bring this amount in the form of a certified or cashier’s check. The closing agents will guide you through the process of reviewing and signing documents.