Loan process

The traditional mortgage process is confusing and stressful. We’re changing that by getting rid of commission and letting you do it all online.

  • Step 1 - Pre-qualification

    • You send in essential documents so we can determine how much you can qualify for
    • Together we determine a suitable loan program and loan structure
    • We issue pre-approval to your realtor and you (can take as short as 24-48 hours depending on complexity of your scenario)

  • Step 2 - Submission

    • We lock in the interest rate with your consent
    • Lender uses the interest rate to issue a loan estimate (LE) within 3 days with a breakdown of estimated closing costs
    • You sign and acknowledge the LE (required by government for us to move forward)
    • We order the appraisal and prepare the application package and disclosures for you to sign
    • You sign loan application and disclosures
    • We submit your loan to the lender

  • Step 3 - Conditions Cleared

    • Lender will review and sign-off conditions in a few days (note: lender may counter with further conditions upon review)
    • Once all conditions are cleared, a final loan approval is released

  • Step 4 - Loan Approval

    • Lender issues conditional loan approval with a list of conditions to be fulfilled
    • We review the conditions with you
    • You provide all requested conditions within 24-48 hours, and have a conversation with your realtor about contingencies
    • You get a quote for homeowner’s insurance and send the declaration page to us
    • The lender issues a closing disclosure (CD) similar to the LE for you to review closing costs
    • You sign and acknowledge the CD. This starts a three-day waiting period before final loan documents can be signed.

  • Step 5 - Sign Loan Documents

    • Lender sends loan documents to the title/escrow company, and title/escrow prepares loan documents for signing
    • We review the estimated closing statement & note with you and make sure all numbers are correct before signing
    • Title/escrow company sets up signing appointment with you
    • You sign the legal documents at the title/escrow appointment

  • Step 6 - Funding and Recording

    • Lender may request funding conditions
    • You send in funding conditions (if any), and wire the down payment to the title/escrow company
    • Lender funds the loan, and title/escrow records the loan next day

  • Step 1 - Pre-qualification

    • Initial phone conversation to understand your goal and purpose of refinancing
    • You send in requested documentation
    • We review and confirm your qualifications
    • Together we determine a suitable loan program and loan structure

  • Step 2 - Submission

    • We lock in the interest rate with your consent
    • Lender uses the interest rate to issue a loan estimate (LE) within 3 days with a breakdown of estimated closing costs
    • You sign and acknowledge the LE (required by government for us to move forward)
    • Appraisal is one of the most consuming steps in refinance. Please sign the LE as soon as you receive it.
    • We order the appraisal and prepare the application package and disclosures for you to sign
    • You sign back loan application and disclosures
    • We submit your loan to the lender

  • Step 3 - Conditions Cleared

    • Lender will review and sign-off conditions in a few days (note: lender may counter with further conditions upon review)
    • Once all conditions are cleared, a final loan approval is released

  • Step 4 - Loan Approval

    • Lender issues conditional loan approval with a list of conditions to be fulfilled
    • We review the conditions with you
    • You provide all requested conditions within 24-48 hours, and have a conversation with your realtor about removing contingencies
    • The lender issues a closing disclosure (CD) similar to the LE for you to review closing costs
    • You sign and acknowledge the CD. This starts a three-day waiting period before final loan documents can be signed.
    • CD is another critical step. The 3 days mandatory waiting is usually the bottleneck for refinance. Please sign the CD upon receipt

  • Step 5 - Sign Loan Documents

    • Lender sends loan documents to the title/escrow company, and title/escrow prepares loan documents for signing
    • We review the estimated closing statement & note with you and make sure all numbers are correct before signing
    • Title/escrow company sets up signing appointment with you
    • You sign the legal documents at the title/escrow appointment

  • Step 6 - Funding and Recording

    • Lender may request funding conditions
    • You send in funding conditions (if any), and wire funds to title/escrow company (if applicable)
    • Lender funds the loan, and title/escrow records the loan next day
    • If subject property is your primary home, there is another mandatory 3 days recession period before the loan can be funded
Which Loan Is Right For Me?

Fixed Mortgage Rates

+ ADVANTAGES
  • Monthly payments are fixed over the life of the loan
  • Interest rate does not change
  • Protected if rates go up
  • Can refinance if rates go down
- DISADVANTAGES
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve

Adjustable Rate Mortgages

+ ADVANTAGES
  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Rates and payments may go down if rates improve
  • May qualify for higher renovation home loans amounts
- DISADVANTAGES
  • More risk
  • Payments may change over time
  • Potential for high payments if rates go up