You've decided on a loan program and now you're ready to complete a loan application with the help of your Jersey Mortgage loan expert. This is where it all starts, the beginning of the loan process. Your Jersey Mortgage loan officer will guide you through this form step by step. This mortgage loan application includes several sections that capture information about you, your finances and details of your potential mortgage, including; verification of income and employment, assets, and your credit history. Once your home loan application is approved, your real estate loan closing will be quick and subject only to a satisfactory appraisal and title report on the home.
As the loan application moves into the "processing" and/or "underwriting" period, experienced underwriters at Jersey Mortgage will make sure all loan requirements are met, which include your credit, assets, income, and other factors that may impact credit-worthiness and loan approval. Your loan will then be approved with conditions, approved without conditions or declined. If the underwriter approves the loan “with conditions” that means you’’’ need to provide additional information at closing before the loan can become final. Final conditions are sometimes added for final approval. Our mortgage specialists do their best to help you through the process. When all conditions are met, your loan documents are drawn up and forwarded to the place of settlement or closing, typically a title and/or escrow company.
Congratulations! You’ve made it through the application journey, and have a closing date. At your mortgage closing, you meet with various legal representatives to sign your mortgage and other documents, make any required payments and receive the keys to your new property. Here you’ll review and sign all your loan documents. Make sure you understand the terms of each document. If something is different from what you expected or agreed to, don’t sign until you resolve the issue. It’s important to keep your financial status clean and unchanged during the home buying process. Often a final credit report update and additional calls to your employer will be required before funding the loan.