Loan Process

HOW OUR PROCESS WORKS

Hello,

Thank you for contacting Baker Mortgage. We don’t want this process to be confusing or scary to anyone so we have provided a short explanation of the events to follow.

The whole process begins with your completed application.  We review your application, ask any questions concerning issues that need clarification and run your credit report.  We send a worksheet, on the same form as the old Good Faith Estimate.  Disclosures are the next step.  They are normally sent to you by email.  They will be sent to you and your co-borrower (if applicable) and the majority of them can be e-signed and returned by email.  There are a few separate disclosures that will need to be sent to you for “wet signatures” because e-signatures on these forms are not accepted.

***Please note – the disclosures are time sensitive so it’s very important we get those back as soon as possible.   Getting them back allows us to move to the next step, which includes ordering the appraisal.  In some cases, it can take up to 2 weeks to get an appraisal, so we want to get that ordered as soon as possible.  Since the file won’t go to underwriting without the appraisal, it’s important that we get that back as soon as possible.

About the same time that the disclosures are sent out, we will be sending you a form listing the documentation that we need.  This is the documentation that we need to get your file started and into processing.  If you are self-employed (owning anywhere from 25% of the company and up), we will need the past two years of your business tax returns, again with ALL pages and schedules.  We will also be ordering title and your appraisal about this time.

The processor will go through all of the documents, ordering verifications of employment, verifications of deposits, IRS transcripts and anything else needed to process the file.  These things are all part of preparing your file to go to underwriting.

Your file will then go to our underwriter for an approval.  We will receive an approval with conditions meaning the loan is approved as long as the conditions are met.   Conditions can be a request for another bank statement, a letter of explanation on a specific issue, or something of that nature.  We will also be trying to schedule your closing for a date and time that is convenient for you.

A closing disclosure will be sent to you to sign and return at least 3 business days (including Saturday) prior to closing.  This will give you the final figures for your closing, as well as time to review your statement.

Your closing will take place as scheduled and will fund.  A purchase usually funds on the day of closing and your new home will be yours.  A refinance will fund after a 3 day waiting period. *During this waiting period, the same things apply as far as no changes in employment, debt, or income.*

During this process, we will be in touch and available so please let us know if you have any questions or concerns.  We want to see you through to closing with no stress and no worries.

Last but not least, there are so many ways to contact borrowers today, we would like to know what is the easier, most convenient way for you.  Would you prefer that we contact you by phone, email, or text?  Please be sure and let us know.

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