The Nightingale 10 Step Mortgage Process
The Application – Applying is the first step which gives your lender much of the initial information needed to help identify program eligibility for your particular needs and desires. It is extremely important that this info is accurate so we can avoid roadblocks later in the process. You can do this online, in person, or on the telephone.
The Pre-Qualification – Pre-qualification is the process that will help give you a good idea of how much you can afford. If you are buying a home, this information is provided to your real estate agent so he/she can find the homes in your price range as well as getting you better leverage in negotiating price.
The Documentation – This step is vitally important and if not followed as directed can be a step that may hold up the loan process. Please sign, date and return the disclosures as soon as possible. Typical documentation includes all pages of your bank statements and a full 30 days of pay stubs, along with the last two years tax returns. Please get all items that have been requested in to your team member as soon as possible.
The Appraisal – The appraisal will be ordered by your Nightingale team after your home inspection has been completed, negotiated and approved if this is a purchase transaction. This process usually takes five to ten days but can depend on location as well as the volume of appraisals occurring at the particular time of your appraisal.
The Title Report – The Title Report was most likely ordered already by the listing real estate agent in a purchase transaction or by your Nightingale team for a refinance. It shows if there are any liens or other issues with the property that may delay or possibly prevent closing.
The Submission – At this step, all the info collected is organized by the Nightingale team and sent to an underwriter for approval. This step usually takes from 24 to 72 hours.
The Conditions – The underwriter will send an approval that usually includes some conditions. These may be “prior to issuing your loan documents” or “prior to closing.” It is extremely important that any of the conditions needing action or documentation be completed immediately. Any delay can cause a delay in signing. The Nightingale team will notify you what is needed. The documentation or responses are sent to the underwriter for final review and approval. Underwriter approval in this step usually takes less than 72 hours.
The Documentation – Upon the Underwriter final approval, documents can be ordered. These documents are the papers you will sign to close your loan. Documents take 24 to 48 hours to be finalized. The documents are then sent to the Title Company.
The Signing – Once the Title Company has completed working the numbers they will call and set up the closing (signing of your loan papers). This usually takes about 24 hours after they receive the documents.
The Funding and Recording – All the signatures and closing conditions are checked and the loan is approved for funding and recording. This step is usually complete within 24 to 48 hours after signing.