Mortgage Loan Process
When starting a mortgage loan process, the first thing a buyer needs to do is complete a standard Mortgage Application. Our qualified Mortgage Loan Officers at Pegasus will help you in filling it out. The information provided in this document is what will help determine your eligibility for a mortgage loan, please fill it out properly and accurately.
After completing your Mortgage Application, one of our qualified staff will analyze your qualifications for an approval for a loan. Your approved mortgage loan amount and terms of mortgage will be based on information provided in your application, such as credit report, income assets, liabilities among others.
Based on the information gathered during Pre-Qualification, one of our qualified Loan Officer will discuss in detail with you, and help you select from a variety of loan products that is the most suitable and right for you.
After narrowing down the right mortgage loan for you, your Loan Officer and staff will provide you with a list of relevant supporting documents we need to collect from you, such as job letter, pay stub, bank statements and any other documents requested by your Loan Officer.
An assessment of your credit report is an important step in qualifying you for a mortgage loan. If you are unsure on how to obtain a credit report, we will guide you on how to pull your credit report from a service provider. Maintaining a good credit report maximizes the chances of getting a mortgage approved and obtaining favorable terms on your mortgage.
At this stage an Underwriter goes through the entire loan application to check if there are any outstanding items yet to be provided. If something is required, then you will be asked to provide us with the missing documents. If everything is complete, the application will be sent to the lender for approval and sign off. Once complete, the mortgage can move to the settlement and closing stage.
Once all above steps are complete, the application will be sent to the settlement office or the closing attorney for the final paperwork and registrations. You will be asked to sign the closing documentation package. Once signed, only then does the application get the final approval from the settlement office or the closing attorney. With the final approval given, and lender receives the confirmation of the loan.
The financing is extended, registrations are done and closing is complete.
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