The Loan Process
Step 1: Pre-Qualification
The Pyne Team pre-qualifies you as the borrower for a mortgage prior to the identification of a specific property.
Step 2: Rate Lock
We issue a written agreement guaranteeing the borrower a specified interest rate, provided the loan closes within a set period of time. To lock a rate the applicant must have a ratified contract and an established settlement date.
Step 3: Disclosures
Our team will offer the official loan estimate and disclosures. The applicant must receive these documents within three days of the loan application; the loan documents need to be signed and returned to us as soon as possible.
Step 4: Appraisal
A qualified appraiser prepares a written analysis of the estimated value of a property. This process is performed to make sure that the property is of fair market value and supports the agreed upon purchase price.
Step 5: Processing & Underwriting
The processor prepares the file for underwriting. The Underwriter reviews the documents for final approval. It is common for the Underwriter to request additional explanations or documentation during this process. The processor requests this information for the borrower.
Step 6: Initial Closing Disclosures (ICD)
The Initial Closing Disclosures (ICD) must be provided to and acknowledged by the borrower no less than three business days prior to settlement. The loan will not be able to close until the third business day after acknowledgement. In most cases you will receive the ICD one week prior to closing.
Step 7: Closing
The Title Company conducts a meeting to finalize the sale. The borrower signs the mortgage documents and the seller transfers ownership of the property. Prior to settlement, we will send you the final CD which will have the final figure for cash required for closing.