OVERVIEW OF THE LOAN PROCESS
At Frontline Funding Group, Inc. we employ a personal approach to ensure clients are kept informed throughout the entire loan process. Our ultimate objective is finding the best loan product for you. At any point in the loan process, your loan representative is always available to answer any questions you may have.
Here is a step-by-step overview of the loan process.
STEP 1/GET ORGANIZED
The first step in the loan process is to get organized by gathering the documentation you will need for your loan application to be processed. Specifically, you should collect information about your assets, your debts, and your employment history. Complete our Pre-Application Worksheet to get started.
STEP 2/PREQUALIFY
"Prequalification" occurs before the actual loan process begins. Prequalification is an estimate of how much you can borrow to purchase your new home. The prequalification figure is based on basic financial information you provide about your income and debts. Pre-qualification is neither pre-approval nor a commitment to lend, nor does it guarantee loan approval. A final loan decision cannot be made until we receive a completed loan application with supporting documentation.
STEP 3/APPLY
Once you are pre-qualified one of our loan consultants will prepare a formal loan application and gather from you the documentation needed to process your loan. Our Loan Consultant can take your application over the phone or in person at our office. You'll be asked personal information about employment, assets, and debts and you will be asked to provide documentation, such as W-2's, recent pay stubs, and copies of your income tax returns. Your credit report will also be reviewed. Our Mortgage Loan Application Checklist outlines the documentation required to process your loan.
STEP 4/PREAPPROVAL
A “preapproval” determines the maximum mortgage loan amount for which you qualify, subject to certain conditions. A pre-approval is subject to verification of the information stated in the loan application including verification of your income, assets and liabilities, and a review of your credit worthiness.
STEP 5/PROCESSING
After your loan application is completed and you have provided the requested documentation our loan processor will review your file to make sure it is ready to be submitted to the lender for underwriting. We will verify the information in your application, including employment, deposit accounts, assets, and liabilities. We review your credit reports and verify your debts and payment histories. We order the appraisal and review for value. Title insurance and homeowner's insurance is ordered. A complete package is put together for final approval by the lender. You may receive communication directly from the loan processor should additional supporting documents be needed.
STEP 6/UNDERWRITING & APPROVAL
Once your loan processor determines that your file is complete it will be forwarded to the lender offering the best interest rates and fees for the loan program you selected. The lender’s underwriter will ensure that the file meets all of the lenders guidelines and requirements for the program you selected. The underwriter reviews your income, assets, liabilities, credit scores, loan-to-value ratios, and your proposed loan details. In some instances, additional information may be required from you. If all of the lender’s requirements are met your loan will be approved and you will receive an approval, or commitment notice, and any outstanding conditions that need to be satisfied for the loan to close.
STEP 7/CLOSING
Once your loan has been approved, a closing date will be arranged. At the closing, the lender "funds" the loan with a cashier's check, draft or wire to the selling party in exchange for the title to the property. You will be requested to attend the closing to sign all final documents, including the mortgage note. At the closing you should be prepared to:
- Review the final loan documents.
- Verify the accuracy of the interest rate, loan terms and your personal information (i.e., name and address).
- Sign the loan documents.
- Bring a cashiers check for your down payment and closing costs if required.
Frontline Funding Group, Inc.
80-38 170th Street - Jamaica, NY 11432
Office Phone: 718.969.2794 - Fax: 877.773.8795
Toll Free: 877.301.2700
Registered Mortgage Broker - NYS Banking Department
Loans arranged with third party providers
