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Our Process Here At First Vision Mortgage
The first step in a home purchase transaction, Pre-Qualification is a casual conversation with your Loan Officer which establishes your ideal price range. Notably, Pre-Qualification does NOT function as Approval.
Now that you know your price range, you can refine your search for your next home!
You found a house in your price range and geographic area, made an offer (including but not limited to any negotiations of sale price, repair requests, closing/move-in date), and it was accepted! Once accepted, this back-and-forth results in the Contract, sometimes known as a Purchase & Sale Agreement.
Now that you have your Contract in hand, you can officially apply for your home loan! Your Loan Officer will be reaching out for additional documentation (tax documents, pay stubs, bank statements, etc), so pay attention for that request. The faster these documents are received, the faster your loan can move through the process!
At First Vision, once an application reaches the Set-Up phase, our team of Loan Assistants works with your Loan Officer to establish the skeleton of your file, which includes ordering the Appraisal and Title Work.
If Set-Up builds the file’s skeleton, Processing puts meat on those bones. Processors dive deeper into what is already in the file and prepare it for Underwriting.
The Underwriter reviews the file to see what might still be missing and to make sure it will work. From here, the file will either return to Processing for resubmittal or proceed to Closing.
Once the file reaches our Closing Department, the light is at the end of the tunnel! Our Closers finalize the fees associated with the file, including Cash to Close (or the final Cash Back in a refinance), and prepare the documents you will sign at your Closing.
Please note you will receive a lot of spam mail in the days and weeks after your closing. If you have any questions about this spam or other aspects of your file, please don’t hesitate to ask your Loan Officer!