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Mortgage Lending has changed as much as any other industry over the last 10 years. To educate our clients on the home loan process, we have created a step by step guide for your review and consideration. The key take away here is to obtain your financing first! This eliminates stress and makes the overall purchase process much easier on everybody.
THE PROCESS
LOAN OFFICER CONVERSATION
This first step is crucial and one that will set the stage for the entire process going forward. You and your Movement loan officer will assess credit-worthiness, establish expectations, and discuss some available financing options.
DOCUMENTATION
This is where you come in. We need your help getting your documents in as fast as possible. You will team up with your loan officer to collect items such as W2s, Pay Stubs, Bank Statements, and Employment History.
UNDERWRITING
Efinity Mortgage underwrites every loan at the beginning of the loan process. This gives you a major advantage in a crowded market, and helps prevent any last minute rushing. Our "reverse" approach is unique, and allows you to bypass an industry full of stressful and slow lenders. Our Underwriters assess the loan and aim to have it released from Underwriting within 6 hours.
FINAL UNDERWRITE
The Underwriter will now review your loan and verify that all conditions have been taken care of. The loan process is now complete and is ready for closing.
SUBMIT AN APPLICATION
The goal of our application is to gather as much information as possible up front. This gives us a major head start and allows us to fly through the process.
HOME APPRAISAL
We team up with an industry leading appraisal management company that helps us keep the ball rolling. By maintaining a high standard for who we partner with, we can streamline what is often an extremely time consuming step.>
LOAN PROCESSING
Our process is goal-oriented rather than deadline-oriented. Most lenders attempt to just work towards a closing date or deadline. This often leads to problems and rushing around hours before closing or even missing the closing date. By working to a 7 day goal we can have closing documents out weeks before closing and avoid all the last minute craziness. This process is unique to Efinity Mortgage and we process over 75% of our loans in 7 business days or less.
CLOSING DAY
We work alongside the closing attorney to assemble the final paperwork and confirm the total funds needed for the closing day. Everything we do leading up to this point ensures that the closing table is a smooth and exciting experience. Now, enjoy the moment as you receive the keys to your new home.
This is a simplified version of our process and is for illustrative purposes only. Not all loans follow the same format, and some steps are not shown here.
