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Mortgage Loan Process

Mortgage financing is a large transaction for all borrowers. At Katz Mortgage Team, we embrace the “Team” concept to offer you the best level of service possible. You are not just a customer; you are a member of your Loan Team which  includes your Real Estate Agent, Loan Officer, Processor, and Closing Attorney… all working together to insure a timely, smooth closing. 

STEP ONE:  Consultation

At Katz Mortgage Team, we feel it is imperative for customers to speak face to face or over the phone with one of our licensed Loan Officers. This interaction is done with two goals in mind: First we discuss your mortgage goals and assist you in deciding which program is your best match. Do you want the lowest payment? Do you want to build equity faster? Or do you simply want the lowest borrowing costs? Everyone has their own priorities. 

Secondly, we want to make sure you are pre-qualified for the loan you want and the house you choose. Your Loan Officer will ask you a few questions about your income, debts, and assets to make a general determination on how much house you can qualify to purchase. 

STEP TWO:  Loan Application

Online, over the phone, or in person, the application process is made to fit your schedule and comfort level. Although we take advantage of the latest technology, we also know that some people prefer to do business in person and that technology is no substitute for human interaction.  Once completed, the loan process begins and your loan papers are sent to you over our secure website or overnight mail if you prefer.

STEP THREE:  Paperwork

Along with your loan disclosures, you will receive a list of financial documents required to process your loan. At Katz Mortgage Team, we send out new disclosures every time something changes on your loan file, or a new milestone is reached, to make sure you are kept up to date and informed during the loan process.

STEP FOUR:  Processing

Once your paperwork and financials are received, you will be assigned a Processor. To insure the best service, all of our processors have 10+ years experience and excellent communication skills. The processor gathers the paperwork, financials, credit report, and appraisal into a regimented order for review. The Loan is then run through an automated underwriting system to make sure that the minimum documentation is included for proper loan underwriting and approval.

STEP FIVE:  Underwriting

The underwriter reviews your loan package to make sure it conforms to all the guidelines required for that loan product. They also review the appraisal and title report and may do additional validation of anything else they feel is necessary to document your loan. They have ultimate power and decision authority over the approval of your loan.  Often, the underwriter may have “conditions” or questions that require further documentation. Once completed, the underwriter will give the final loan approval. 

STEP SIX:  Closing

The final step in the process is a meeting between you and the closing attorney who represents the lender. On a purchase transaction, the seller and real estate agents may also be present. Here is where all the final loan documents are signed, and funds are distributed. The closing attorney is not only responsible for explaining the loan paperwork, but also for certifying “good funds” are distributed and that there is clear title on the property financed.  

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