Home Loan Process
PRE-APPROVAL
After your initial loan application is taken, your Loan Originator will review your income, credit and assets to assess qualification. Initial documents will also be collected, these items could include, but are not limited to: paystubs, W2’s, tax returns, bank statements.
PURCHASE OFFER ACCEPTED
Between the pre-approval process and this stage, you will be working with your Real Estate agent to find a home. Once you find a home and sign a purchase contract, the loan process will begin again.
UPDATED DOCUMENTATION
At this point, we will collect updated items to be reviewed by underwriting. This list again may include, but not limited to: paystubs, W2’s, tax returns, assets, etc.
DISCLOSURES
There will be emails sent from both North Pacific Mortgage and American Pacific Mortgage with your initial disclosures. These are various documents that give us permission to move forward with lending you money. The first set will be required to be printed and signed with a pen, while the second set will have the option to be signed electronically.
PROCESSOR REVIEW
Once all initial documents are given to your loan originator, our processor will then review and request any additional documents that may be needed. Since the processor has the most communication with the underwriters and has the best understanding of documents that are needed, they will more than likely have additional items to request.
LOAN SUBMISSION
Once all documentation is received by you and various third parties, your loan will be submitted to underwriting. Typically within a few business days, initial loan approval should be issued.
INITIAL LOAN APPROVAL
The underwriter will review your application and all documents provided and then will issue an initial loan approval. There will always be documents requested, items typically needed will be appraisal, additional documentation for bank statements, etc.
LOAN RESUBMISSION
Once all underwriting conditions are met, our processor will resubmit all the documents provided to be reviewed by underwriting again.
FINAL LOAN APPROVAL
The underwriter will review your application and documents again to ensure that all of the loan conditions requested are met, then issue a final loan approval.
FINAL DOCUMENTS AT ESCROW
Our parent company, American Pacific Mortgage, will then prepare and send the final loan documents to your escrow company. Once escrow completes their preparation, they will reach out to schedule a signing appointment and provide all information regarding the final dollar amount needed for closing, if any.
LOAN FUNDED!
Once fully signed documents are received back to our parent company, depending on whether you are purchasing or refinancing, your loan will fund and close within 24 hours to 4 business days.
