Here are the steps:
1. Mortgage Application
Your mortgage application can be made over the phone, in person, or online. Be sure to provide detailed information about your annual income, current assets and liabilities, and property value. Your CFS mortgage consultant will help pick the loan product that best suits you and your financial needs.
2. Automated Mortgage Approval
Your initial application will be submitted electronically to Fannie Mae or Freddie Mac for preliminary approval. Your findings will be produced within minutes.
3. Mortgage Processing
Internal processing of your loan will take place at CFS. We collect the necessary information that an underwriter needs to review your completed file. Bank statements, pay stubs, W2’s or tax returns, title commitment, appraisal, flood certificates and other important items will need to be provided to the underwriter for final approval.
4. Final Mortgage Approval
The underwriter will review and validate the information that Fannie Mae or Freddie Mac has electronically requested and will issue a final approval.
A closing will be scheduled with a Title company. At this time the legal documents are signed by the borrower, which creates an obligation to repay the loan. In a purchase transaction, the seller conveys ownership to the buyer with a deed. An attorney is recommended to assist in the review and explanation of legal documents. For your convenience, CFS is able to schedule a closing for refinances at your home or office.