Here we are going explain to you, how the Mortgage Process works, the different steps included in the process and the parts involved.
1. APPLICATION
- Application available online or in person.
- Discussion of loan options available.
- Pre-approval letter and additional disclosures distributed.
2. PROCESSING
Appraisal will be ordered to determine real estate value. Radiant Mortgage loan processors will make sure all documentation has been collected.
3. UNDERWRITING
Radiant Mortgage will underwrite your loan, and collect any additional documentation necessary.
4. CLOSING
Radiant Mortgage will prepare your closing documents. Your closing will be handled by a closing attorney who specializes in home loans. During the closing, funds are dispensed to the appropriate parties.
5. SERVICING
Radiant Mortgage maintains the servicing of the majority of loans it originates. That means you can rely on Radiant Mortgage professionals to assist with escrow accounts and payment processing.
6. FUTURE MORTGAGE NEEDS
Do you need to refinance? Are you interested in purchasing a second home? Market and personal life changes may present new mortgage opportunities. When you are ready, Radiant Mortgage is here to help.
- If you are interested in purchasing a new home and have questions about the amount you should borrow, our team will walk you through our approval process and will let you know just how much house you can afford to buy. This information can help you decide if the mortgage amount you seek, and the monthly payments, will work with your budget and lifestyle. Mortgage loan options include: fixed and variable, 5-, 10-, 15-, 20-, and 30-year terms.
- The pre-approval letter specifies the amount of the mortgage loan, and the terms associated with the loan. Other disclosures provided may include a loan estimate and other forms required by law. All personal information on your application is confidential and protected by law.
