Application

 

At C1st, we make the application process comfortable for you.  If you prefer to apply online, our mobile friendly application only takes a few minutes and a C1st loan officer will contact you right away.  If a face to face meeting is best for you, we will always find time to walk you through the application in person.

Pre-Approval Appointment:  This time will allow you to explore purchase prices, down payment options and loan programs.  In order to fully review your qualifying information, please bring the items listed on the Mortgage Checklist to the appointment with your loan officer or easily submit them online.  

Loan Estimate (LE):  The form that lists the estimated settlement charges the borrower must pay at closing and the terms of the loan including annual percentage rate (APR).  A lender is obligated to provide the borrower this form within three business days of receiving a full loan application.

Pre-Approval Letter:  This is a letter signed by C1st that states a borrower meets the general conditions for financing approval.  We recommend getting pre-approved before getting serious with your home search.  Once pre-approved, you will have the confidence to head out and search for the perfect home knowing a great loan product awaits and fits your needs. 

Purchase Agreement:  This is a formal agreement between you and the seller(s) of the property.  This should include the purchase price, conditions of purchase, and any other credits or allowances the seller(s) will be giving you as part of the sale.  Once the agreement signed, the loan process can begin.

 

Loan Process

 

Once your loan officer receives the signed purchase agreement, the loan process can begin!  Our goal is to get you to closing as quickly and efficiently as possible.  For this to happen, your focus and responsiveness to the C1st team is very important during the process.  The timeframe will vary depending on your location, the loan and your specific situation.

Rate Lock:  Once your loan has been pre-approved and the borrower intends to proceed, the interest rate will be secured to prevent changes to the rate or price of the loan product you have chosen. 

Processing Review:  Once your application is finalized and the requested document have been returned, our processing team will do a full review of your file.  At this time they may request additional information that is required to complete and approve your loan.  Your loan officer will walk you through the details.  Completing these requests in a timely manner will limit any delays in the loan process and allow you to close as soon as possible.

Appraisal:  An appraisal is a report created by an independent appraisal professional.  This report helps in determing the value of the property you are financing.  If the appraised value is not equal to or above the value of your purchase price, your loan could be subject to further review.  Also, if there is any need for repairs reported through this report, they may need to be addressed prior to closing.

Underwriting:  In mortgage lending, the process of approving or denying a loan based on an evaluation of the property, the applicant's creditworthiness and ability to repay the loan.

Title Work:  Upon review of the Abstract and Title for your new property, an attorney will use a Title Opinion and Title Guaranty Policy.  This ensures that there are no outstanding liens or judgments against the property that could effect your new purchase.

 

Closing

 

Once the loan is approved and title work is complete, the C1st mortgage team prepares your loan for closing.  At this point, the closing date and time is scheduled. 

Homeowner's Insurance:  An insurance policy that protects the homeowner against damages or losses to the home.  Because your property is the security for your mortgage loan, insurance is important to be sure the value of the home is protected in case it is damaged or destroyed.

Escrow Account:  An account held by the lending institution to which the borrower pays monthly installments for property taxes and homeowner's insurance, and from which the lender disburses these sums for the borrower as they become due.

Closing Disclosure (CD):  The five page form that provides final details about the mortgage loan you have selected.  It includes loans terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage.  Per regulation, the Closing Disclosure must be provided and acknowledged by the borrower no less than 3 business days prior to closing.

At the closing, you meet with the lender and any other parties associated with the transaction to sign the loan paperwork.  The loan is officially closed and you get the keys to your new home!