The Mortgage Process
Prime Homebuilders has designed the process to make the mortgage process as easy as possible. We want you to be informed and comfortable with your buying decision. With this in mind we recommend "Kessner Financial, Inc." as our preferred loan processor.
Following find a step-by-step explanation of our simplified mortgage process:
Step 1: Pre-Qualification
The processor gathers information about your income and debts, and make a financial determination of the loan amount you may be able to afford and the best type of loan for which you are suited.
Step 2: Opening the File
A property appraisal and a property survey is ordered to get an accurate view of the value of the property you are looking to purchase. The lender will also order credit reports, and necessary verifications of employment (VOE) and bank deposits (VOD) and any other documents needed for the processing of the loan.
Step 3: Processing
Our "processor" reviews your credit reports and verifies your debts and payment histories as the VODs and VOEs are returned. The processor's job is to put together a complete package that can be underwritten by the lender.
Step 4: Underwriting
The underwriter is responsible for determining whether the combined package delivered by our processor meets all the lender's criteria. If the underwriter requires additional information, the loan is put in "suspense" and you are contacted and requested to supply additional information.
Mortgage Insurance Underwriting
If you pay less than 20% of the loan amount as a down payment, your loan will be submitted to a private mortgage guaranty insurer, who provides extra insurance to the lender in case of default
Step 5: Pre-Closing
The title insurance is ordered, any approval contingencies are met, and a closing time is scheduled.
Step 6: Closing
The lender "funds" the loan with a cashier's check, draft or wire to the selling party in exchange for the title to the property. This is the point at which you finish the loan process and actually buy the house. You will be scheduled to close at our attorney's office.