Mortgage Process — Application to Closing
There are five phases to getting your loan closed. Your CFS mortgage consultant will be in contact with you during each of these phases.
1. Application
2. Automated Approval
3. Processing
4. Final Approval
5. Closing

Application
Application can be made over the phone, in person or online. Provide detailed information about your annual income, current assets and liabilities, and property value. Select a loan product (i.e., Fixed, ARM, Interest Only.)

Automated Approval
Your initial application will be submitted electronically to FNMA or FHLMC for preliminary approval. Findings are produced within minutes.

Processing
Internal processing of your loan takes 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 are provided to the underwriter for final approval.

Final Approval
The underwriter reviews and validates the information that FNMA or FHLMC has electronically requested and issues a final approval.

Closing
A closing is 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 refinances at your home or office.

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Mortgage Information Booklets
Following are two informational booklets that may be of interest to you.

Settlement Costs and Helpful Information Booklet
Describes important terms and provides you information about the home buying process. It is also called a HUD Special Information Booklet.
Click here to download

Consumer Handbook on Adjustable Rate Mortgages (ARM)
Describes important terms and provides you with information about ARMs.
Click here to download