Mortgage Loan Approval Process

These are the key steps of the loan approval process:

1. Application/Documentation - Once pertinent documentation is obtained from the borrower, HamiltonLadd Home Loans generates the mortgage application, requests a credit report and orders an appraisal of the property. Should any issues arise, we request additional information and/or items as needed. Throughout the process, we keep the applicant, and the realtor, and attorney informed as to the loan's progress.

2. Loan Submission - Prior to submitting the loan package to a lender, the loan originator reviews current mortgage programs to insure the borrower the best product, rate, and term. The loan is then assigned to a loan processor who puts the loan package together, sends the completed application and Good Faith Estimate of closing cost to the applicant for review and signature, then submits the loan package to the chosen lender for approval.

3. Loan Approval - Once all the outstanding loan conditions are met to the satisfaction of the lender, HamiltonLadd will notify all parties that the loan is "cleared to close."

4. Documents are drawn - The lender prepares the closing package and sends it to the attorney prior to closing. At this time, the borrower is told how much money to bring to the closing table (if applicable).

5. Closing Funding - The loan is funded and closed once all parties have signed the loan documents.

6. Recording - The attorney records the note and deed with the town recorder's office.