Navigating the Mortgage Process

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The loan process may seem like a daunting task but we’re here to make it as easy and as stress-free for you as possible.  Each borrower has different needs and circumstances, so we designed our loan application to not only collect important and needed information but to also provide you with an instant and customized list of items you will need to collect and provide. 

Purchasing Your New Home – Keys to Success

• Get Pre-Qualified as soon as possible!  It is extremely important to know how much you qualify for.  Our Loan Originator will review with you the best loan products available and let you know how much you qualify for based on your credit profile, employment, and assets.   We will provide you with a Pre-Qualification letter which will state how much you are qualified for.   With this, you will have confidence in knowing how much house you can safely afford!  
• With your Pre-Qualification letter in hand locate a trusted real estate agent to help you in your property search.
• Make sure to get a Home Inspection!  Home Inspections provide you with an opportunity to identify any major issues with the property.  This can be used as a negotiating tool or allow you to back out of the sale.
• Once you are ready to sign the Purchase & Sales Agreement notify your Loan Originator so we can begin working on your loan application and ensure we can meet the closing date!

Best practices to a successful, smooth, and stress-free loan process and closing:

• Communication!  We will always keep you updated on your loan process via phone, e-mail, and in your secure loan portal.
• Provide the required documentation as soon as possible.  It is important to provide exactly what is requested.  We try not to ask for any unnecessary documentation to keep things as easy as possible.
• Notify us of any changes in your employment or credit as soon as possible.
• Do not take on any new debt before speaking with your Loan Originator.  Major changes in your credit profile can impact your qualification.
• Do not start any renovation projects before or during your loan process.   If a property has ongoing major renovations, it can cause delays and may potentially prevent us from closing on your loan until they are completed, and we are able to verify so.  Please check with your Loan Originator.
• Get your funds ready.  If you will need to bring funds to the closing, we will need to verify that these funds are in your checking or savings account.  If you will be transferring funds between accounts, we will need to document them with a paper trail.  If you are liquidating stocks, selling items, or withdrawing from a retirement account you should begin doing so 2 weeks or earlier prior to your closing date as it can be a longer than expected process.  Please check with your Loan Originator for what documentation will be needed.

Here is a detailed look at the loan process so you can be prepared:

1. Submit your application on our secure online portal.  During this step, you will provide us with details about yourself, your property and let us know what type of loan you are looking for.  We will provide you with a personalized task list to begin working on.
2. Our Loan Originator will reach out to you to review your loan application, determine the best product depending on your goals and long-term plans.  The Loan Originator will review in detail all steps in the loan process and required documentation.
3. The Loan Processor assigned to your loan file, who works hand in hand with your Loan Originator, will reach out to you with an update.  You will receive your initial mortgage loan application, Loan Estimate, and all other important disclosures for review within 3 business days of submitting your loan application.  You will be able to review and eSign all the required documents right in your secure portal on your computer or mobile device.  At this point, we will also order the appraisal, property title search, and any additional required items.
4. Once you have provided all the required documentation pertaining to your employment, credit, and assets your loan will be submitted to our experienced Underwriter for a detailed review.
5. The Underwriter will issue a decision on your file and your Loan Processor will contact you with an update and review in detail your approval and any additional items that may be needed.  A copy of our Mortgage Loan Commitment will be sent to you to review which will show the terms of your approval and itemize what else is required.
6. Upon receipt of any additional required items per the Approval, your Loan Processor will notify the Underwriter to complete a final review of your loan file. Once the Underwriter signs off on the remaining items, we will be ready to schedule your closing
7. We will notify the closing attorney to reach out to you to schedule a date, time, and place for your closing.
8. Between 3-7 days prior to your scheduled closing date, you will receive your Closing Disclosure.  This is a very important document that must be reviewed by you at the latest 3 days prior to your scheduled date.  This allows you ample time to review the Closing Disclosure and ask any questions you may have.  This way there are no surprises when you’re sitting with the closing attorney to sign the final documents.  You will also be able to review all your closing documents ahead of time as well.
9. The last step of the process is the actual closing.  On the day of the closing, you will be able to eSign most of the closing documents right in your secure portal!  The remaining documents which require an original signature will be signed by you when you meet with the closing attorney.  Do not worry, you can elect to sign everything in person with the closing attorney as well.

For more information about getting a mortgage with MIT Federal Credit Union, to view current rates, or to get the application process started please visit the main mortgage section on our website.

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