My loan process at ProMortgage
My Loan Process at ProMortgage
The process of closing on a home loan can feel intimidating, but working with ProMortgage takes the guesswork off your plate. Our experienced fiduciary brokers prioritize your best interests—not the banks—ensuring a smooth and transparent experience from pre-approval to closing.
A Step-by-Step Guide
1. Pre-Approval
We start by getting you pre-approved using Arive, a secure platform where you can submit your application and upload documents. Once we review your file, we’ll determine what you qualify for, and you’ll be ready to shop for homes or compare rates.
2. Loan Submission
When your offer is accepted or you decide to refinance, we submit your file to processing, which forwards it to the lender. You’ll receive disclosures from the lender to review and sign through their online portal. Returning these within 24 hours is crucial to keeping the process on track.
3. Appraisal
Once disclosures are signed, we order an appraisal to assess the property’s value.
4. Underwriting
Your loan file goes into the underwriting queue, and a conditional approval is typically issued within 5–7 business days. At this stage, additional documents or clarifications may be requested. Responding promptly—ideally within 24 hours—helps avoid delays.
5. Closing Disclosure (CD)
After final approval, the lender issues a Closing Disclosure (CD) for you to review. You’ll have 3 days to go over it and address any questions. Once you approve the CD, we get a "clear to close," and the title company provides an estimated closing statement for final review.
6. Signing and Closing
The title company will schedule your signing. For primary or secondary home refinances, there’s an additional 3-day right of rescission before the loan funds. Typically, the loan records the day after funding, and if you're purchasing, you’ll receive your keys—the moment you’ve been waiting for!
Transparent Fees
At ProMortgage, we do not charge any fees. We are compensated solely on the loan amount.
Third-Party Fees: These include title and escrow, appraisal, credit report, and lender underwriting.
Homeowner’s Insurance: Paid at closing for (in most cases) one year upfront.
We’ll discuss rate options, the potential to pay down your rate with “points,” and how to evaluate and compare options to make the best decision.
Why ProMortgage?
Our streamlined, secure, and reliable process ensures that your loan is handled efficiently and intelligently. I’m always available to answer questions or address concerns to ensure you feel confident and informed every step of the way.
Feel free to reach out anytime, and check out this helpful mortgage terms cheat sheet I’ve created to simplify the jargon! I look forward to working together!
Here’s a helpful cheat sheet I created of “mortgagese terms.” for you to peruse.
