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MidCountry Mortgage has streamlined the mortgage application process by offering a mortgage checklist online, and a friendly mortgage advisor by phone.
When you are ready to begin the process to obtain a mortgage, contact a MidCountry Mortgage expert by phone or email, or click on the name of the mortgage expert you want to work with, and you'll be directed to their personalized web site.
Mortgage Application
Before you fill out your mortgage application, your mortgage expert will offer you a no obligation consultation. This is a fast and easy way to determine your mortgage options. You need to only answer a few questions about your income, existing debt and accumulated savings.
The mortgage application is a written request for a mortgage and is the next step for a loan approval. You will be asked to supply personal information and documentation regarding your income, your employment, any outstanding debts, 6 months of bank account history and activity. Different programs require amounts of documentation, depending on the program you select.
Consultation and application are the launching pads for becoming a savvy homebuyer. Contact a MidCountry Mortgage expert today!
From pre-qualification to closing, your mortgage expert and assisting loan processor will request and gather documentation, answer questions, and prepare your mortgage file for the underwriter.
The processing of your mortgage is the gathering of all documentation required by the underwriter, in accordance with lender guidelines. The loan processor is in charge of the timely and accurate assemblage of the documentation, which ultimately determines whether your mortgage will be approved.
From Pre-qualification to Closing
Typically, your mortgage is processed from five to 20 days from the day of your application, depending on how quickly you send back the requested documents. MidCountry Mortgage will begin processing your mortgage request within 48 hours of the day of your application.
Initially, your mortgage expert encouraged you to quickly pre-qualify for your mortgage simply by verifying your income, job status, savings and debt. This is a great first step facilitating into the loan processor's job. Once your file is given to the processor, he or she will contact you to request outstanding documentation, and answer any questions you may have about your file and the status of the mortgage.
Your mortgage expert and loan processor are available to you throughout the entire mortgage process, until you close. No matter "where you are" in the mortgage process: just pre-qualified, securing the appraisal, or ready to set up your closing on your new home, your mortgage professionals are a trusted resource to contact for assistance.
An appraisal of your new home will help ensure that its fair market value reflects the amount you've agreed to pay.
An appraisal is a report that states the value of a property based on the sales price of similar homes in a specific area, at a specific date and time. The appraisal is not only for the house itself, but includes all the other permanent structures along with the land upon which the house was built.
Market Analysis and Appraisal Report
By completing a market analysis, your realtor may assure you that the property is reasonably priced, but an appraiser's report is much more detailed and will "officially" protect you from purchasing overpriced real estate.
An appraiser will call to make an appointment for a visit to the property. When the appraiser contacts you or your realtor, offer to supply information about the "subject" property, such as the square footage of the home, the number of bedrooms and baths, the year the house was built, and the square footage of the lot. Giving the preliminary facts upfront allows the appraiser more time to evaluate the comparable properties in the area.
Your mortgage underwriter reviews the appraisal information with other documentation you have provided.
"Fair market value" means the buyer and seller of a property are knowledgeable and comfortable with its estimated worth. The appraisal of your home provides a professional assessment of its current market value, protecting you from purchasing overpriced real estate.
Locking in the lowest interest rate possible makes a big difference in what you'll pay over the life of your mortgage loan.
Mortgage interest rates can change daily, due to fluctuations in the market and other economic factors. Locking in your interest rate can give you the security that eliminates the risk of market volatility during the mortgage process. And while locking in a rate does not obligate you to commit to a mortgage until closing, you cannot close on a mortgage without a rate lock. On average, a rate lock expires between 35-50 days.
Rate Lock Advantages
The most obvious advantage of locking in a rate is the rate and payment will not go up between purchasing and closing. This protects the Borrower from changes in the rate that could effect their ability to qualify for the loan. Borrowers who would like to wait and "float" run the risk of rates increasing, as well as the possibility of them improving. Lower interest rates can also decrease other mortgage costs, such as points (one point equals one percent of the loan amount). Even one quarter of a percentage point can save you thousands of dollars over the life of your mortgage.
Interest Rate Information
Your MidCountry Mortgage advisor confirms your rate if you'd like it locked at time of application. If you prefer to wait for the possibility of a lower interest rate, you must contact your mortgage expert to lock in the rate between 10:00 am - 4:30 pm Monday - Friday (Central Standard Time).
Understanding the advantages of locking in the lowest interest rate possible on your mortgage empowers you on your journey to new homeownership.
Based on the information you've provided your mortgage expert, the underwriter review determines whether your mortgage is approved or denied.
Once your application and required documentation have moved into the underwriting phase of the mortgage process, the underwriter will verify that your file information conforms to the guidelines and qualifications of the mortgage program you've chosen.
The underwriter will review your employment history, previous debt and credit histories, and the property's title and appraisal information—risk analysis to determine if you qualify for a mortgage loan. If additional information is required by the underwriter, your mortgage processor will contact you as soon as possible.
Application Approval
When your mortgage application is approved, the underwriter sets "prior to closing" conditions, which are conditions that must be satisfied in order to generate the mortgage documents that will be sent to you to complete prior to closing on your new home.
Application Denial
A mortgage application can be denied if conditions in your mortgage file do not meet established underwriting guidelines, determining that lending money to you is too great a "risk." The underwriter may require you to make some changes before approving you for a loan, or you may need to re-apply for a loan after making the changes required.
Your mortgage expert will keep you informed of the status of your mortgage while the file is in underwriting. Whether your application is approved or denied, we will continue to work with you to find the mortgage program that best suits your requirements as a savvy home buyer.
You are in the home stretch of becoming a first-time homebuyer when you close on your mortgage loan.
Your mortgage file has progressed into the closing department of MidCountry Mortgage. The closer prepares all closing documents and forwards the package to the title company or settlement attorney.
What to Expect at Your Closing
At the closing, you are required to sign all the legally binding and non-binding documents. Documents include the Closing Disclosure, the Deed of Trust, the Promissory Note, and various certification documents in conjunction with your mortgage agreement.
Closing Disclosure
The Closing Disclosure will show the terms of your loan, your payment amount, and break out the fees that are associated with your loan. A Closing Disclosure will be sent to you no later than 3 business days prior to closing for you to review the terms of the loan and the fees associated with your closing. A final Closing Disclosure will be provided at the closing to be signed as well.
Deed of Trust
The Deed of Trust is the security instrument (mortgage) that requires the owner's signature. After closing, the Deed of Trust is recorded by the county with a legal description, creating a public record of the borrower's contract to repay the Promissory Note (see below) using the property as collateral. In addition to showing the loan entitlement, amount and term, the Deed of Trust identifies the provisions of protection in the event that the owner defaults on the mortgage.
The Promissory Note
The Promissory Note is the borrower's contract to repay the loan: Principle amount, rate of interest, and loan term, the payment due dates, grace periods, late charges, and general default provisions.
Closing on your mortgage means you have officially transferred the title of the property into your name. Enjoy your new home!
MidCountry Mortgage experts truly value the opportunity to work with you as a trusted guide through the mortgage process –and as a dedicated consultant managing your account long after you've closed on your mortgage loan.
Service after the Sale
Our service to you continues as we track the details of your mortgage against the market, ensuring that your mortgage is well-positioned. We will be in contact with you in the future of with new products or rates that could benefit you.
Benefits and information we monitor and communicate to you going forward:
- Annual loan review
- Changes in regulations that may provide value to you
- New loan programs that may allow you to improve your financial situation
- New products
- Rates on loan programs for savings opportunities
- Refinance options that work for you