skip to Main Content

Mortgage Process

Once you decide to purchase a home, it’s time to start the mortgage process.

Contact us to find out more about mortgage products, our services, current pricing or to make an application. We welcome your home loan questions and look forward to hearing from you!

To make loan inquiries or request a quote, please call us:  541-797-6718

The Mortgage Loan Process

MAKE APPLICATION

Description: We offer our customers flexible and secure ways to make a mortgage loan application and begin the mortgage process:

Online: You can access our secure loan application here. Your loan request will immediately be sent to us for review and processing. We will then contact you to gather any additional information needed to complete your pre-approval for mortgage financing.

By phone: Please feel free to contact us by phone at your convenience: (541) 797-6718, we are available Monday – Friday, from 9:00 AM to 5:00 PM, Pacific Time. If we are unable to take your call, we are likely with another client and if you leave a message we will return your call as soon as possible, the same business day.

In person: We enjoy meeting our customers in person! If you would like to meet with one of our mortgage loan officers in person, please feel free to contact us schedule an appointment. Our office is located at 384 SW Upper Terrace Dr. Suite 202. Bend, OR 97702 in the Phoenix Building. We have convenient, free parking in our parking lot as well as on the streets in front of the building.

PRE-QUALIFICATION

Description: Once we have received your completed mortgage loan application we will review the application and determine your pre-qualification for mortgage financing. This pre-qualification is based on review of the loan terms and individual information provided by you, on this initial loan application. A pre-qualification is not a commitment to lend. It is an initial determination of qualification for mortgage financing based on un-verified, un-reviewed information. A pre-qualification is made prior to a pre-approval, and often is accompanied by a request by your lender for additional information and the specific documentation needed to complete an actual pre-approval for specific mortgage financing.

PRE-APPROVAL

Description: Upon receipt of the supporting documentation and information needed to accompany the mortgage loan application, your mortgage loan officer will perform a detailed review of the information and documentation needed to make a loan pre-approval determination. Applications which include the information and documentation required to meet the desired loan requirements are then issued an official pre-approval. The pre-approval will indicate: loan type, property type, and specific term of the proposed mortgage loan. It will also outline other information typically needed in order to process a specific loan request, as well as any terms or conditions of the pre-approval.

LOAN SUBMISSION & DISCLOSURE

Description: As soon as a specific property is identified, your loan application is made “live” by your lender. At this time the mortgage loan officer will request any updated, outstanding information, or documentation needed to continue processing and the loan application. Your lender will provide you with an initial disclosure of the loan terms within 3 business days of a live loan application. This initial loan disclosure is called a Loan Estimate or (LE) and it includes all the estimated fees, terms and details of the loan being applied for.

INITIAL LOAN APPROVAL

Description: Once your lender receives the completed loan submission, they will review the application and supporting documentation and make an initial underwriting determination: approved, approved with conditions, suspended, counter offer, or denial.

Approved: Indicates all required information and documentation needed to make a full loan approval was reviewed and approved by your lender. An approval may have additional conditions or requirements which need to be satisfied prior to issuing your Closing Disclosure (CD) and your final loan documents. If any additional information is needed, your mortgage loan officer will work with you to gather the requested conditions and then re-submit the loan conditions to be reviewed and cleared.

Approved with condition(s): Indicates your lender has approved your loan based on a review of the information/documentation provided, however the lender needs more information or documentation in order to issue the final loan approval. This information or documentation needed may pertain to the property (appraisal valuation, indication of property condition, title to the property, etc.), the credit of the borrower (your current credit status, or prior credit history), or the capacity of the borrower (your income, assets and material ability to provide funds required to close the transaction and repay your debt obligations). Your mortgage loan officer will work with you to gather the requested information or documentation indicated on the conditional approval. Once the information is received, the mortgage loan officer will then re-submit the loan conditions to be reviewed and cleared.

Suspended: Indicates there was a part of the application that needed more clarification, or further research to make an accurate loan approval determination. This may be information needed from the mortgage loan officer or information/documentation needed from you, the applicant. Your mortgage loan officer will work with you to gather any needed information conditions and then re-submit the loan for review and approval determination.

Counter offer: A counter offer indicates that one or more components of the application prevented approval of the original loan request, however the lender has determined there could be loan terms or products that may be approved. Your mortgage loan officer will work with you to help you determine if the alternative terms are acceptable to you and if you wish to accept their counter offer for mortgage financing.

Denial: Denial indicates that the loan application did not meet one or more of the lenders requirements, this could be related to the collateral (conditions specific property), the borrowers credit (current credit conditions, or history) or the borrower’s capacity (the income and, or assets) required for the specific loan program or product.

FINAL LOAN APPROVAL, ISSUANCE OF CLOSING DISCLOSURE (CD)

Description: After the final approval has been made, the lender will issue the official Closing Disclosure (CD) which itemizes all the final terms and costs associated with your mortgage financing, specific to the property, terms and services you have selected during the application process. Government regulation requires all borrowers have at least 3 days (normal business days, in addition to Saturdays, and NOT including Federal holidays or Sundays) to review the Closing Disclosure, prior to loan consummation (the signing of the final loan documents by the borrower).

LOAN CONSUMMATION (SIGNING THE FINAL LOAN DOCUMENTS)

Description: Once the borrower(s) have reviewed the final Closing Disclosure (CD) and the required 3-day waiting period has elapsed, the borrower(s) may sign the final loan documents. Signing of the final loan documents typically occurs at the title/escrow company selected for transaction. Occasionally borrower(s) are traveling or unable to sign in person with the title/escrow office; in these instances a mobile notary or alternative signing service may be used to help the borrower(s) sign their final loan documents. The signed loan documents are generally both electronically and physically sent back to the lender for a funding review.

FUNDING AND RECORDING

Description: The final loan documents and any outstanding funding conditions are reviewed by the lender for errors and completion. Once the review is complete and all conditions are signed off by the lender’s funding team, the lender releases the loan funds to escrow, allowing title/escrow to disburse the funds and record the transaction with the county the property being financed is located in. Once title/escrow has officially recorded the loan documents, the borrowers loan origination is complete and the term of the loan begins.

Back To Top