What to Expect

What To Expect During The Mortgage Application Process

Overview

At FLB Mortgage, our experienced mortgage loan officers will help guide you through each step of the mortgage process. The following provides an overview of what to expect.

• Getting Started  
• Getting Pre-qualified
• Selecting the right type of mortgage to fit your needs
• Applying for the loan
• Loan Processing
• Underwriting
• Document Preparation and Loan Closing

Getting Started 

Get started by contacting an FLB Mortgage loan officer. Our loan officers are experts in mortgages and can answer all your questions and present loan options that best suit your needs. You can contact a mortgage officer directly to schedule a face-to-face or phone meeting, or click the Apply Now button below and complete your information online. A mortgage lender in your area will contact you as soon as possible.

Getting Pre-Qualified

Before starting the home shopping process, we encourage you to get pre-qualified for a specific loan amount. To begin the pre-qualification process, you will provide your loan officer with information and documentation regarding your income, assets, and liabilities. Your loan officer will pull your credit report and discuss the checklist of required documents with you. Some of the information needed will be:

• How much money do you have for a down payment and closing costs?
• How much of a monthly payment are you comfortable with?
• What is your income?
• What are your monthly debts?

Based on this information, your loan officer will determine the maximum mortgage loan amount for the type of loan you qualify for and provide you with a pre-qualification letter. This letter demonstrates to the seller that you are serious about purchasing a house and able to do so.

Selecting the Home Mortgage to Fit Your Needs

There are many types of loan products, and your FLB Mortgage loan officer will work with you to choose the right mortgage product based on your needs. These products will depend on the information you provide during the pre-qualification process.

Applying For Your Loan

Once you have selected a property, the actual loan application process begins. Your loan officer will need a copy of the purchase contract and will then provide you with a Loan Estimate and other loan disclosures via a secure online portal. You must acknowledge the disclosures and agree to proceed with the loan before the process can move forward.  

IMPORTANT NOTE

From the time of your application to loan closing, it is important that you do not take any action that would negatively affect your loan status. It is suggested you:

• Do not open any new additional credit
• Do not quit or change jobs, including retiring
• Do not make any large deposits into your bank account
• Do not transfer any large amounts from one financial institution to another

Please contact your mortgage loan officer immediately if anything listed above is expected to take place during the mortgage loan underwriting process.

See our Important Tips page for a complete list of Do's and Don'ts.

Loan Processing

An FLB Mortgage loan processor will work closely with you and your mortgage loan officer to prepare your file for underwriting. The loan processor will perform the following functions:

• Order Appraisal
• Order Title Work
• Complete income, asset and rental verifications
• Request any additional information needed to complete your file
• Keep you updated on the progress of your loan

Underwriting

Once our loan processor has completed the loan package, we will send it to an underwriter to verify all information in the loan packet. They will review the appraisal, title work, and loan documentation. The underwriter will supply the loan processor with a list of conditions or questions that need clarification (if any). The loan processor may need to contact you for additional documentation and will return the file to the underwriter. We will send you a notification when underwriting is completed and approved. We then prepare your loan for closing.

Document Preparation and Loan Closing

Once your loan file is cleared and ready to close, we will work with the title company/settlement agent to prepare your closing documents. We will provide you with a Closing Disclosure, which you must acknowledge at least three business days prior to closing. The initial closing disclosure is a statement of loan terms and closing costs, which includes the amount of funds you will need to close. The loan documents will be sent to the title company/settlement agent.

At closing, a title company representative will review all loan documents with you, ask for your signature on all pages, and pay any remaining costs, if applicable. Once the documents have been signed, the title company will fund and record your loan. Keys are exchanged after the title is recorded.