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Pre-Qualification
Tammy can qualify you with just your social security number, date of birth and current address, through our secured software system that pulls all 3 credit reporting bureaus.
Loan Application / Pre-Approval
A formal loan application can be taken by Tammy over the phone for your convenience. The information you will need to provide is your employer’s name, gross monthly income, assets, banking information and approximate balances, SS#, DOB, and current address. We will then send you via UPS, the loan application and necessary disclosures for your signature.
Appraisal
After you have found a property to purchase or you’re ready to proceed with your refinance, we will order your appraisal. The appraisal provides proof that the property is in good standing and comes in valued at the current market value or sales price per your purchase agreement.
Locking In Your Rate
We lock rates to properties, not people. When you have a property, we will at that time lock in your interest rate.
Underwriting
Your credit pre-approved file and completed appraisal are sent to our in-house underwriting department for full loan approval. Occasionally, additional documentation may be requested. We would call and discuss these items with you immediately.
Final Good Faith Estimate
Prior to signing your final loan documents at the escrow company, Tammy will do a final good faith estimate for you. This will disclose your program, rate and cash needed to bring to closing. This ensures that we are all on the same page and your closing can proceed without a hitch.
Loan Documents
Your loan documents are drawn and delivered to the title company usually a few days to a week before your closing date. The title company will then contact you to schedule your signing appointment.
Closing
Closing takes place 1 to 2 days prior to the date on your sales agreement. In Oregon it is customary for the buyer’s/borrower’s to sign loan documents at the title company with an escrow agent and your real estate agent present.
Funding
After your closing documents are signed by you and your escrow agent, the title company will send them back to Northwest Mortgage Group to fund in our funding department. Your money is wired from NW Mortgage Group, back to the title company and the title changes hands. This finalizes your purchase!
Congratulations! Your loan is complete!!
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