Mortgage Process

Develop a Plan

A mortgage specialist will assist you in determining the best mortgage plan based on your long term and short term financial goals. We will review with you your credit scores so you understand how those scores are derived and its impact on your loan.

Reviewing the Plan

Once a product has been selected your mortgage specialist will discuss the entire mortgage process along with the application. The application includes the mortgage application along with a “Good Faith Estimate” which estimates the closing costs and pre-paid items for your loan, a “Truth in Lending” statement which gives you a breakdown of payments along with the APR, and standard mortgage disclosures. Following the application you will be given a list of all documentation needed to secure your loan while your loan specialist shops within the market to find you the best possible rate. If you are purchasing a home your mortgage specialist can furnish a pre-approval to you based on you’re your ability to carry the loan.

Value of Home

Once all documents have been signed Elite will order an appraisal. All banks require an appraisal for each loan and once completed will be sent to the bank for their review.

Contact Information

Once the decision is made to continue the mortgage process, your mortgage specialist will request contact information for your attorney, insurance agent and real estate agent. Elite will coordinate with each through the entire mortgage process.

Closing

Once the application and disclosures have been submitted along with the appraisal the bank will review the file and issue an approval or denial based on the information provided to them. If approved, Elite will forward a commitment letter to your attorney so title can be ordered and attorney closing documents prepared for closing.

Cancelation of Mortgage Application

At any time during the mortgage process you can choose to cancel the mortgage with Elite Financial Services, LLC at any time and for any reason. The signing of the documents only allows Elite Financial Services, LLC to work on your behalf.