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    The Mortgage Loan Process

    Here's a quick guide about what you might expect to experience during the mortgage loan process.

    Step 1: Contact Us to Begin Your Application

    In order to get started, fill out our quick online application or call 888-876-2328 to speak with an Advancial Loan Officer. If you choose the online application an Advancial Loan Officer will call you the same day or the next business day if submitted after 3:00pm to learn more about your needs and discuss options. During the call, your loan officer may ask for some information to complete your application, such as:
    • Your residence and information on prior residences
    • Current employer and employment history 
    • Income, assets, debt and expenses
    Once your application is complete and your credit has been evaluated, we will work to find the perfect loan for you. Typically, you can expect your pre-qualification and loan disclosures the same day you applied or within three business days of completing your application depending on the complexity of your situation. The loan disclosure will include a copy of a Loan Estimate (LE). This document will detail your loan and help you understand the various costs associated with your mortgage loan.

    Step 2: Provide Important Documentation and Order Your Appraisal

    Once you have found a home to purchase or made a decision to refinance your existing mortgage, we will begin processing your loan. You will be asked to sign initial loan disclosures and forms. We will also need to obtain various documents to verify the information contained in your application. Please refer to our Application Checklist below for a list of required documents.

    Next we will order a property appraisal from a third party appraisal company who will assign a licensed appraiser familiar with home values in your area. Your mortgage loan officer will contact you with details of the costs of the appraisal and obtain your authorization to move forward. Typically, the appraiser will need to view the interior and exterior of the home. For home purchases, the appraiser will contact the realtor to schedule the appraisal. For mortgage refinances, the appraiser will contact you to schedule the appraisal.

    Once the appraisal is completed and all of your documents are received, we will begin underwriting your loan. This step typically takes 48 hours for the initial loan conditions and a “conditional approval” to be generated. This you can share with the sellers and realtors to lift financing contingencies. Clearing loan conditions generally takes 10 business days but this can be extended depending on what is required to close the loan. An Advancial Mortgage Processor will contact you to assist with this process and keep you informed of your loan status. Your Advancial Loan Officer will also be available throughout this process should you need additional assistance. 

    Step 3: Closing Your Loan

    When your loan’s conditions have been received and cleared by the Advancial Underwriter a “clear to close” will be issued and your Advancial Mortgage Processor will contact you to coordinate a closing date. They will also issue a Closing Disclosure (CD) showing the final costs and down payment amount, if applicable.
    The closing agent or title company handling your settlement will contact you anywhere from 24 – 48 hours before the settlement date to confirm your appointment and provide wiring or payment instructions.

    On your closing day, the closing agents will guide you through the process of reviewing and signing documents. Once you complete the signing process and the loan is closed, they hand you the keys and the home is yours! 
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