With Smith Broady & Associates our simple five step process ensures your mortgage loan process is handled in a timely manner and that you are informed of your status at each step of the way in the process.
Step 1 – Loan Prequalification
Click on the link above to complete the quick and simple Smith Broady & Associates Pre-Approval form. The form is available as a web document. Once you have completed the form, click on the submit button to have the form expedited to our office. We will contact you within 48 hours.
Step 2 – Mortgage Loan Application
After you sign a sales contract for your new home, the next step of the mortgage loan process is completing a loan application with your Smith Broady & Associates Loan Officer. Your Smith Broady & Associates Loan Officer will order an appraisal for your new home, and may collect copies of the following documentation:
Complete tax returns (most recent 2 years)
W-2 forms and/or 1099’s
Pay stubs (most recent 2)
Copy of purchase contract for new home (or mortgage statements for refinance)
Bank and asset statements (most recent 3 months)
Copy of your driver’s license
Bankruptcy statement & divorce decree (if applicable)
You’ll choose your loan program and lock your interest rate. Ready rates are typically locked for 30 days.
Step 3 – Mortgage Underwriting
After applying for your loan, your Smith Broady & Associates Loan Officer will ensure that your materials are in order. The underwriter will evaluate your loan to determine any risk involved for the lender, your creditworthiness, and the quality of the property itself.
Step 4 – Final Conditions
Your loan officer will contact you for any additional documentation required by the lender and inform you of the details of your closing such as the closing time, location and and closing costs.
Step 5 – Closing
You will select a Title Company for your closing location. Be on time to your closing. Bring your driver’s license, and a cashier’s check made out to yourself for the down payment & closing costs. You may wish to hire a real estate attorney to represent you at your closing. Closings usually take 45-90 minutes. Afterwards, your Smith Broady & Associates loan officer will be in touch to check-in on your new home loan!