The Mortgage Process

Home Buying

Preapproval Letter


After your initial application review, we collect your financial items listed above to verify your application information. Once your income, assets, and credit information have been verified satifactorily we'll issue you a preapproval letter, you're now ready to start making offers on homes.




Initial Consultation & Application


An Initial consultation will be completed with you by The Brian Sapp Team via phone, email, or in person to answer any questions you may have as well as determine your homeownership goals (what would be a comfortable monthly payment range, locations you're interested in buying in, type of property you're looking to buy). We'll then complete an application, which can take as short as 5-6 minutes to complete. Once we have your application, you'll be provided with a list of the financial items needed to verify your application information. The general financial items needed to verify your application are:

  • Copy of valid ID and SS cards
  • Most recent month of paystubs (including retirmeent paystubs and Social Security Award letters)
  • Most recent 2 years of W2 and/or 1099 forms
  • Most recent 2 years of Federal Tax Returns with all schedules
    • (If self-employed, most recent 2 years of personal and business Federal Tax Returns with all schedules, including K-1's)
  • Most recent 2 months of bank statements with all pages
  • Most recent retirement account statement with all pages
Additional Documentation that may be requested:
  • Copy of Bankruptcy discharge paperwork
  • Copy of DD214 for VA borrowers
  • Copy of finalized Divorce Decree (for FHA borrowers)
  • If you currently own a property, most recent mortgage statement, insurance declarations page, and rental agreement if applicable.
Your applicaiton will be reviewed and you'll be contacted by the following business day with the results of what preapproval options may be possible for you.




Home Search / Making Offers


You begin looking for a home with a licensed real estate agent. Once you find a home you'd like to buy, your agent presents the offer to the seller's agent. If the offer is accepted, a closing date is set. While you're home shopping, we'll provide you with estimated figures and monthly payment ranges for properties you're interested in making offers on. Our goal is to prepare you for the escrow process so you're aware every step of the way on what to expect.




Offer Accepted / Initial Loan Disclosures


Once an offer is accepted you'll officially have "Opened Escrow" on your new home and begin the timeframe to work on closing your loan. You'll provide your initial deposit to the escrow company and our office will begin the process of generating your initial loan disclosures. You'll receive your initial Loan Estimate along with your disclosures to review and sign, including estimated fees and monthly payment for the home. Once your initial disclosures have been signed, you'll pay for your apprisail and they will contact the seller's agent to schedule the inspection appointment.




Processing


Your file will then be turned in for processing review to prepare for the underwriter. Any remaining documents that may be needed will be requested at this time. Our office will order your appraisal, title report, request that you obtain an insurance quote, and any other necessary documents needed. A home inspection may be ordered to determine if any repairs are needed. The processing department reviews all documents, verifies all information and prepares the file to submit to the underwriter for review.




Underwriting Review / Loan Approval


Your loan is reviewed and conditionally approved (or declined), the underwriter may ask for additonal conditions in order to keep your approval valid and allow for your loan documents to be generated. At this time your Closing Disclosure form will be sent to you, this will allow for a 3 day minimum waiting period to collect any conditions required to order your loan documents for underwriting review.




Loan Doc Signing / Funds to Close


Once your loan documents are generated, we'll communicate with escrow for them to complete their portion fo your loan documetns to sign. Our notary will then contact you to schedule the time and place Our notary will then contact you to schedule the time and place for your loan documents to be signed.. Your final estiamted HUD (Settlement Statement) will be provided to you with the amount to wire your funds to close to escrow (down payment and any closing costs to be paid). Once your documents have been signed, your signed docs will be reviewed, and file prepared for funding.




Funding / Recording


Our office, along with escrow, will coordinate to receive all documentation needed to prepare your file for funding and recording. Any additonal documentation needed prior to funding your loan will be requested if needed. Once your loan has recorded with escrow, you get your KEYS!* All your hard work and cooporation will have paid off. *Once your loan has funded, documention may still be needed to ensure your file is compliant will all lending guidelines. Please prodive any documentation/signatures requested as soon as possible.





Refinance

Initial Consultation / Application


An Initial consultation will be completed with you by The Brian Sapp Team via phone, email, or in person to answer any questions you may have as well as determine your An initial consultaion will be completed to determine what your refinance goals are and answer any questions you may have. We'll then complete an application, which can take as short as 5-6 minutes to complete. Once we have your application, you'll be provided with a list of the financial items needed to verify your application information. The general financial items needed to verify your application are:

  • Copy of valid ID and SS cards
  • Most recent month of paystubs (including retirmeent paystubs and Social Security Award letters)
  • Most recent mortgage statement, HOA, and insurance declarations page
  • Most recent 2 years of W2 and/or 1099 forms
  • Most recent 2 years of Federal Tax Returns with all schedules
    • (If self-employed, most recent 2 years of personal and business Federal Tax Returns with all schedules, including K-1's)
Additional Documentation that may be requested:
  • Copy of Bankruptcy discharge paperwork
  • Copy of DD214 for VA borrowers
  • Copy of finalized Divorce Decree (for FHA borrowers)
  • Most recent 2 months of bank statements
  • Copy of most recent credit card/bill statements for accounts being paid
  • If you currently own additional property, most recent mortgage statement, insurance declarations page, and rental agreement if applicable.
Your applicaiton will be reviewed and you'll be contacted by the following business day with the results of what refinance options may be possible for you.




Initial Loan Disclosures


After your consultation to determine what refinance option will be most beneficial for you, and receive your financial items to verify your application, we will send initial loan disclosures spelling the estimated fees and terms of the refinance.




Appraisal & Processing Review


Next, we’ll gather property information with an appraisal, title reports and proof of property insurance. We’ll also request a credit report and verify your income and assets.




Underwriting & Loan Approval


The underwriter ensures all loan guidelines are met by verifying the information we’ve provided. A variety of factors are reviewed during this stage. Additional documentation may be requested or "conditions" may be placed on the approval.




Loan Doc Signing


Once your loan documents are generated, we'll communicate with escrow for them to complete their portion fo your loan documetns to sign. Our notary will then contact you to schedule the time and place for your loan documents to be signed. Once your documents have been signed, your docs will be reviewed, and file prepared for funding.




Funding & Recording


After any conditions placed on the approval have been satisfied, your loan is cleared for "docs" or closing. Your closing package will be compiled, a preliminary HUD-1 settlement form will be approved, and then your closing will be scheduled and completed. On refinance loans for primary residences, a three-day rescission or waiting period must transpire between closing and the funding of the new loan. After the rescission, your old loan will be paid off and your new loan will start.




*Important FYI*


Every property and situation is unique. Many small steps may occur within the four categories, and even a small issue could temporarily derail the process. Lending guidelines may have changed since you originally financed your home, and the documentation needed today may be more extensive than it was then. Please realize lenders must take steps to satisfy guidelines that are designed to protect you and everyone else along the way. The process may not always seem to make sense, but prompt cooperation is the best way to ensure your loan process goes smoothly in the end. If you have questions about the refinancing process, please don’t hesitate to call. We're here to help!





Brian Sapp NMLS ID# 295420 | CA DRE#: 01170429 | Branch NMLS ID# 1841782 | RM.804129.014

Summit Funding, Inc. NMLS ID# 3199 (www.nmlsconsumeraccess.org). Licensed by CA Dept of Business Oversight #6072526,

CA Bureau of Real Estate #01220358, AZ Lic# 0925837, GA Lic# 39456, Illinois Residential Mortgage Licensee.

Summit Funding, Inc. Privacy Policy 
Equal Housing Opportunity. Fair Housing & Discrimination violations will be reported online to HUD's local FHEO Regional Office or by calling the Fair Housing Complaint Hotline at 1-800-669-9777

Last Revised: 7/03/2019

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