Step 1: Pre-Qualification/Consultation Process During this phase, an application is completed which enables us to learn more about your financial goals and needs and to determine program eligibility. A credit report is also obtained at this point (with borrower permission) in order to help refine your financing options. We will also disclose any and all fees and disclosures associated with your loan at the time of your application (e.g. "Good Faith Estimate") so that you know what to expect early on in the process. A full application takes approximately 15 - 20 minutes to complete. Step 2: Documentation Process Once the appropriate program is selected, the necessary documents are gathered for "processing", information verification, and submission to a preferred lender. We will only gather the documents that are necessary in order to simplify and streamline the process. Step 3: Processing and Underwriting Process During the processing phase, Quinlan Mortgage and Financial prepares your financing package for submission to a lender. In doing so, we will verify information obtained during the application process (e.g. employment, income, assets) on behalf of the lender (if necessary) in order to expedite the underwriting process. The processing phase generally requires approximately 1 - 3 days for completion. A final underwriting review is performed upon submission to the lender to ensure that the loan qualifies based on the predetermined guidelines. The underwriting process generally requires approximately 5 - 7 days to complete. Note: This varies based on type of program (e.g. "No Doc Loan vs. Full Doc Loan) and lender and can often be expedited if necessary to accommodate borrowers with restricted schedules. Step 4: Satisfying Lender Conditions Once approved, the underwriter will often require that certain "conditions" are met prior to funding the loan. Lender conditions are typically requests that are easy to satisfy. An example of a lender condition is a request for a copy of the homeowners insurance policy for the subject property. Step 5: Closing After the conditions are met, we are able to schedule your closing and finalize the loan. Prior to closing, we will contact the borrower and explain the final HUD (much like the Good Faith Estimate, only the HUD itemizes the final settlement figures for closing and may only vary based on any previously unknown figures, such as actual property taxes or town specific recording fees). If the loan is for a purchase, the borrower (buyer), the seller, any agents representing either party, along with the closing agent meet to sign the necessary documents for transferring ownership to the buyer and initiating the loan. The closing agent retains the signed documents and initiates the loan on behalf of the lender. In the case of a purchase, the agent also records the new deed at the appropriate town hall and ownership is subsequently transferred to the borrower... and the home is yours!