Buying a home is most likely the biggest financial transaction you may make in a lifetime and communication is key to making sure the process is as stress-free as it can be. While hiccups can happen in the home buying process, it’s important to have clear, open communication with your loan specialist to minimize the possibility of disruptions and to ensure that your expectations are met. Being prepared for potential items that may come up makes them much easier to handle and our well-trained staff is here to help you throughout the process.
During the Application Process
Many buyers now submit initial loan applications online, but we are here if you would like to contact us once that’s submitted. Contacting us via phone after sending the application does two things. First, it assures you that your application has been received and secondly, it gives you contact with a real person to go to for future help. But, rest assured that our friendly staff will be reaching out to assist with moving your loan along at the time line and speed that works for you.
During Loan Approval
Once an application is submitted, the loan will go through the approval process. The loan processor should be in contact regarding necessary documentation. Should there be anything missing, that loan processor should take the lead in making sure you know what documentation is needed and when. At UHCU, we provide ongoing communication throughout the approval process and will communicate often with you to ensure you’re up to date on the status of your loan. If you’re ever confused or not sure about specific documents requested, it’s best to ask for clarification as soon as possible to avoid any delays. We also recommend sending your documents as soon as possible, instead of waiting until the deadline given by your loan processor. This gives them more time to review what you’ve sent, ask questions, and/or ask for additional items, if needed. Remember, often times the file can't move to the next steps until the requested documents are provided. Delays early in the process can lead to stress at the end of the process.
Initial Review Process
The next step in the home loan process is an initial review by an underwriter. During this review the underwriter will check the documents that you have provided and issue a conditional approval of your loan. Following the conditional approval, the processor will reach out to review the additional items the underwriter has requested to complete the loan file.
Once all of the items and conditions have been provided and met, the loan file is sent for loan approval and you will be given the clear to close. The loan processor should then contact you to establish a time line for closing and wrapping up any outstanding items.
Your closing scheduler will guide you through the closing process, which includes setting the closing date and time and reviewing the closing process with you.
Establishing your communication needs early is the key to a successful and low-stress mortgage process. Let your loan officer know the best way to contact you, what hours are best for you and when you expect communication from the very beginning and you’ll be setting yourself up for success!