August 14, 2019

The Life Of A Mortgage Loan

As soon as you submit your application, a mortgage loan file is created and takes on a life of its own.

Prequalification
The first step in the life of your mortgage is pre-qualification. During prequalification, a Boles Group lending professional will review your application and documentation in order to make a preliminary determination of the type of loan and loan amount that best fits your situation.

Pre -Process
For home buyers, the loan file moves forward when your lender receives a copy of your purchase contract. In the case of a refinance, the loan file moves forward when you verbally agree to the mortgage solution recommended by your loan officer.

In-Process
There is a lot that goes on with an in-process loan. Accurate and timely communication with your lending team is crucial to make sure all appropriate documentation is provided in an acceptable format, that all the required forms are signed, and the loan can move forward.

Approval
Once an underwriter has approved your loan and all conditions have been met, closing documents are sent and you are ready to sign.

Funding
After signing, funds are sent from the lending bank through a title company to the seller. In the case of a refinance, funds are sent to the bank holding the borrower’s current mortgage.

Servicing
Several weeks after funds are distributed a servicing company will take over management of the escrow account and repayment. The transfer of your loan to a servicing company does not change the terms of your loan at all and it does not change your relationship with the Boles Group lending team.

The Boles Group at Bay Equity Home Loans in Gilbert is your lender for life. We take ownership of your mortgage needs from the split second we receive your application and stick with you well beyond funding. Even though we aren’t the company managing your payments, our team conducts quarterly account reviews to make sure you are always in the best loan possible. If an unexpected shift in financial markets creates an opportunity for you to save money, we catch it and alert you right away.

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Bay Equity Home Loans – Boles Group is a team of lending professionals located in Gilbert, Arizona and licensed to originate home loans for purchase or refinance in nine states (AZ, CA, CO, ID, MN, NM, NV, OR, WA). Boles Group lending professionals have the knowledge and experience to create solutions where other lenders create problems. The team prides itself on responsive, accurate communication and is highly regarded by clients and business associates alike.